Poverty seems to be the one of the most, if not the most challenging problem the people is facing today. Its existence is evident among those people who doesn't have enough capability to respond to their needs. Thus, finding a way to kick this out is of vital importance. One solution that some suggests is through the use of Bitcoin. Bitcoin really is legit, convinient, and proven to aid and have a contribution to the cryptocurrency. However, I do not think that it will totally kick out poverty. What makes us poor is because of uneven, unfair, and unequal distibution of wealth. Resources must be in balance, hence, financial matters should be in different institution and not just depend only on one-monetary block.
Topic: LETS KICK OUT POVERTY USING BITCOIN (Read 1394 times)
Bitcoin won't do anything to solve poverty. Poverty is caused by an unfair distribution of resources. I know a lot of people on this forum support capitalism but this is what causes poverty. Everything is done in the name of profit and not for the well being of society. Einstein and Hawking spoke of the downfall of capitalism and how it would eventually destroy society.
Some people claim that Bitcoin will revolutionise the world of centralised systems and on the other side some people think that bitcoin is related to criminal activities. But what is it really about Bitcoin that has led all of us to pay attention to it? For decades we have been fighting for the alleviation of poverty but with the current financial system in order, it is a dream to make everyone feel inclusive especially the ones who have been ignored by the current banking system for a long time. It's time to let the people know that they have this revolutionary technology in their hands that could end their search for “how to alleviate poverty”?
Bitcoin has the potential to do that. Poverty is mainly caused by these three phenomenons:
Hyper Inflation
Corruption
Financial Exclusion
-Hyper Inflation
Inflation occurs when fiat notes are floated in the market but are not backed up by value. Hence hyper inflation is when the prices increase to an uncontrollable level. Bitcoin are limited in number. When the amount of currency being floated in the market remains limited, there are least chances of inflation and almost none for hyperinflation.
-Corruption
Corruption occurs when a system lacks transparency and efficiency. Bitcoin uses a decentralized peer-to-peer transaction system where every transaction is recorded in the system and no transaction can be made without being verified by the mediator (miners). Blockchain consists of an ongoing chain of blocks that act as ledgers for every transaction. These blocks are there for ever. The records can never be deleted or tempered. This process ensures transparency and enhances reliability.
-Financial Exclusion
Financial institutes, specifically banks, at present provide a lot of useful services but with high interest rates. These services then become meaningless or unattainable for the middle class people and impossible to avail for the poorer. Hence the poor are never able to attain any of the banking or financial services due to high rates of interest. Bitcoin has a solution to this as well. Bitcoin do not require you to pay any high interests or transaction fees to avail financial services. You simply join in and have a software wallet (or any other as there a number of different wallets to keep your money). You just need to pay a very little fee on transactions otherwise no charges. Hence poor people are not excluded from the system.
The best part of bitcoin is that it doesn't stop anyone from utilizing it, like internet or a radio. It has no limitations to its implementation.
This is the great idea I have ever seen. I know that poverty is one of the problem of different countries and I know that bitcoin can be a great help to minimize or reduce it. Poor people can invest their extra money in bitcoin , in fact there is no regulation in here that poor people isnt allowed to invest. Bitcoin has the potential to do that. Poverty is mainly caused by these three phenomenons:
Hyper Inflation
Corruption
Financial Exclusion
-Hyper Inflation
Inflation occurs when fiat notes are floated in the market but are not backed up by value. Hence hyper inflation is when the prices increase to an uncontrollable level. Bitcoin are limited in number. When the amount of currency being floated in the market remains limited, there are least chances of inflation and almost none for hyperinflation.
-Corruption
Corruption occurs when a system lacks transparency and efficiency. Bitcoin uses a decentralized peer-to-peer transaction system where every transaction is recorded in the system and no transaction can be made without being verified by the mediator (miners). Blockchain consists of an ongoing chain of blocks that act as ledgers for every transaction. These blocks are there for ever. The records can never be deleted or tempered. This process ensures transparency and enhances reliability.
-Financial Exclusion
Financial institutes, specifically banks, at present provide a lot of useful services but with high interest rates. These services then become meaningless or unattainable for the middle class people and impossible to avail for the poorer. Hence the poor are never able to attain any of the banking or financial services due to high rates of interest. Bitcoin has a solution to this as well. Bitcoin do not require you to pay any high interests or transaction fees to avail financial services. You simply join in and have a software wallet (or any other as there a number of different wallets to keep your money). You just need to pay a very little fee on transactions otherwise no charges. Hence poor people are not excluded from the system.
The best part of bitcoin is that it doesn't stop anyone from utilizing it, like internet or a radio. It has no limitations to its implementation.
I dont think bitcoin can help minimize poverty for I know that only greedy rich people are earning huge for bitcoin. I know I have no basis for it but it seems true for those rich guys could move bitcoin market price the way on how they wanted for bitcoin to happen like buying bitcoin pumping bitcoin market price and sell their bitcoin pulling down bitcoin market price. This could be even done by a participating co - bitcoiner. The partner will sell and after selling you will buy pumping bitcoin. After that you can sell later on then your partner buys low amount of bitcoin. And then cycle starts over and over again.
Stating the advantages with out the disadvantages is quite misleading although I am a cryptocurrency enthusiast I still believe that you need to know more about bitcoin you are just stating already known fact.
And yes and this is actually parochialism, in which this person's argument is mainly focusing only to the one side of the issue which we all know that there is no rich id there is no poor to be called. Inflation really affects the community ,inside and outside this platform, and we must not believe certain things that is not considering the other side of the talks.
poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.it is about teaching a man to fish and not to give a fish, it is better to teach people how it works because it is impossible for someone to eliminate poverty it must be started to a person itself. Cryptocurrency is just a medium for us to be rich so we should put our efforts and time if we want to have a good life.
Many people and governments do not know the power of blockchain and crypto currencies. Block chain is a technology through which we can eliminate the poverty. Governments need to decide on a vast level on how to implement this financial system in their countries.
I think there's a big "how" To that statement of yours dude. Yes blockchain is an innovation but it was meant to make transactions easier going forward. If governments are having problems solving poverty in their own turfs, then bitcoin, crypto and blockchain would't be as effective as you'd wish it would
Bitcoin is a digital currency that does not give preference to colour, country or tribe, It is a decentralized currency that has enhance the life of life of several individual, to earn you must be patient enough, research and understand the fundamentals about the currency before you invest.
A lot of people engaging Bitcoin because they think that it is very profitable when comes the right time they kept holding on it just like keeping a piece of gold hoping that someday the price that they invested will be folded how many time of profit. But as of now still, the market was manipulated by big investors.
It's not a guarantee that bitcoin can eliminate proverty because you can be lucky or you can be a loser. And I agree with you that these big investors are the ones who manipulated bitcoin.
poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.it is about teaching a man to fish and not to give a fish, it is better to teach people how it works because it is impossible for someone to eliminate poverty it must be started to a person itself. Cryptocurrency is just a medium for us to be rich so we should put our efforts and time if we want to have a good life.
Many people and governments do not know the power of blockchain and crypto currencies. Block chain is a technology through which we can eliminate the poverty. Governments need to decide on a vast level on how to implement this financial system in their countries.
poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.it is about teaching a man to fish and not to give a fish, it is better to teach people how it works because it is impossible for someone to eliminate poverty it must be started to a person itself. Cryptocurrency is just a medium for us to be rich so we should put our efforts and time if we want to have a good life.
poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.poverty will be reduced if Bitcoin and Altcoin are utilized, but to get there I think it's still a long time ago because we know that until now the government is still unable to legalize cryptocurrencies for various reasons, such as fear of being misused for money laundering or other financial crime.
We need to understand that bitcoin and altcoins are just basically payment tools and utility tools depending on how they are fashioned, and in such cases, even though they may be disrupting a lot of things eventually, the idea of kicking out poverty is not something they will just solve pretty much like that, and they cannot even solve it unless actually utilized effectively with some other factors added when it comes to governmental policies, innovations and creation within the country itself which in this case, there will be more jobs, and people will tend to do well for themselves over time. Cryptocurrency is not going to do all of that alone.
I don't think crypto currency alone can eradicate poverty. I mean it alleviate it for a time but it is not a long term solution. I think the solution for this is to redistribute wealth and stop big wigs from hording it and lessen the people vying for the same resources or simply increase the resources. I think these are solid long term solution for this problem.
BTC can help some people to avoid poverty, but at the same time it can easily make a person poor. It is quite delicate financial tool and without proper knowledge and experience it can easily backfire.
Besides, even entering BTC market takes some initial investment - I wonder how people with low income will do it, if only they`ll sell all they have and risk it on BTC.
Besides, even entering BTC market takes some initial investment - I wonder how people with low income will do it, if only they`ll sell all they have and risk it on BTC.
You can't just eradicate poverty with the use of Bitcoin. Poverty is a huge deal and a serious problem, that requires both economical and psychological improvement. Economical means that a country must progress with their market, which Bitcoin could help, yet the Psuchological factors matters the most as if your community doesn't have proper discipline and knowledge, consequences would be abuse and disrespect.
I think it is impossible to beat poverty using bitcoin unless its marketcap reaches a trillion. If we are relying on the bitcoin today it is still not enough to fill all the poverty side hence not effective. But thinking of a possibility that it would reach $100,000 per coin then it would really be. But I think it would be long to take that huge amount. Also not all people are known to bitcoin so it takes time for them to know it and make use of it.
Yes that is very true. If a country will accept bitcoin then it will surely help their country. Because it has no taxes and so much more benefit that they will get from it. Poor people will be rich.
Stating the advantages with out the disadvantages is quite misleading although I am a cryptocurrency enthusiast I still believe that you need to know more about bitcoin you are just stating already known fact.
Yes that is true. Bitcoin can be one of a way to decrease jobless people because they can also earn on their own. The successful of your life is depends on you, Bitcoin is just a tool to achieve what you want. As long as you have a plan or dream you will achieve it step by step. I see Bitcoin as a big help to give you an extra income or maybe it could be a full time job depends on what you do.
Bitcoin is the key to success and it can be useful in poverty because if you many options for making money you will relax but when some problem arise in the earning you can be tensed so bitcoin is playing a good role for making people lives better and through bitcoin you can buy so many things and it is the future currency so by using this you can change your life.
Jump to: