Trading Bitcoin in Africa Is a Way for Some to Escape Poverty

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Quote from: Gozie51 on February 28, 2021, 01:16:59 PM

Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

rich people can potentially become richer, but to trade in this cryptocurrency, rich people cannot guarantee that they always get a very large amount of profit if that person does not want to learn how to trade properly and correctly and cannot control their emotions, because there are poor people who still keep bitcoins from this cheap price to this expensive they can become rich.

geegaw

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Quote from: Gozie51 on February 28, 2021, 01:16:59 PM

Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

Indeed, with the regularly updated knowledge plus modern technologies that the rich have, the opportunity for them to trade and make money with bitcoin is always very easy, even for those who are super rich, they combine together and manipulate the psychology of the market, if the poor do not have enough intelligence here, they will lose all their assets after just a few manipulations. Speaking of the situation of Africa, they still belong to a poor and lacking modern continent, only a handful of people can afford access to bitcoin and of them, only a small part can escape poverty

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Quote from: Gozie51 on February 28, 2021, 01:16:59 PM

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

Those who want to complain can always do that. If the rich people had such an advantage, then why the existing billionaires haven't benefitted from it's bull run? A few of them have started showing interest in Bitcoin now, but earlier almost all of them were against it. 99% of those who became rich as a result of the rally in Bitcoin prices belonged to the middle class demographic group, and the vast majority were aged less than 30 at the time of their first investment in Bitcoin. The rich may have the investing power, but it doesn't need much capital to investing in Bitcoin and therefore it is not going to matter. Back in 2010, Bitcoin was going at $0.001 per coin. Even those who were living in extreme poverty could afford to invest in BTC at that point. The same can be said about 2013, when the exchange rate was around $10 per coin.

Gozie51

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Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

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Quote from: Natsuu on February 28, 2021, 07:25:29 AM

Quote from: ultrloa on February 02, 2021, 05:49:21 AM

Quote from: virasisog on February 02, 2021, 02:53:58 AM

Quote from: Samayuki on February 01, 2021, 12:52:28 PM

Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

Not all have access it's because it has lack of education on what is bitcoin and how they can use it, also the additional factor which can make people dismay about that is those scams where many get affected and so they are feel like they will get scam to if they will try this type of investment. But it's good thing bitcoin get a good adoption right now since by that it can lessen the doubts of people to try this one and also they might get a good insights with the people who try this and earn a fortune by using bitcoin.

Fear to lose is the most common factor on why people don't engage crypto. As soon as they hear the words "VOLALITY", most of them gives up already and chose just to save what they've had instead of investing it.

They are not risk-taker because they have family to support and they don't have the funds to look for alternative if they lose what they invest so the fear is understandable and should not be shamed upon.

Being afraid of volatility is not surprising especially with those newbies who avoid crypto for these reasons but once they know how to trade even the basic I'm sure they will try to put some capital on their first trades.

It's just for now those risk takers doesn't know on when to start maybe they are lacking of knowledge since it's new to them that's why sometimes motivation plays a big role to encourage people, I'm sure almost all of us is skeptical about this at first.

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Quote from: ultrloa on February 02, 2021, 05:49:21 AM

Quote from: virasisog on February 02, 2021, 02:53:58 AM

Quote from: Samayuki on February 01, 2021, 12:52:28 PM

Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

Not all have access it's because it has lack of education on what is bitcoin and how they can use it, also the additional factor which can make people dismay about that is those scams where many get affected and so they are feel like they will get scam to if they will try this type of investment. But it's good thing bitcoin get a good adoption right now since by that it can lessen the doubts of people to try this one and also they might get a good insights with the people who try this and earn a fortune by using bitcoin.

Fear to lose is the most common factor on why people don't engage crypto. As soon as they hear the words "VOLALITY", most of them gives up already and chose just to save what they've had instead of investing it.

They are not risk-taker because they have family to support and they don't have the funds to look for alternative if they lose what they invest so the fear is understandable and should not be shamed upon.

Arkann

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If we talk about real poverty, then Bitcoin and poverty are not comparable things. No poor person can even afford to have a phone, let alone buy cryptocurrency to invest or trade. At best, certain charitable foundations can use the cryptocurrency market to increase their capital, and help the poor with the income received.

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Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.

It’s good that a lot of people around the world and in Africa are considering trading cryptocurrency as a skill that is worth learning. There are high rates of unemployment and I don’t think this is the time to be relying and hoping on education, because you can go to school and graduate and your certificate won’t get you any single job.

So, it is always best that you learn some skills that will help you, even as you’re going to that school you can still be profiting from your skills and before you know it you have even created a whole company from your skills before graduating and wouldn’t have to be looking for jobs.

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Quote from: virasisog on February 02, 2021, 02:53:58 AM

Quote from: Samayuki on February 01, 2021, 12:52:28 PM

Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

Not all have access it's because it has lack of education on what is bitcoin and how they can use it, also the additional factor which can make people dismay about that is those scams where many get affected and so they are feel like they will get scam to if they will try this type of investment. But it's good thing bitcoin get a good adoption right now since by that it can lessen the doubts of people to try this one and also they might get a good insights with the people who try this and earn a fortune by using bitcoin.

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In Africa, where inflation rates remain high, Bitcoin may be an alternative to regional currencies. The policies consistently pursued by the African Central Bank have weakened the purchasing power of citizens. Therefore, Bitcoin will provide Africans with a choice as a means of store of value.

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Quote from: Samayuki on February 01, 2021, 12:52:28 PM

Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

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When I used to search for countries where most people use or adapt Bitcoin/cryptocurrency, there are articles that include African countries and one of which is South Africa. It is good to know that some of them are successful in using it to escape poverty. We do not even know what these sectors are but hopefully, this includes the unemployed. We know that there are many reasons why a person is unemployed. And Bitcoin and cryptocurrencies really help a lot of people with this kind of status in life especially as they strive to study and learn.

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Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.

It is prolly underappreciated cause it's not one of Bitcoins core qualities and also because there is no guarantee of success for people who want to trade or speculate with Bitcoin to escape poverty, they could still prolly lose their funds, most likely loans or borrowed money, since the thread is about the 'poor'.

Bitcoin as a currency is used by quite a lot of people for one distinct reason or the other, but what one can categorically state assuredly that users of the network are bound to be privileged with control of their funds, freedom from third parties and manipulation, the responsibility of being their own bank etc, this are some of the guarantees (core qualities) on the network, getting rich is also quite a big possibility, though if that quality is mentioned to newcomers, it's often misunderstood as a get rich quick scheme, which prolly causes them to make mistakes, that could be why that aspect/quality of the network is somewhat 'neglected'.

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Quote from: GideonGono on February 01, 2021, 01:29:07 PM

I think it isn't just in Africa maybe it is also happening in other country as well.
Bitcoin gives hope to people some of us in crypto are a full time earner and due to pandemic the number of full time earner could also increased.

All that is true, but the government reaction is also going to be important. Take the case of India for example. They have made the ownership of cryptocurrency a criminal offense. In such cases, the citizens won't be able to benefit from crypto. On the other hand, we have countries such as Japan and Germany which have adopted a far more friendlier stance towards cryptocurrency. Obviously the citizens in these countries are going to benefit in the long term. Now many of the African countries don't have a well defined stance towards the legality of cryptocurrency, and it will be interesting to note in which direction the governments will move.

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"Bitcoin having humanitarian qualities" Cheesy

This is the most beautiful features of Bitcoin that many hasn't realised yet.

And the good thing is that, it's not only in Africa but in every developing countries. Most people have made good living from it. The case of Zimbabwe is a good example but still its unfortunate many haven't heard of it in remote towns.

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Quote from: Hydrogen on January 24, 2021, 07:56:14 PM

Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.

Its truly a blessing in disguise on what Cryptocurrencies has given to everyone who can have access to it. Its easy to learn and easy to use since all you have to do is read and understand the necessary steps to gain Cryptocurrencies. Its still sad that not everybody in the world is not knowledgeable regarding about it but Africans are really great at finding ways on how they would get on with their life. Cryptocurrencies also gave me along with my other friends the opportunity to have another income generator even though we are just students which is really great.

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Quote from: Samayuki on February 01, 2021, 12:52:28 PM

Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when when they get some good ROI they have to convert to fiat, straight to the bank, africans are into crypto to escape poverty for real

It's happening all over the world, not just in Africa as the bitcoin price tend to increase and people could make profits by trading bitcoin, especially in developing countries in Africa. The standard of living of people varies depending on the area of residence as well as the cost of living in several countriesy that are cheaper than living in developed cities or countries in Asia, Europe, and America.
https://internationalliving.com/the-cheapest-places-in-the-world-to-live/

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I think it isn't just in Africa maybe it is also happening in other country as well.
Bitcoin gives hope to people some of us in crypto are a full time earner and due to pandemic the number of full time earner could also increased.

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Quote from: kiki889988 on February 01, 2021, 04:31:20 AM

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when when they get some good ROI they have to convert to fiat, straight to the bank, africans are into crypto to escape poverty for real

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it will be difficult because they are not familiar with it even some don't know about reading and writing.
so this idea took a long time to implement.there may be an easier way besides that.
crypto is also high risk they cannot avoid it if want do that.

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