Topic: LETS KICK OUT POVERTY USING BITCOIN - page 7. (Read 1394 times)
Yeah let’s get rich with Bitcoin but lets not forget the fact that it will also make you poor. Considering it is one of the most dangerous investment due to its volatility, probably not the best investment to go all-in. In my opinion its not for everybody at the moment but only for people who has knowledge about the technology, its a gamble to get involved in the space but I see the future and path is clear that this industry will succeed for long term.
So if we focus on the thread title "lets kick out poverty using bitcoin" i would
Love to know how exactly this is going to happen because i cant see it?
Those with lots and lots of FIAT can potentially have lots and lots of crypto.
How are those with very limited resources ever going to aquire a notable
amount of bitcoin?
It seems that a lot of people harbor the hope that cryptocurrencies are going to somehow solve all the problems of the world especially the problem of poverty and that is not going to happen as you say no one is giving bitcoin away for free anymore, you need 6000 just to buy one of it, who has 6000 to spare right now? Even those that are middle class in the United States have almost no savings, not even they can afford to buy a bitcoin.Love to know how exactly this is going to happen because i cant see it?
Those with lots and lots of FIAT can potentially have lots and lots of crypto.
How are those with very limited resources ever going to aquire a notable
amount of bitcoin?
How people expect that bitcoin is going to be obtained for those that have barely enough to survive? In the best case scenario bitcoin is going to put a stop to several practices when it comes to stealing from the people through inflation and over the long term that could help the economy of the people but nothing more.
I doubt bitcoin can eliminate poverty, and bitcoin doesn't design to handle poverty problem, bitcoin could create job opportunities and extra income, but it can't be the answer to eliminate poverty, poverty should be eliminate with creating more job opportunities, and this is the job of the government
I personally do not doubt if bitcoin can eliminate poverty, we know that all this time bitcoin can be obtained wherever you like and if they are observant at the opportunities that exist in bitcoin, then surely bitcoin will become an additional job or a main job that can generate good profits when this. Bitcoin has now become big different from a few years ago which did not have a high exchange rate. So by utilizing the good momentum of bitcoin, I think there will be many people who will succeed in this crypto world. Overcoming poverty is indeed the work of the government, but as long as the people are smart and want to think and keep on fighting, then this kind of society will rise from adversity and continue to seek new innovations to create their own employment.Then it will just give more purchasing power to some individual but not the majority who are still living in poverty. Of course there's a lot of opportunity, but I don't think that bitcoin will simply wipe out poverty let's say in a 3rd world country. If you're smart then yes, you can alleviate and change your lifestyle, but government needs to do their part to help the majority here.
Bitcoin will indeed overcome poverty, provided there is a clear trading strategy and the presence of certain experiences.
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.
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 also want to support this kind of thing in the past, but in the days past of the time I am living in this world I say what it is right that all of us isn't financially free since the world is so balance with poor and rich people in it.
But how possible can this really be using bitcoin to end poverty? Do you think bitcoin can actually end inflation or other poverty related crisis? I only believe for poverty to actually be kicked out, there should be economic driven projects which bitcoin can only be used in such transactions. But bitcoin on its own cannot kick out poverty.
First of all people should educate themselves on the whole cryptocurrency topic and not sell their coins with a loss. Stick to them for a few years at least.
Although bitcoin is decentralized in the world , it is difficult to easily eradicate poverty , prevent jobless people and to help poor peoples who live everywhere in the streets . It is impossible to support people live in this but i hope someday will did.
Quote
but with high interest rates
The interest rates are not high.The banks charge fees for using their services.They make most of their income with fees and commissions.
Bitcoin can't stop hyperinflation or corruption.They are a part of the capitalist society.
Bitcoin can't replace banks,because the process of giving loans can't be 100% automated.
Yeah that's asking too much for something that still has a lot of room for change. And poverty goes well beyond banks, loans and other economic challenges. Even if bitcoin somehow closed gap with banks and fiat, i doubt it can be what you think it'll be.
Atleast one of the problem related to poverty could be somehow controlled if not changed.
Quote
but with high interest rates
The interest rates are not high.The banks charge fees for using their services.They make most of their income with fees and commissions.
Bitcoin can't stop hyperinflation or corruption.They are a part of the capitalist society.
Bitcoin can't replace banks,because the process of giving loans can't be 100% automated.
Yeah that's asking too much for something that still has a lot of room for change. And poverty goes well beyond banks, loans and other economic challenges. Even if bitcoin somehow closed gap with banks and fiat, i doubt it can be what you think it'll be.
Atleast one of the problem related to poverty could be somehow controlled if not changed.
I would like to differ on some points. Currently BTC sits at a little over $6.5k. These days mining costs a lot and you must have that affordability to own a mine. A lot of people around the globe live under extreme proverty and investment in the market is plain luxury they can't afford. Crypto has brought changes in so many of our lives but it is yet to bring any in them who are extremely poor.
That may not be possible very easily. People who have a great amount of fiat currency are sure to get a lot of bitcoin. But for the poor it's completely different,which is a difficult thing to change.
Although bitcoin is decentralized, but it is not easy to eradicate poverty just like that. There are many advantages of bitcoin but similarly there are some disadvantages.
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.
Lots of people are jobless in this intensively competitive era. Bitcoin can help people who are suffering from unemployment by providing entrepreneurship opportunities with bitcoin.
I doubt bitcoin can eliminate poverty, and bitcoin doesn't design to handle poverty problem, bitcoin could create job opportunities and extra income, but it can't be the answer to eliminate poverty, poverty should be eliminate with creating more job opportunities, and this is the job of the government
I personally do not doubt if bitcoin can eliminate poverty, we know that all this time bitcoin can be obtained wherever you like and if they are observant at the opportunities that exist in bitcoin, then surely bitcoin will become an additional job or a main job that can generate good profits when this. Bitcoin has now become big different from a few years ago which did not have a high exchange rate. So by utilizing the good momentum of bitcoin, I think there will be many people who will succeed in this crypto world. Overcoming poverty is indeed the work of the government, but as long as the people are smart and want to think and keep on fighting, then this kind of society will rise from adversity and continue to seek new innovations to create their own employment. 
I think the possibility to make people equally rich/poor is what scares the government most about bitcoin. Thus they associate it with criminal issues and advocate against it
Wanting to end poverty does not mean that everyone wants to be rich. There are people who only want to have simple life and have financial freedom. Nothing to be scared because we know that rich and simple is different things. Just enough for living is good and that is possible to achieve when everyone learns to work on crypto and accepts it on the community. We have to help each other to improve life as well not only for our self.
I doubt bitcoin can eliminate poverty, and bitcoin doesn't design to handle poverty problem, bitcoin could create job opportunities and extra income, but it can't be the answer to eliminate poverty, poverty should be eliminate with creating more job opportunities, and this is the job of the government
So if we focus on the thread title "lets kick out poverty using bitcoin" i would
Love to know how exactly this is going to happen because i cant see it?
Those with lots and lots of FIAT can potentially have lots and lots of crypto.
How are those with very limited resources ever going to aquire a notable
amount of bitcoin?
Maybe by just creating more jobs for them so they can have resources. Bitcoin itself can’t stop poverty but through its technology maybe we can maximize it to create jobs for them. Though this is really hard to achieve but why not to give it a try, government should support this market.Love to know how exactly this is going to happen because i cant see it?
Those with lots and lots of FIAT can potentially have lots and lots of crypto.
How are those with very limited resources ever going to aquire a notable
amount of bitcoin?
I love the idea of kicking out poverty. But the whole reason in poverty is because spend more than they can hodl. Giving a spendable thing to people that are in a hole, isnt a solution to poverty, unless we plan on locking the funds up on their behalf via some smart system protocols allowing the funds to become what they will be worth. The solution.
When you said giving a spendable thing to people that are in a hole, I understood it to be teach people how to fish and not to give them fish (I might be wrong or correct though). But that should be the way to financial success for the world, getting people to be aware, build their interest and teaching them about bitcoin is important.
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