Is BTC only for middle and upper economic class? - page 6.

krishnapramod

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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 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?

Yeah, it can be said that compared to educated or middle class people, uneducated or poor people know less about the existence of bitcoin because they have limited access to technology and also a lack of technical knowledge.

Bitcoin is for everyone, it does not matter if you are poor, but you know about bitcoin, you would be able put it to good use. Since bitcoin is divisible, people who can't afford to buy a whole bitcoin can still buy fractions of it and use it accordingly. Or why buy, if you can earn it selling your services/products.

There are more than 2 billion unbanked people in the world, with M-Pesa it has already been proved that being illiterate or poor is not a barrier to adopt new technology. The barrier is making them aware of the existence of a new technology and now with Abra there is a possibility that unbanked or people in underdeveloped countries would get to know about bitcoin and start using it.

bitbunnny

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To be restricted to only some society classes this wasn't the purpose of Bitcoin. And it wasn't meant that way. But the fact is to have access to Bitcoin certain preconditions should be filled like access to Internet, certain level of education, some knowledge about technologies. Unfortunately this is not equaly available to everyone. When you also count the price it seems that Bitcoin is available only for middle and upper class.

zarados

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Quote from: Herbert2020 on July 02, 2017, 01:35:52 AM

30% is already a pretty high percentage of population to know about bitcoin and it is far less than that in most countries.
and it has nothing to do with being upper or middle class. you can always purchase and use bitcoin with any amount that you wish..

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

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.

So bitcoin is not only aimed at the middle class and above, but people just need to know more deeply, what are the advantages and what are the drawbacks. Perhaps because of the lack or absence of services that advertise bitcoin, so many people still do not know it.

CrewKitten

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Practically no one, and I mean no one on the street can tell you detailed info about Bitcoin. Lots have heard about it, but they don't have any and simply couldn't tell you anything about it.

xypos

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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 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?

I think that the majority of people using this forum right now would not consider themselves as rich at all.

The thing is, average people like us really do use bitcoins. The amount of rich people using bitcoin is actually extremely small compared to the whole bitcoin population, though they do hold a lot of coins out of the whole circulation. That inequality unfortunately is common throughout all currencies.

Bitcoin is accessible to anyone anywhere in the world as well. Unlike banks you don't need to have access to a physical location to be able to use bitcoin, therefore i'd actually argue that bitcoin is more lower and middle class oriented than banks and fiat, where central bankers control everything.

moooonu

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Its not like middle or upper economic class thing. All those who have access to internet and wants to earn money online with trading or by offering their services for money are familiar with most dominant crypto currency i.e. bitcoin.

equator

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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 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?

Are you mentioning correct that 30% of are familiar with bitcoin, in which country are you living because as much i know the whole world knows only 5% of them knew about bitcoin.

OP what you are telling is not true, i am from lower class and after knowing about bitcoin and coming to this forum have made me financially free without investing and i am earning from this forum by doing lot of free tasks which are giving me more then what i am earning in my day salary. So dont tell that bitcoin is only for middle or upper class.

chickenado

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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 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?

For me bitcoin is for all. It is not only for middle and upper class. In that case why some lower class don't know this because they not always using internet, or they busy in their work. Many in my country too don't know bitcoin because mostly of them don't know bitcoin and they're busy always in their job to earn money and to attain to eat 3 times a day.

DoublerHunter

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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 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?

Bitcoin is not determined with the class whether you are lower, middle or upper class because it is all about the curiosity of the person, if the person has a curiosity to know something then they can easily found bitcoin because bitcoin is very famous in the internet and there is a lot of news in the internet that discusses bitcoin and because of that, they can easily find bitcoin.

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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 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?

It just ends up that way as information is distributed based on knowledge and usability, new technology tends to get adopted by the rich first who can afford it or are able to learn about the technology before it spreads to the middle class who then build applications which make it attainable to the common user.
It's similar to the rise of the modern PC starting in a business setting, the internet being created then rich people having the earliest computers with some hobbiests creating apps that attract common users to use it and now it is a tool most people use aka personal computer but the technology is still inaccessible to others, due to the lack of affordability etc.
The internet is a new age where social media can result in serious profit but people still need to be aware and able to use it to make that income.

Hui8

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I don't think so. Bitcoin is free to understand free to learn. It is not hidden and neither it is restricted to learn. You can use it at any time with no boundaries of class.

franky1

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bitcoins original ethos was a no barrier borderless currency for anyone and everyone.

but developers, stuck in their first world mindset have not thought beyond their snobby noses..
so things like taking AWAY fee control's and screaming "just pay more" has effectively turned bitcoin into something only the middle/upper classes would use.

they say using LN will be the solution for the third world unbanked, but those that only want to buy $2 (a weeks salary in some places) will face having to put funds into locked contracts with counterparty control and even managed by commercial hubs. making the point of bitcoin, pointless

Herbert2020

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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 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?

30% is already a pretty high percentage of population to know about bitcoin and it is far less than that in most countries.
and it has nothing to do with being upper or middle class. you can always purchase and use bitcoin with any amount that you wish. be it a small amount of money like less than 100 bucks or be it a large amount of money like 1 million dollar.
and even as an investment the same is true, you can always invest in a fraction of bitcoin. there are 8 decimal places after the 1 whole bitcoin and you can choose a small amount that is meaningful in fiat value and buy that much.

Windpower

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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 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?

If 30% of the people in your country know about Bitcoin, you must live in a place filled with Bitcoin lovers and investors. But, I seriously doubt that even 5% of the people in your country know about Bitcoin. There just isn't that many people in the world who know about Bitcoin. Now, onto the real question. I do not think that Bitcoin is just for the upper and middle classes. Bitcoin is universal and anyone can get it, you don't just have to buy it, you can always earn it. That is what many people in the lower classes do, even people in the upper classes are earning Bitcoin because they know it is a smart investment and worth their time.

Bitcoin is for everyone and was designed that way in the first place. It was made to overtake fiat and become the world's primary currency. Will that ever happen? Who knows. All I know is that anyone can earn or have Bitcoin, as long as they have the determination. As well as an internet connection of course.

milani

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Completely agree - 30% is too high. People may just heard about it but when you ask about Bitcoin, what is it and how it works, you will not get the exact answer. And lots of people don't beleive in it, something like - I don't beleive that it works as it is told about everywhere. The huge persantage of people think that Bitcoin it is just a topic to talk and don't understand why people talk about it and pay so much attention to this question. But I hope that this situation will change in a more positive one ))) And what about classes - to my mind Bitcoin is not for middle and upper economic class. It depends on personality - whether it is interesting for person or not, and with Bitcoin people become the sort of middle class if they have a strong desire to and work much in this direction. I know the real examples among people who surround me ))))

HabBear

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Of course not.

1 Bitcoin is divisible to the 100 millionth of a coin, which allows easy fungibility in very small denominations. The only barrier to entry for someone seeking to get in to Bitcoin is access to the internet...which arguably could be a luxury only available to the middle an supper class. But this depends on what country you live in.

In many countries access to internet via phone (africa) or cheap/free computer and internet access is available (US). Europe is probably the one place where the internet is expensive.

What country do you live in? And how do you define "familiar"? Does this mean they've heard the word "bitcoin" or that they know what bitcoin is or how it works or how to buy/use it?

30% seems generally high.

btcney

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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 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.

zarados

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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?

Topic: Is BTC only for middle and upper economic class? - page 6. (Read 3454 times)