Topic: Do you think Bitcoin can end poverty? In a nation today - page 4. (Read 1760 times)

I do not think that Bitcoin can end poverty, but I do think that if the government or institution take advantage of the opportunity Bitcoin brings can at least improve the socio-economic status of its people.  Bitcoin cannot end poverty but with the good planning of the government, it can open many opportunities to people.



If a person doesn't have the money but have the skills and the knowledge,  he can acquire Bitcoin by looking for a job that pays in Bitcoin.  He can do freelancing that pays in Bitcoin as a side job aside from his full time job.  This way he can accumulate Bitcoin with his time and effort and not with his money.


True that, at the current situation, Bitcoin price increment is not as high as it was in its early years.  To have a significant profit that can change life, one needs a huge amount of investment.  A hundred or a thousand dollar investment won't make anyone rich nor have a life-changing effect.  If one wants a significant profit from his Bitcoin investment, he needs more than two cycle which can take more than 8 years of waiting which most poor households can't afford.

What Charles-Tim said is correct. In every country there are usually poor people and rich people, the rich people keep getting rich while the poor continue to be poorer unless they understand the steps that can be adopted to remove their ass from poverty. So many people who are rich in our society today did not become rich because they invested into Bitcoin, so many of them first understand what money is, the power of money, where money can be find, how money can be multiplied and how to make money work for them.   Some people are just sleeping in their house but money is accumulating for them in a place they have invested it. Bitcoin can not end poverty, Bitcoin can help people to multiply the money they already had.

If you put it this way then it feels sad and unfair

While other rich people can just buy bitcoin and get even wealthier but poor people or even just in middle class have to work extremely hard to afford to invest in anything specifically bitcoin

The good thing is that there is good chance of profit and success in bitcoin so with the right direction, I am sure anyone can pull themselves out of poverty with bitcoin

Bitcoin alone cannot eradicate poverty because poverty is not created in a day but the entire economic system in a country is responsible for it and more ancillary government weaknesses and structures are strongly linked behind it.
Also it is not clear to me how Bitcoin will work behind the poverty of a country but I think Bitcoin can play an important role in reducing the amount of inflation in a country.
Moreover, Bitcoin is a risky investment and if a poor person invests all his capital in this risky investment, poverty will likely increase rather than decrease.

Poverty is not destiny, but the fate of those who still live within the poverty line are less fortunate. Fate can still be changed as long as you try persistently and utilize knowledge in a field. Only people who still live in poverty can change poverty, the state is only trying to reduce poverty, but cannot eliminate it 100%.

Bitcoin is only a tool that is considered to be able to improve the economy, but on the other hand it is also very risky. Poor people must rely on themselves and have the intention to get out of poverty and focus on their ability to improve their finances in their own way.

Bitcoin can end poverty but this is unlikely as there are many factors that could influence it. One of them is that if all major countries switch to CBDC, then bitcoin will de facto become a fiat currency/asset that will indirectly become the world's reserve due to its decentralized nature and lack of trust in CBDC.

So in the end bitcoin will become the most traded asset in the whole world and will level the playing field gradually because every society will have a little bit of bitcoin this way, such a scenario can or may be able to eradicate poverty. However, currently bitcoin cannot eradicate poverty, because poor people certainly cannot buy bitcoin. Only those who can afford to buy bitcoin will get them or at least out of poverty.

True. of course there is no way. And now what actually needs to be strengthened is a basic understanding of what and what to invest in crypto, especially BTC. I think everything must be balanced and if basic needs have been met indirectly, the presence of cryptocurrency especially Bitcoin can be part of the solution to some aspects of poverty because it is seen as a powerful tool to increase financial inclusion and get out of poverty as you have also mentioned above.

What makes someone get out of poverty is not Bitcoin and I agree with what you say that those who have the skill and patience in collecting Bitcoin will of course be able to make a profit from the Bitcoin they hold, because without patience and skill in collecting Bitcoins, of course they will find it very difficult for them to earn income that can change their lives for the better than before and developing knowledge about Bitcoins is very important so that we can continue to make profits from collecting Bitcoins.

Exactly! We know how bitcoin investment can bs helpful and can be a good source of income in doing different kind of things that is associated with bitcoin or crypto currency, but the thing is that bitcoin also bear with risk, because if not done with enough cautiousness then it is possible that you will lose money or your funds will be liquidated, but of course bitcoinnis free to all, anyone has the rights to invest on it in order to earn but as I said if its not done with proper knowledge, skill or even a basics then expect that you might lose money which might added to your situation, and as we kmow not all of us has the luxury or afford to lose money so it will be a very big risk if a person with just enough to live in daily basis does bitcoin stuffs, its like he will have a very big burden and at stake.

Thinking on public investments in Bitcoin performed by nations nowadays we have the example of El Salvador, which was discovered recently to be holding above 5000BTC, which were moved to a cold wallet. That means more than 318$ million dollars in public funds. But if we divide that total sum for the number of citizens the country has (6.336 million - 2022), we are going to end with 50$ bucks of dollar for each citizen, which is a very similar amount of money compared to the initial giveaway of 30$ the government offered to adopters in the country when they firstly went into Bitcoin legal tender.

It's definitely not enough money to solve the poverty issues of a nation. Maybe it's a powerful boost to improve the quality of public services and infrastructure at some point, but I believe the only way to get rid of poverty is through education, technological development and smartness to offer products and services which will be highly valued by the global societies, which can become potential foreigner customers.

That is how rich nations achieved the status they have today. They influence foreigner countries and make them consume their products and services. Meanwhile, third world countries don't develop anything by themselves. They just sell raw materials to the big ones and purchase the final product from the developed nations for very expensive prices.

3. Does know on how to re-invest and diversify
You would really be needing up that kind of consideration if you are really that trying to aim on getting rich on which you wont really be that limiting yourself on investing on Bitcoin but also
into other altcoins or projects that we do have in the market on which it would really be that a common approach to have.

Ending up poverty isnt something that Bitcoin could be able to globally solving it out on which it would really be needing up that kind of amount on how much you have stashed
because it would really be just that basing up overall whenever the market would really be making out some shooting up into the moon. You cant really just that expect something
on becoming rich or wealthy if your portfolio amount or numbers is really just that peanuts then its better not to make yourself that delusional if you dont like on getting frustrated.

if you think bitcoin is a toll road for someone to be free from poverty then I don't agree with that, bitcoin does help someone financially but that doesn't mean bitcoin can immediately make a poor person rich because being rich is a combination of perseverance - skill - patience - luck

however, Bitcoin is a good alternative if someone who is poor wants to change their economy and become rich, meanwhile knowledge must also be continuously upgraded, this is important because it is impossible for someone to become rich if their insight is not broad.

Well, we need to understand that bitcoin is not a poverty alleviation scheme despite that it has potential to make someone overcome poverty and it should not be seen as one. Let be realistic with ourselves for once. Poor people don't even have what it takes to invest in bitcoins both in knowledge and in finance. These people living in the third world countries don't have reliable internet and stable electricity to connect with the blockchain when necessary. What this people need to eradicate poverty is financial literacy and not bitcoin. It's the key factor for reducing poverty in any given society. People can begin to understand more about bitcoin and it works only if they have good knowledge and understanding of financial education because that's the best way to start from and perhaps bitcoin can be part of the process to break through from poverty. Financial breakthrough is what an individual needs first before thinking of owning a bitcoin.

Bitcoin can end poverty but it is very difficult for poor people to hold bitcoin. Poor people cannot meet their basic needs properly and the standard of living is so low that it will not be possible for them to invest in bitcoins as they do not have enough money. Investors who have invested in bitcoin and hold it have seen their standard of living improve as bitcoin prices rise.

it’s really difficult for a minimum wage earner to invest in bitcoin especially if a) their country is a third world country and their minimum wage is barely enough for daily expenses b) they have previous commitments and responsibilities to pay c) the price of bitcoin is already too high

Yes they can buy through dca but even with that and transaction fees nowadays it’s extremely difficult to do so

I agree with you and I want to add that bitcoin is a long-term investment, so being a long-term investment, we are talking about that at least the person should hold it for 4 years so that there are no losses, because historically the price of bitcoin for more If it drops a lot in certain years, it still manages to recover in 4 years. So a poor person would need to have the following conditions:

1 - He would need to have money to invest in bitcoin, and when we talk about money to invest in bitcoin, this poor person would need to have a decent amount of money, something like $500 at least, it turns out that poverty in first world countries is very different from being poor in third world countries, where $500 is a large amount. The minimum wage in my country, for example, is $250. so a poor person would have to work hard to get $500 if they don't have a job

2 - He would need to have a lot of patience, and when we talk about patience, I'm talking about putting the money in bitcoin and waiting for 4 years without using it, it happens that a poor person wants an immediate solution to change their life, they won't wait 4 years . That's why if someone gives her $500 she won't invest in bitcoin, she'll invest in something else that could generate a profit quickly. maybe after she finds a business that makes a profit she could start buying bitcoin

it cannot. Poverty is a systemic issue that something bitcoin alone wouldn't be able to fix. You're basically asking an antibiotic to solve brain cancer for you, which it couldn't do for all obvious reasons.

The fact that I was able to cash in so early in the bitcoin dream was nothing short of a lucky and I must point out, a very risky rendezvous that could've easily went to the other way, and I owe everything that I have to myself for not giving up and always believing in me, as well as my friends and family members who supported me even when I'm down. Not saying you couldn't experience the same thing, but statistically speaking, large baggers like me who are able to become rich or comfortably financed thanks to bitcoin at the very least are an anomaly that you shouldn't take as empirical evidence that bitcoin could change lives and solve poverty.

In my opinion, if you want poverty solved you must implore your government to do something about it, and from there take initiatives as well to change your life for the better. As I said poverty is a systemic problem that runs deep into society, and simply buying off cryptocurrencies on the market wouldn't solve it, you need to cut its roots down, to make sure it gets eradicated. Bitcoin alone wouldn't be able to do that.

Eradicating the entire poverty through Bitcoin is not possible. But if it's going to be each individual's poverty then it's possible that Bitcoin can help through the means of investing and holding it.

Check out those holders that have been holding Bitcoin since year's ago. You don't know how many of them were minimum wage earners and they're able to surprisingly earn through holding Bitcoin and able to uplift their lives and way of living.

Uplifting everyone in poverty isn't the job of Bitcoin. But those that have believed and took the risk buying it surely has been paid off now.

Because what you comprehended in the introduction is what you will work with throughout your adventure, it will influence how your crypto experience unfolds. That's the reason they constantly stress the need of learning new things. It all comes down to how you apply the information to your benefit. There is plenty to discover. You have to take advantage of every chance if you truly want bitcoin to lift you out of poverty.

Everything has risk either it been between or not. Even has bitcoin will help you build wealth the same time it can reck you.  You will decide if you will calm down to learn and make money or make reckless move to lose money.

Bitcoin is a space where you can get rich no matter how poor you are. That is why many view it as the source to end poverty. If you explain and teach others, all you need to have is your knowledge and small capital that you will use to invest in, which with adequate research you can get. All that doesn't mean when you want to invest in bitcoin you don't need to invest with a higher amount but with the amount that you can afford to lose, so you can start with a small amount, which in the future you will get more gain and wish to add more.

So to me, I think bitcoin can bring an end to poverty, but when we look into consideration, we will see that not everyone is meant to be rich, so you might still invest in bitcoin, but you will just be losing because investment deals with holding, and you might still hold the bitcoin when the market is good but end up having an emergency when the market is down, so you will have no option but to sell those bitcoins at the rate because it is an emergency, so you see some will make a profit while you will be losing due to your luck in life.