People need to realize that Bitcoin is not just a tool to escape from poverty. For heaven's sake, it is an asset which has a ROI of 34 million times in the last 12 years. Just imagine investing just $1 in 2009 and your portfolio growing to $34 million by 2021. That is the power of Bitcoin. It can make you super-rich in the future. For the past 12 years, the returns exceeded everyone's expectation. And for the next 12 years also, that is going to be the case.
That realization will take a long time, people aren't ready for this, the profit is still their first priority, remember that most of these people came from a poverty line or came from a family that is in-between. Of course, people will appreciate bitcoin, but not everyone is not as interested as anyone about the insides of the technology, we can't blame them, we are not a hive mind after all. I believe that it will be grow bigger in the coming years but we as a community need not be divided by our desire to profit and technological appreciation. 
Topic: Trading Bitcoin in Africa Is a Way for Some to Escape Poverty - page 3. (Read 577 times)
People need to realize that Bitcoin is not just a tool to escape from poverty. For heaven's sake, it is an asset which has a ROI of 34 million times in the last 12 years. Just imagine investing just $1 in 2009 and your portfolio growing to $34 million by 2021. That is the power of Bitcoin. It can make you super-rich in the future. For the past 12 years, the returns exceeded everyone's expectation. And for the next 12 years also, that is going to be the case.
Good for them if trading is really helping them out. But if it just making the situation worse, clarifications on the risks should spread to those people who are completely relying their fate with regards to cryptocurrency trading.
Trading stocks and assets is the go to of many in earning ridiculous amounts of money. This is true and it is just recently that Africa started to adopt this money-making strategy. That being said, one has to be aware that this strategy is not as financially securinh as let's say a 9-5 job because there will always be a factor of loss yiu should consider, but all of that in mind, you'd be a great trader and once you're done with it, sell a self-written book, and wallow in your passive income.
Stability of an income is a necessity in order for an individual to survive day by day expenses. Indeed huge profit could be earned from cryptocurrency trading but things will not always and consistently be on your side. There'll be times of bad trades, bad market, and other bad decisions. What will save you from these situations is a stable income from a job.
Yes, I really agree with that, bitcoin is a good way for poor people to avoid inflation and to protect their wealth. If people still have questions, please think about Venezuela.
with cryptocurrency being closely tied to USD most of the time, they can get more value out of it when they trade because the exchange rate of their currency and the USD is so big that they can afford basic necessities in local setting. I think that every trader understands the risk, a person that does not understand it is not a trader at all but a gambler. I wouldn't really say that it helped the poor because there are other people that does not have an opportunity to access the Internet to trade or even buy one, it is more like it helps those who opens their door for the opportunity.
That happened in my nation as well, during this pandemic "somehow" USD kept its power and value, normally we all know having 8+ trillion dollars more debt and so many dollars printed does make USD a lot less valuable but usa found a way to say the inflation is low and usd is valuable once again.Other nations were not that lucky, pandemic made their fiat less valuable and that made it weaker against dollar as well. So couple the fact that most nations fiat goes down against dollar and dollar goes down against bitcoin, there was a huge double down type of profit to be made.
Yes, bitcoin went from 10k to 40k but dollar went from 3 to 5 or whatever as well in nations and that made the profits even bigger for those people. I am one of those people and even on some days when bitcoin was stable I made profit because dollar was going up in my nation.
Certainly bitcoin can help the poor. If they have the information on how to use technology, obviously the information does not reach everyone. But some are getting out of poverty by trading bitcoin or any other crypto.
A glance at the reality could be verified in the exchange platforms in the P2P as the one of Binance that is working hard to penetrate and offer its services to the African market.
Introduces Nigeria's first Naira fiat currency in March 2020 and later launches Bundle, a Binance app in Africa aimed at payments between its users in both African currencies and cryptocurrencies (Bitcoin, Ether and Binance Coin).
https://www.binance.com/en/blog/421499824684900534/Introducing-Bundle-an-Africafocused-Social-Payments-App-for-Cash-and-Crypto
A glance at the reality could be verified in the exchange platforms in the P2P as the one of Binance that is working hard to penetrate and offer its services to the African market.
Introduces Nigeria's first Naira fiat currency in March 2020 and later launches Bundle, a Binance app in Africa aimed at payments between its users in both African currencies and cryptocurrencies (Bitcoin, Ether and Binance Coin).
https://www.binance.com/en/blog/421499824684900534/Introducing-Bundle-an-Africafocused-Social-Payments-App-for-Cash-and-Crypto
Trading stocks and assets is the go to of many in earning ridiculous amounts of money. This is true and it is just recently that Africa started to adopt this money-making strategy. That being said, one has to be aware that this strategy is not as financially securinh as let's say a 9-5 job because there will always be a factor of loss yiu should consider, but all of that in mind, you'd be a great trader and once you're done with it, sell a self-written book, and wallow in your passive income.
Not just in Africa, maybe there are more countries now who prefers to do trading as their job, to get income and to sustain for their living. In my country when pandemic strikes and termination of many jobs happen,there are many individuals who become more curious on where to spend their back pay, though it may not yet take a big percentage of the population but slowly many were noticing it's potential for profit.
Unfortunately while trading may seem a good idea since you can earn in this market no matter where you are the most important issue is that you need to have some capital in order to earn and if that capital is not high enough you are better off getting a job where you live.However if you do actually have the capital that can sustain your lifestyle where you live then trading without a doubt is a good alternative as it is a job that you can do from your home and you can work as little or as much as you want so it is the perfect option for those that have the time, capital and knowledge to make it work.
It's the same in other parts of the world but it's encouraging to read and hear such stories like this because we all can relate to the strive that Aluko did. I remember the situation in Venezuela and some of those interviews that I've watched that it was bitcoin that helped them to survive even if there's hyper inflation in the country. As they mine bitcoin and then eventually sell it for their survival which can be said that it includes trading.
Aluko is just one of those successful traders that made fortune through trading. He understands the risk of what he has chosen but it's more profitable and rewarding after all of those years that he had done trading.
That is because with cryptocurrency being closely tied to USD most of the time, they can get more value out of it when they trade because the exchange rate of their currency and the USD is so big that they can afford basic necessities in local setting. I think that every trader understands the risk, a person that does not understand it is not a trader at all but a gambler. I wouldn't really say that it helped the poor because there are other people that does not have an opportunity to access the Internet to trade or even buy one, it is more like it helps those who opens their door for the opportunity. Aluko is just one of those successful traders that made fortune through trading. He understands the risk of what he has chosen but it's more profitable and rewarding after all of those years that he had done trading.
Trading isn't a job and actually the only skill that could be considered a game changer in this activity is clairvoyance to view the future others couldn't see, otherwise you still need to be very lucky to not buy right before the market falls or to sell right before the market rises. The only way to escape poverty is to work, to execute any kind of service in order to be remunerated for your efforts.
If there aren't offers like that on the internet hardly you will left poverty even if you are inside crypto universe. Although bitcoin changed the life for some people, most enthusiasts are still in poverty because jobs supply is very low.
If there aren't offers like that on the internet hardly you will left poverty even if you are inside crypto universe. Although bitcoin changed the life for some people, most enthusiasts are still in poverty because jobs supply is very low.
As the article has listed out, there are usually scammers and not everyone is going to be successful with this crypto trading. But it’s good to give it a try and work hard to see where it will lead you to, because you may never know, you can end up being very successful through trading of Bitcoin and cryptocurrency.
I have seen some people who try to trade cryptocurrency and they either lose their money trading or they get scammed. Some of these people it’s usually hard to convince them to get back to cryptocurrency. At first I was scammed while I was trying to make ends meet through Bitcoin, but what I did was change my mind and decide to be just using it for receiving payments, and along the line I started trying my luck with other means.
I have seen some people who try to trade cryptocurrency and they either lose their money trading or they get scammed. Some of these people it’s usually hard to convince them to get back to cryptocurrency. At first I was scammed while I was trying to make ends meet through Bitcoin, but what I did was change my mind and decide to be just using it for receiving payments, and along the line I started trying my luck with other means.
Yeah actually it is. There is a good chance to get employed by freelancing for them. Bitcoin is one of them. They have a big chance to be self employed. If they take it seriously they can succeed.
It will be good for both of them the people and the goverment.
But they have to gain some knowledge first. So that they can get the proper return of their hardwork.
It will be good for both of them the people and the goverment.
But they have to gain some knowledge first. So that they can get the proper return of their hardwork.
I don't know how this helps with overcoming the poverty prevailing around African countries. In my learning in Africa most people whom benefit from bitcoin trading is the rich ones. The middle class will be in a situation to survive, they're able to make money but the family situation won't let them take take strong decisions and go for investing/trading. Apart from this Africans use bitcoin much on exchange of goods as they need to carry lot of currencies while making cross border businesses like importing from East Asian Countries.
Whilst I agree that BTC does indeed make speculation/trading easier for retail investors, is it really necessarily going to be in the interests of these investors in the long run to speculate and try to replace their income source from speculative activities alone?
I don't think that's necessarily the right attitude to look at BTC. Just because you have a finance/econ degree doesn't mean that you will be a successful trader - in fact, you're more likely to be overconfident and rack up more severe losses.
Sure, a small proportion of these people might be able to get out of poverty just by doing this - but that will likely be due to an element of luck more than anything else. I'd much rather see these people use BTC as a hedge against fiat and/or to store value for the long run, as opposed to mindlessly following market trends.
I don't think that's necessarily the right attitude to look at BTC. Just because you have a finance/econ degree doesn't mean that you will be a successful trader - in fact, you're more likely to be overconfident and rack up more severe losses.
Sure, a small proportion of these people might be able to get out of poverty just by doing this - but that will likely be due to an element of luck more than anything else. I'd much rather see these people use BTC as a hedge against fiat and/or to store value for the long run, as opposed to mindlessly following market trends.
There is nothing unusual or unexpected here. I have said for a long time that cryptocurrency has become an "entry ticket" for ordinary people to enter the world of exchanges, speculation, and the ability to make quick money. And there is no need to be physically present at the exchange, or to obtain the status of a broker - he sat at home at the simplest computer, went to the exchange, and started trading! The African population also joined this "movement" ...
In countries like Africa, yes it is going to help a lot for the unemployment rate because their daily wages are less than a dollar as far as I know so they can make few dollars with very small capital everyday but it is going to help the everyone in Africa? I don't think so.
One who enters into the market earlier and utilizes it more will be making profits but in the next few years the bitcoin will be out of reach for unemployed people.
One who enters into the market earlier and utilizes it more will be making profits but in the next few years the bitcoin will be out of reach for unemployed people.
I would say "trading" is definitely a good skill to have but also earning bitcoin (or crypto in general) could be even better. With crypto you open yourself for business all over the world, if you have a set of skills that would be good for putting a service for, you could become very good.
For example, the first guy Aluko said to work as soft media, videography and other stuff, if he even knows how to edit, he could had made money from selling his services to all over the world, anyone who wants to make money and in Nigeria making 500-600 dollars is a decent amount, so he would have been capable of earning it, without risking any of his money.
In trading you could make a profit, obviously he did made a profit, but you could also end up losing money as well, but if you sell your services you can't lose money, you either earn it, or not. This is the true power of crypto, becoming worldwide instead of just local.
For example, the first guy Aluko said to work as soft media, videography and other stuff, if he even knows how to edit, he could had made money from selling his services to all over the world, anyone who wants to make money and in Nigeria making 500-600 dollars is a decent amount, so he would have been capable of earning it, without risking any of his money.
In trading you could make a profit, obviously he did made a profit, but you could also end up losing money as well, but if you sell your services you can't lose money, you either earn it, or not. This is the true power of crypto, becoming worldwide instead of just local.
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Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income...
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.
I'm an african and I can testify to this claims been very true and accurate. I have witnessed tremendous changes from users that have taken it upon themselves to learn cryptocurrency trading and practice it and those that have adventured into investing. There's no africa that took cryptocurrency seriously that aren't better than what they were few years back before joining the industry.
The problem is that many aren't always patient enough and due to their gullible nature and greed, they get into situation that cost them some funds or all their funds even before starting their journey in the industry. Those that took their time to understand the industry before joining are doing quite well for themselves, the evidences are everywhere.
Ponzi schemes is another enemies killing the image of the trend in the continent. Assuming this wasn't a growing thread and taking advantage of the features the cryptocurency network offers like peer2peer transaction, instant and borderless transaction etc, we would had been far better than where we are now in terms of our engagement in the industry.
How only bitcoin? Doesn't this apply to stocks too? or any other job too? I don't understand why a few people feel that crypto can eradicate poverty from this world. My question is how? It's a new technology for payment mechanism and just like any other technology it offers you a certain amount of employment opportunities. Those who can take up the required skill for this can become successful those who can't grab the opportunity will most probably remain the same. But how on earth can crypto eradicate poverty from the lives of the people? Alternatively, the scarce supply of bitcoin would lead to the wide gap between rich and poor this is what I feel because until the time this class of Africa would get acquainted regarding bitcoin it would already be too late and big guns around the world would have already loaded everything and skyrocketed the price.
You're right, this is just a crypto fluff piece. There is nothing about the circumstances in the OP that make crypto inherently good for the poor, and the anecdote about the guy could have been done with literally any asset.
More than anything, the guy just got lucky because he started trading crypto when it was in a larger bull run, and even active traders are likely to make money in a bull run because the overall motion of the price is up, so even if you're moving in and out you're statistically more likely to make money. (Statistically, you'd make more if you weren't trading and just holding, which is why the concept of the "poor making trading crypto" is pretty meaningless.)
I see it showing fairness to everyone, in poor countries where people who can make money with crypto will help ease their financial burden. And not only in Africa, but I see it also widely popular around the world, looking to South America or weak economic areas, cryptocurrency is really considered in and brings a better life for them.
Can you please tell me how? It's not that difficult in third world countries to get a demat stock account too so why only bitcoin or crypto trading shows fairness?
If they stick to Bitcoin and the established altcoins, then that would be better. But obviously there is going to be a lot of the investors, who will be fooled in to investing in shitcoins. I don't expect noobs to differentiate established coins such as Bitcoin/Ethereum from shitcoins such as Unicore or Behodler. And if they venture into cryptocurrency market without proper research, then unfortunately, they are going to lose most of their capital.
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