Is BTC only for middle and upper economic class?

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Quote from: timerland on July 03, 2017, 06:10:28 AM

A lot of people say that you need an internet connection to use bitcoin, and a lot of people don't have internet access.

But the truth is that internet is something basically everyone can afford and get. Even homeless people have access to internet. Plus, you don't even need internet access. There are services out there that are able to convert your text messages into commands for sending, receiving and transacting your bitcoins on their platform. And this isn't even a new idea, coinapult and 37coins(although it closed down i think) did this back in 2013.

So yeah, the restrictions of bitcoin is much lower than fiat, and it would be illogical to say that it is only for middle and upper class only. In fact one of the main visions that bitcoin believers have is bitcoin solving the unbanked population's woes.

Man, 7000 millions people don't have access to water.
And you think internet?

Around the same amount are illiterate. How the hell will they type message when they don't have a clue what those letters stand for?

There are thousands of people in Africa who know the value of banknotes by the color, not by the number written on it.
For at least half of the population cash will be the main currency for decades.

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Quote from: Barbut on July 02, 2017, 03:26:34 PM

Quote from: tabas on July 02, 2017, 03:02:30 PM

Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

It doesn't matter if we are only 3% that are familiar with bitcoin. Think of it that while we are only 3% the price is already so what if it is going to be 5%,10% or 50% the price will be beneficial to all of us. It's not about middle and upper class, everyone is free to use bitcoin, others are not just aware that there is existing coin like this one.

In case that price of bitcoin go extremely high then it will more suitable for rich and upper class then for ordinary people, we will need to settle with some other much cheaper alt and to dream about buying bitcoin. Basically if you believe in this kind of scenario then it would be wise to save every satoshi you make, there is a little chance that each satoshi will worth a lot, and then even satoshis will be expensive for many people. But is there a chance for something like that to even happen? And if there is, when we can expect that to happen?

There's always a way if you want to become rich in crypto currency. And with your suggestion of choosing some cheaper alts, it's a good alternative if you are not able to buy bitcoins. Just earn from those alts and then exchange your profit in bitcoin.

timerland

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A lot of people say that you need an internet connection to use bitcoin, and a lot of people don't have internet access.

But the truth is that internet is something basically everyone can afford and get. Even homeless people have access to internet. Plus, you don't even need internet access. There are services out there that are able to convert your text messages into commands for sending, receiving and transacting your bitcoins on their platform. And this isn't even a new idea, coinapult and 37coins(although it closed down i think) did this back in 2013.

So yeah, the restrictions of bitcoin is much lower than fiat, and it would be illogical to say that it is only for middle and upper class only. In fact one of the main visions that bitcoin believers have is bitcoin solving the unbanked population's woes.

GoodLuck2

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Quote from: Caelanpelley on July 03, 2017, 12:47:36 AM

Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Anyone can use bitcoin, I do not think the use of bitcoin is limited by the social class. Bitcoin is easy to use just the internet. Each country has different economies, so knowing bitcoin depends on its knowledge and popularity in that country.

Yes you are right the use of bitcoin is not limited by the social class and all people are use it very easily whether they are rich or poor boths are use it. But they require knowledge or awareness of bitcoin if they are aware about the bitcoin they are very easily use and earn it.

talkbitcoin

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All I know is that I know nothing.

as long as any person from any "economic class" has access to a computer and internet and also is willing to learn then there is nothing stopping anyone from using bitcoin.

everything else is just excuses that people make. like high fees, the high price of 1 whole bitcoin, being complicated, ...

ImHash

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I'm from the lowest class of society, I mean the lowest possible Cheesy

yet I know of and about bitcoin, I don't know all and everything but I know enough to be involved and invest in it also I used to tell every single person appeared in my way about it but never more ever since the price sky rocketed from $900.
Bitcoin with altcoins are the perfect tools for people from any class to print money all by themselves, first mine altcoins and then convert them into bitcoin and sell it for fiat.
Bitcoin is not only a digital currency but it is also a government of it's own.

CraigWrightBTC

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Well bitcoins is for all of the people who have access to the internet all of peoples around the world can have it, bitcoins can be bought with just couples dollars and it is cheap than buy stocks on exchangers that need much capital, bitcoins still not be famous because however bitcoins is still very very new and bitcoins on my local place is same with you no many people know about bitcoins.

Netnox

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Quote from: niisarearning on July 03, 2017, 03:05:17 AM

In my country there is very less people know about bitcoin because its known by the people believe in online earning and online money . After recent 6 months there is lots of investment coming on lots of local exchanges. Again its very less may be around 1% to 3% i don't have exact data.

Are you from India? The percentage penetration doesn't matter much. Even if 0.1% of the Indians use Bitcoins, the number will come to around 1.3 million. It is huge. The same with China as well. And as far as I know, the growth in the number of Bitcoin users is very encouraging in India.

jorneyflair

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Actually a lot of rich people just choose to ignore bitcoin because they see it as either just a pump and dump ponzi scheme or a threat to their existing business. So bitcoiners are largely still just average Joes in their 20s or 30s, renting out homes. By no means the upper class.

I think that bitcoin is a lot more accessible than traditional banking services, so it is in fact targeted to bring everyone a way to access financial services without going through one of the centralised banking systems.

Quote from: zarados on July 03, 2017, 02:54:25 AM

Quote from: giantrobot on July 03, 2017, 12:46:31 AM

Do you think 3% is a good ratio for a country? I think it's a good rate for a country. Because in my country, it only accounts for 0.005%

I dont know that rate shows people who just knowing what bitcoin is but dont have any of it. Or people who know and have it, maybe in my country have account below your country rate.

Where do you live? 3% is a lot. It would mean that 10 million of the US approximately uses bitcoin, which i can only dream of at the moment Cheesy

niisarearning

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In my country there is very less people know about bitcoin because its known by the people believe in online earning and online money . After recent 6 months there is lots of investment coming on lots of local exchanges. Again its very less may be around 1% to 3% i don't have exact data.

zarados

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Quote from: giantrobot on July 03, 2017, 12:46:31 AM

Do you think 3% is a good ratio for a country? I think it's a good rate for a country. Because in my country, it only accounts for 0.005%

I dont know that rate shows people who just knowing what bitcoin is but dont have any of it. Or people who know and have it, maybe in my country have account below your country rate.

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Quote from: btcney on July 02, 2017, 01:09:34 AM

Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 30% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

What.... 30%?? I doubt even 1% of people know about bitcoin even in the most developed countries in Europe. In my country if you go onto the streets and go ask random people about bitcoin they're going to be absolutely bamboozled.

Bitcoin is definitely not only aimed at the middle and upper classes, in fact one of the best uses for bitcoin is to help the unbanked. There have been several quite successful projects involving bitcoin that were able to provide banking services to people who did not have an opportunity to get a bank account, either because they live in too remote areas or they are too poor.

Bitcoin can serve a role in society no matter how rich or poor you are. A poor person can take advantage of bitcoin's low transaction fees across borders to send money to family, whilst rich people can see bitcoin as a way to horad their wealth without social stigma, completely privately.

Yeah most people know nothing about bitcoins even here in our place maybe less than 1% of our population. Even the bank tellers and frontdesk assistant where i am getting cash which i convert from bitcoin asking me about the institution im writing on the remittance form(which is my btc wallet) they cant understand what im this bitcoins im talking about. And when im telling my friends im getting money online through cryptos they are just having a doubt that it might be a form of scam networking which is pretty far from what really it is..lol

Caelanpelley

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Anyone can use bitcoin, I do not think the use of bitcoin is limited by the social class. Bitcoin is easy to use just the internet. Each country has different economies, so knowing bitcoin depends on its knowledge and popularity in that country.

giantrobot

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Do you think 3% is a good ratio for a country? I think it's a good rate for a country. Because in my country, it only accounts for 0.005%

szpalata

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Quote from: countryfree on July 02, 2017, 06:01:26 PM

Haven't you seen all the topics about faucets? About the games where you have to watch one zillion advertisements during 2 full hours to earn $0.50 worth of BTC?

Has anyone seen Bill Gates using faucets?

Lol, never and I don't think he has that much time to be faucetting. It's just a waste of time to do faucets and that's why I'm tempted to believe Bitcoin is gradually becoming an elitist cryptocurrency and it's getting out of the hands of ordinary people.

Scorpion

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Nope it's for anyone with access to the internet. But, but, but Scorpion poor people do not have access to the internet. That is changing EVERYDAY. Rapidly and that's how powerful Bitcoin is because once they get access to the internet they won't need to rely on banks or other financial institutions to earn or distribute store of value.

eann014

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

I don't think so, because most of the time even poor people has their own gadgets so that they are updated. Just to say that they are one of the people that is updated. Poor people can also make their way to have their bitcoin and to have their extra income but I think they are also the problem maybe they are not interested on it.

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Quote from: Kyraishi on July 02, 2017, 10:26:57 PM

Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

The fact that you don't need any sort of income to get a bitcoin address, and you can create many of them, as much as you'd like to, and every single one is usable without any sort of government intervention means that bitcoin is perfectly useful and usable for the lower income classes.

Credit cards are only available for people who have a stable income, bank accounts have monthly fees. These are aimed at the middle and upper economic classes, but bitcoin is the exact opposite of that in my opinion.

In fact, i'd actually go on a limb here and say that most of the people using bitcoin earn less than $40,000 a year, because there are a lot of users from poorer countries. Bitcoin definitely has the ability to help the unbanked(the people who don't have access to banking services).

This is true! I consider also myself as poor in this poor county that I also manage to get bitcoin because of endorsement it will my friends to me so I am now used and earn bitcoin, so I think bitcoin is for everyone.

ladydark

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

Bitcoin is created for the benefit of all people both rich and the poor.But today,unfortunately,due to the high increase in price,poor are no more able to buy a whole bitcoin.Only they coulkd do is to buy either 0.1 btc or 0.01 btc.Also due to the need for powerful ASICs to mine bitcoin,poor people are no more able to mine bitcoins.

Kyraishi

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Quote from: zarados on July 02, 2017, 01:05:56 AM

hello..Please your opinion.

As we know that Bitcoin is being discussed right now and people hope in their country Bitcoin can be ratified as a legitimate transaction tool. But in my country, only about 3% are familiar with bitcoin. Is this because only the upper middle class knows the bitcoin, or is there any other cause? What about bitcoin in your place?

The fact that you don't need any sort of income to get a bitcoin address, and you can create many of them, as much as you'd like to, and every single one is usable without any sort of government intervention means that bitcoin is perfectly useful and usable for the lower income classes.

Credit cards are only available for people who have a stable income, bank accounts have monthly fees. These are aimed at the middle and upper economic classes, but bitcoin is the exact opposite of that in my opinion.

In fact, i'd actually go on a limb here and say that most of the people using bitcoin earn less than $40,000 a year, because there are a lot of users from poorer countries. Bitcoin definitely has the ability to help the unbanked(the people who don't have access to banking services).

Topic: Is BTC only for middle and upper economic class? (Read 3454 times)