I agree Bitcoin trading is a way out of poverty, but not all poor people in Africa are capable of doing that. Due to the fact that it is not easy to
get profit from trading, it requires knowledge and expertise to analyze the market. Therefore, many people in Africa are starting to be interested
in learning Bitcoin, because it provides an opportunity for them to be able to get a decent life. We have to remember that there is no free money
on this earth, so if we want to be successful in Bitcoin trading. It takes hard work for we to understand how Bitcoin moves in the market.
Topic: Trading Bitcoin in Africa Is a Way for Some to Escape Poverty - page 4. (Read 586 times)
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.
The story of Aluko is actually full of gaps. If the man is living a hand to mouth life, I doubt he could easily get into Bitcoin trading. If he is so poor that he is constantly bugged by the thought of whether or not he could pay for his next meal, I don't think Bitcoin trading is something he could have easy access to.
The story's transition was simply "when Aluko decided to commit to trading bitcoin." I'm afraid it is not as simple as that in real life. At the very least, Bitcoin trading requires a starting capital, a laptop or PC or a reliable smart phone at the very least, a fast internet, and a whole lot of spare time. Not to mention that trading is not profitable all the time and that the smaller the starting capital, the smaller the possible profit.
The story's transition was simply "when Aluko decided to commit to trading bitcoin." I'm afraid it is not as simple as that in real life. At the very least, Bitcoin trading requires a starting capital, a laptop or PC or a reliable smart phone at the very least, a fast internet, and a whole lot of spare time. Not to mention that trading is not profitable all the time and that the smaller the starting capital, the smaller the possible profit.
You're right, this is just a crypto fluff piece.
I think the main thing you're missing.
Is the average wage for some african countries being something like $4 to $8 a day.
If you can do better than $4 to $8 a day from faucets, airdrops, trading, ICOs. You're doing better than the many african working 8+ hour job days.
Trading crypto for a living may not be an option for residents in nations with higher average cost of living. But for some regions like africa, it is an achievable goal.
You actually have a point on this. For people residing especially in third world countries, earning at least 5 bucks a day is already a big deal for them. They can already have more than a decent meal on that amount. Now, if you are lucky to know crypto and know how to strategize in trading, and living in those countries, such amount will already give you a decent life even if you are not subjecting yourself to the tedious 9-5 job. I guess some people will not appreciate earning 4-8 dollars a day, because they have been living within their comfort zone and not looking at other scenarios around the world.
You're right, this is just a crypto fluff piece.
I think the main thing you're missing.
Is the average wage for some african countries being something like $4 to $8 a day.
If you can do better than $4 to $8 a day from faucets, airdrops, trading, ICOs. You're doing better than the many african working 8+ hour job days.
Trading crypto for a living may not be an option for residents of nations with higher average cost of living. But for some regions like africa, it is an achievable goal. Especially if one considers zimbabwe dollar hyperinflation and other aspects of the area that are worse than crypto scams.
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.
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.)
Bitcoin has provided a means of livelihood for so many people in Africa. Severals are unemployed because of the high rate of unemployment due to the bad leadership of the government of countries in Africa. Bitcoin, however, has provided a window of escape.
Quite a lot of people now trade bitcoin to make money. Many people are active on forums like this. Many people get involve in airdrops and several other means.
Many people even now accept bitcoin as a means of payment which is a better option than many of the continent's fiat currencies which is losing value every day.
Quite a lot of people now trade bitcoin to make money. Many people are active on forums like this. Many people get involve in airdrops and several other means.
Many people even now accept bitcoin as a means of payment which is a better option than many of the continent's fiat currencies which is losing value every day.
Since the recognition of Bitcoin as having a strong market value and good market growth projection, some see it as a better way to save & make gains from their local currency i.e buying the BTC with your local currency. And we all know that the value of most currencies of African countries have little value when compared to the USD.
Advent of crypto are now making a lot of African grabbing and venturing into bitcoin a business that has become very lucrative hardly will you move a mile in Africa particularly Nigeria without seen any information regarding bitcoin trading. I will say it has created more job opportunity than what the government has done. Trading bitcoin giftcard are not only common but also the use to obtain some services such as buying airtime are increasing everyday. With time, I hope the government will.not see it as threat and come up with a reason to stop people from the business
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.
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.
There is a good reason that the poor are excluded from the definition of accredited investors, and it's primarily because accredited investors are considered rich enough to afford the risks of losing a substantial amount, or all, of their investment. Investments that require at least accredited investor status are extremely speculative and much riskier than investments that are regulated fully by the SEC. The poor definitely do not fit this definition.
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.
For your information, many poor people in my country become the poorer cause of bitcoin. I mean, it is not 100% bitcoin but fraud tends to use bitcoin as a fishing rod to steal people's money. Moreover, many people had lost their money in 2017. Nothing is humanitarian in bitcoin. After all, it is just a tool of human
I don't think cryptocurrency can save Africa from poverty and unemployment. The fact is that Africa is an underdeveloped country, so there are very few cryptocurrency users. If the government starts introducing cryptocurrency into the payment system, citizens will start to launder money through it and make purchases in black markets.
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.
This is what sets bitcoin part from other markets, governments for the most part do not allow you to invest in certain investment opportunities unless you are an accredited investors, which is just an euphemism to say that you need to have a lot of money to get access to the best opportunities the markets offer.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.
Bitcoin is different, as long as you can invest some money in it then you can be in bitcoin and you can even speculate with it if that is your thing and there is no one to stop you, now I still think that a great deal of people will lose their money because they do not know anything about the markets but at the end it is their decision and if that is what they want to do then they must be free to do so.
It's difficult in Africa
This statement says it all, it is really difficult to live in Africa where its natural resources were put into waste and not maintained properly.
That's why its people are not benefiting any share from its country and even the government is having a hard time to support its people.
Even cryptocurrency will not be regulated properly in Africa as they lack of basic knowledge and internet is not well-introduced to them. Hoping that they can follow development in their country because there are a lot of opportunity in bitcoin that are only put into waste. If their country will do their best to go with the flow then it can somehow lessen their sufferings and have an improvement in the economy.
Trading, alone, won't be a pathway to escape poverty. Trading is indeed a profitable but profit is not assured given that this market is highly volatile which will also reflect to the profit or loss. Trading also is not something to be mastered by an individual in a single glance, which means that one should also invest time analyzing the market in order to minimize trade errors. Also, nowadays, a user will need an amount of money in order to do trading unlike before wherein there are airdrops and ICOs in which users may get tokens without actually investing to projects. So is it advisable to borrow money in order to do trading if an individual is not having that amount to engage in such activity? in my opinion it is not. And if you have such, the rest is not assured that there will already be a gain. It will take more than knowing how to trade, there are other factors to consider.
I don't know why people tend to jump on article like this, to me is more of a click bait, can someone tells me where in the world are they not benefiting trading Crypto currencies especially in a bull market, we have this success stories from every part of the world before and after they dive into Crypto. It is true the living standard of some countries are better than some, but coming up with wisdom of the crowd data like this is disturbing
Bitcoin can really make you help yourself to get away from poverty as we all know that Africa is really struggling to make its people to have a quality life.
Trading and dealing with risks are important especially that bitcoin is volatile and can fluctuate its price in a positive movement.
Help each other to grow and have a sustainable source of profit by teaching other citizen to trade bitcoin.
Trading and dealing with risks are important especially that bitcoin is volatile and can fluctuate its price in a positive movement.
Help each other to grow and have a sustainable source of profit by teaching other citizen to trade bitcoin.
The knowledge is the most important to get away from poverty, if we use bitcoin at a proper way then they can certainly get out of poverty. People who are in poverty does not invest on bitcoin, they work for money and with bitcoin being a decentralized global currency, it will help them find opportunity by the use of internet even if they will just stay in their own country.
Access to the internet for work and global decentralized currency, these are great things to know by people of poor countries like Africa.
Bitcoin can really make you help yourself to get away from poverty as we all know that Africa is really struggling to make its people to have a quality life.
Trading and dealing with risks are important especially that bitcoin is volatile and can fluctuate its price in a positive movement.
Help each other to grow and have a sustainable source of profit by teaching other citizen to trade bitcoin.
Trading and dealing with risks are important especially that bitcoin is volatile and can fluctuate its price in a positive movement.
Help each other to grow and have a sustainable source of profit by teaching other citizen to trade bitcoin.
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