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

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Quote from: Gozie51 on February 28, 2021, 12:16:59 PM

Quote from: Hydrogen on January 24, 2021, 06:56:14 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.

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Quote from: Gozie51 on February 28, 2021, 12:16:59 PM

Quote from: Hydrogen on January 24, 2021, 06:56:14 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, 12:16:59 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.

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Quote from: Hydrogen on January 24, 2021, 06:56:14 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, 06:25:29 AM

Quote from: ultrloa on February 02, 2021, 04:49:21 AM

Quote from: virasisog on February 02, 2021, 01:53:58 AM

Quote from: Samayuki on February 01, 2021, 11:52:28 AM

Quote from: kiki889988 on February 01, 2021, 03:31:20 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, 04:49:21 AM

Quote from: virasisog on February 02, 2021, 01:53:58 AM

Quote from: Samayuki on February 01, 2021, 11:52:28 AM

Quote from: kiki889988 on February 01, 2021, 03:31:20 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.

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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, 06:56:14 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, 01:53:58 AM

Quote from: Samayuki on February 01, 2021, 11:52:28 AM

Quote from: kiki889988 on February 01, 2021, 03:31:20 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, 11:52:28 AM

Quote from: kiki889988 on February 01, 2021, 03:31:20 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, 06:56:14 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, 12:29:07 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, 06:56:14 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, 11:52:28 AM

Quote from: kiki889988 on February 01, 2021, 03:31:20 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, 03:31:20 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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If people are wise and open minded, they can earn a descent amount of money though cryptocurrency rather than having a 12hours daily job in a company of others. Trading bitcoin is one of alternative to full time job if you are going to learn it. It gives you profit and you are the boss, you hold your time, you can trade anytime which is convenience to you while staying at home.

I know at this current generation almost everyone even the poor already knows how to use cellphone and other gadgets. It's not difficult for them to learn how to trade cryptocurrency in order to earn money. Young people on this generation is very familiar with the new technology like computer. For the capital, if they know how to trade they can start even a small amount of capital.

Trading and investing in bitcoin and other digital currency can truly help us change our life and way of living.

ene1980

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Quote from: Jesabela04 on January 31, 2021, 09:01:52 PM

Bitcoin could really change the lives of people in a certain country because of the opportunities that it offers. Africa is one of the neediest countries and it's a good thing that they could consider Bitcoin to eliminate poverty.

When you talk about eliminating poverty it is a big responsibility, there are places where they do not even get proper water let alone electricity and the gadgets necessary to change their lives. There are people in Africa who would be happy if they get proper water to drink and when we talk about bitcoin eliminating poverty you need to built the infrastructure so that they can use them.

People having these resources can make money but there are people who are really poor.

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Quote from: Mauser on February 01, 2021, 05:53:24 AM

I agree, it's a great way for people to find job opportunities outside of their own country. There is no language barrier once you learned English and also geographical borders are not going to be an issue as everything is done online. Maybe some special crypto courses for people in Africa could help them to take advantage of the new opportunities.

Who is going to sponsor these crypto courses? If someone wants to learn a new skill, then all the material is readily available online in YouTube and other sources. The only thing to remember here is that most of the material is in English and therefore they need to have a good command of that language in order to learn the skill. Gone are the days when you had to spend a fortune to get yourself educated. Nowadays a lot of educational material is available for free and all that you need is a 3G connection and a smartphone.

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Quote from: Jesabela04 on January 31, 2021, 09:01:52 PM

Bitcoin could really change the lives of people in a certain country because of the opportunities that it offers. Africa is one of the neediest countries and it's a good thing that they could consider Bitcoin to eliminate poverty. Despite all the risks, if they will be able to adopt the importance of trading and investing, it will help decrease the number of poor people in their country.

I agree, it's a great way for people to find job opportunities outside of their own country. There is no language barrier once you learned English and also geographical borders are not going to be an issue as everything is done online. Maybe some special crypto courses for people in Africa could help them to take advantage of the new opportunities.

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Quote from: poodle63 on January 31, 2021, 04:05:51 AM

freelance job that's available in crypto space usually have something to do with technology like programming and there's almost no jobs for doing some tasks offline. I doubt everyone in africa is programmer, it could help the programmers there in africa indeed but that's like only small population of the africa continent overall, honestly I think cryptocurrency there is less impactful that people here seem to pictures.

Well, we are talking about freelance jobs here, that means you can't really have every single job handy and paid in crypto, obviously it has to be something about online world. However it doesn't always have to be programmer, even though that is the most common one, if you go to crypto.jobs and check what people need, you will see there are things like "crypto analyst" , "product manager", "community manager", "social media manager" and many other things, including design as we all know most common freelance trade.

So, basically there are 50+ other jobs you can do online, it all depends on the name of course sometimes it is close to each other, but at the end it is not limited to just coding, it can be anything you want. It still needs to be online, but it could be a lot easier to handle if you do not know how to code and want to learn something else, there are easier to get into jobs as well.

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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.

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Quote from: Jesabela04 on January 31, 2021, 09:01:52 PM

Bitcoin could really change the lives of people in a certain country because of the opportunities that it offers. Africa is one of the neediest countries and it's a good thing that they could consider Bitcoin to eliminate poverty. Despite all the risks, if they will be able to adopt the importance of trading and investing, it will help decrease the number of poor people in their country.

There is a reason why Africa remains as the poorest continent. If the governments want to alleviate poverty, then they need to look in to these factors and do the required. I am talking about overpopulation, ethnic violence, lack of education.etc. Bitcoin may help to some extent. But it will be of little use unless the basic factors are taken care of. What is the point in promoting the use of Bitcoin, if the population doesn't know how to use them?

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Quote from: Hydrogen on January 24, 2021, 06:56:14 PM

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

no this is not neglected but this is infact the highlight of bitcoin . i saw many users creating threads on how bitcoin helped them and on how btc help the poor . it was cool that even if bitcoin isnt a human , it is sometimes better that most of the humans because most humans now have issues on helping the poor

Quote from: Hydrogen on January 24, 2021, 06:56:14 PM

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.

ico isnt perfect but who are perfect ? no one but even if theres no ico 's theres already btc and other cryptos that are created earlier than ico's and ico dont only provide help for the poor but it also destroy the lives of both poor and rich individuals that invested on scam ico's

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Bitcoin could really change the lives of people in a certain country because of the opportunities that it offers. Africa is one of the neediest countries and it's a good thing that they could consider Bitcoin to eliminate poverty. Despite all the risks, if they will be able to adopt the importance of trading and investing, it will help decrease the number of poor people in their country.

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I agree trading Bitcoin can get people out of poverty, especially in Africa, which has low incomes. Supposed trading Bitcoin can help improve finances.
And this applies to all countries, by trading Bitcoin can be a source of income. But in this long-term Bitcoin trading, because for short-term bitcoin
trading that person must have good analytical skills to be able to get profit from Bitcoin trading. If trading Bitcoin long-term we only need to buy
Bitcoin regularly every month, according to their respective abilities. Do this consistently for 3-5 years. I believe that person can become a rich
person, I say this because of the math I did.

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That is just one of the use cases of BTC, be responsible for your financial needs without any centralized control. Trading and holding BTC and other reliable altcoins will surely brings financial fortune to many in Africa and other parts of the world.

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Bitcoin can help you to at least leave at the poverty line and gives you an opportunity of a lifetime, only if you are willing to take the risk. Africa is compose of many countries, if they started to adopt Bitcoin then it can become a big help but it will not make you rich easily, so don’t depend everything to Bitcoin.

Quote from: Kimbe79229 on January 30, 2021, 03:46:03 AM

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.

That’s a warning for every countries not to be complacent about growing rate of inflation, or else we will ended up like this with indefinite, market crash.

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Quote from: shield132 on January 31, 2021, 03:03:49 PM

And what's the purpose of this? That bitcoin is a way of escape in Africa? I am amazed that I see success stories. What if you have bitcoins right now, for example, 1 BTC, equal of 32,800 and tomorrow you see a 15% decline in price, just somehow. You lose 15% in one day and don't tell me that it's impossible. 15% profit in a single day is possible too, yeah, I agree and even more but it's very risky, for me it looks like going on deal or no deal.

It's good if anyone is earning money via day trading or just trades through the year that profit from it is good enough to bring them a comfortable life. Still, I don't suggest anyone to move on bitcoin trading, it's their opinion and personally, I wouldn't promote me, not because I have a different opinion in it but I have seen people who bought bitcoins in 2017 when the price was 20K and one man on reddit even lost the house.

Also, I knew a person who was living years (more than 10) by filling/writing sports tickets but he sometimes had bad moments.

I think you miss the point here... he trade with bitcoins (or alts) and he is making some profit! Maybe he had bad days when the price is declining but he still has something to sell... he has something that is valuable!
The thing with us people who live in Third World countries, even $500 means a difference, and some people had a chance to learn how to earn and how to trade and earn more, that save us from surrounding circumstances... we earn more with crypto, even when price is dropping we have more than we have with our normal jobs!
So yes, I understand why crypto (it's not Bitcoin only anymore, look at the Doge at 5 cents!!!!) is escape from poverty for many people across the world! And I bet we will see many more similar stories, even greater ones... mark my words!

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And what's the purpose of this? That bitcoin is a way of escape in Africa? I am amazed that I see success stories. What if you have bitcoins right now, for example, 1 BTC, equal of 32,800 and tomorrow you see a 15% decline in price, just somehow. You lose 15% in one day and don't tell me that it's impossible. 15% profit in a single day is possible too, yeah, I agree and even more but it's very risky, for me it looks like going on deal or no deal.

It's good if anyone is earning money via day trading or just trades through the year that profit from it is good enough to bring them a comfortable life. Still, I don't suggest anyone to move on bitcoin trading, it's their opinion and personally, I wouldn't promote me, not because I have a different opinion in it but I have seen people who bought bitcoins in 2017 when the price was 20K and one man on reddit even lost the house.

Also, I knew a person who was living years (more than 10) by filling/writing sports tickets but he sometimes had bad moments.

ven7net

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Quote from: Hydrogen on January 24, 2021, 06:56:14 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.

Personally, I believe that the ability to make money using cryptocurrencies has helped many both in African countries and other more developed ones. Why am I sure of this? Because he himself, not having a normal income, was forced to study cryptocurrencies and start trading them. On the other hand, cryptocurrencies help many countries to make transactions bypassing sanctions, which also has a positive effect on the lives of people in these regions. I am glad that there is such an opportunity and it is very good that many who use cryptocurrencies can make a profit and start living better. This trend is likely to continue and we will see even more people from different countries join the crypto industry.

qwertyup23

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Quote from: Hydrogen on January 24, 2021, 06:56:14 PM

I somehow disagree with this post as it is relatively misleading.

According to an article published, trading cryptocurrencies somehow amounts to a loss since 97% people who traded experience little-to-nothing profit in a short-amount of time. In addition, the remaining 3% of the people who profited amounted to an earning which is equal to the wage of a bank-teller.

If you truly want to eradicate poverty, there are several factors that you MUST consider (i.e. job opportunities, education, infrastructure, etc.) Trading bitcoin alone cannot eradicate poverty in a given country especially if you can consider that bitcoin runs within a technological environment, which some third-world countries lack.

palle11

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Quote from: TedMosby on January 31, 2021, 09:57:59 AM

Somehow I think they do not survive because of trading, but their bitcoin knowledge leads them to earn free money in this crypto universe.
Airdrop, bounty, and more. The serious one will do a freelance job for crypto. And they used some of the money for trading to gain more.
so IMO, they escape poverty because they know crypto things.
however, the title is already clear. Trading Bitcoin in Africa is a way for SOME to escape poverty.

You have got the idea and knowledge about this, because bitcoin and cryptocurrency are a little different as you mentioned the free methods to gain some coins like airdrops too which can be sold to build capital for other investment. Otherwise, there are other ways but you can't get freebies on it except you invest by yourself like forex trading .

Quote from: TedMosby on January 31, 2021, 09:57:59 AM

Nigeria and some of the countries in Africa become the target for Ponzi schemed business. They can spend a lot of money on uncertain things like that. It's good that those Bitcoin things can reduce that Ponzi business activity.

For ponzi it may be because the Africans or Nigeria are looking for opportunity for survival on the internet which is why they try out different means to survive and fall for scam.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

Somehow I think they do not survive because of trading, but their bitcoin knowledge leads them to earn free money in this crypto universe.
Airdrop, bounty, and more. The serious one will do a freelance job for crypto. And they used some of the money for trading to gain more.
so IMO, they escape poverty because they know crypto things.
however, the title is already clear. Trading Bitcoin in Africa is a way for SOME to escape poverty.

Nigeria and some of the countries in Africa become the target for Ponzi schemed business. They can spend a lot of money on uncertain things like that. It's good that those Bitcoin things can reduce that Ponzi business activity.

bryant.coleman

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Quote from: ?? on ??

Cryptocurrency provided a lot of opportunities not just for those who are rich but also for others who are classified as low-income earners. Even with the associated risk, Bitcoin can provide opportunities to earn by investing, trading, and not to mention opportunities for those who are knowledgeable of blockchain technology. But we must remember that crypto is not created to aid poverty.

The main purpose when Bitcoin was created by Satoshi Nakamoto in 2008 was to end the exploitation by the bankers. Now we all know that it is the poor who suffer the most from this exploitation. So we can say that Bitcoin is one of the tools which can make life better for poor people. And in the end, cryptocurrency may prove to be a powerful tool to alleviate poverty. And apart from cryptocurrency, the Blockchain can also play a big role in eradicating the intermediaries and keeping the wealth in the hands of those who deserve it. Blockchain is the future of technology, and within the next 1-2 decades, most of the applications in almost all the sectors will be Blockchain-based.

poodle63

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Quote from: fahmimajannat on January 28, 2021, 11:23:44 AM

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.

freelance job that's available in crypto space usually have something to do with technology like programming and there's almost no jobs for doing some tasks offline. I doubt everyone in africa is programmer, it could help the programmers there in africa indeed but that's like only small population of the africa continent overall, honestly I think cryptocurrency there is less impactful that people here seem to pictures.

Obito

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Quote from: Sithara007 on January 30, 2021, 10:21:06 PM

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.

Sithara007

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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.

Casdinyard

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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.

Quote from: CarnagexD on January 29, 2021, 04:00:33 PM

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.

Kimbe79229

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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.

bitgolden

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Quote from: Lorence.xD on January 28, 2021, 11:34:42 PM

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.

verita1

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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

CarnagexD

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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.

wxa7115

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Quote from: Beparanf on January 25, 2021, 05:48:51 PM

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.

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Quote from: sunsilk on January 25, 2021, 04:24:13 AM

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.

uneng

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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.

Emitdama

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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.

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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.

Ayiranorea

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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.

magneto

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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.

DrBeer

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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" ...

Findingnemo

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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.

el kaka22

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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.

CryptopreneurBrainboss

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Quote from: Hydrogen on January 24, 2021, 06:56:14 PM

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.

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.

teosanru

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Quote from: jaysabi on January 25, 2021, 04:40:03 PM

Quote from: teosanru on January 25, 2021, 03:48:52 PM

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.)

Exactly. I have seen tons of traders starting their journey pretty peacefully until there is an unexpected market action which takes away their holdings. I can't obviously agree with buy and hold strategy too as there literally are tons of coins going north and south everyday. This theory would hold true merely in a bullish market. But yes to be specific there is nothing like only crypto can eradicate poverty in Africa.

Quote from: umbara ardian on January 25, 2021, 09:27:37 PM

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?

Sithara007

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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.

Shasha80

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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.

umbara ardian

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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.

Darker45

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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.

tippytoes

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Quote from: Hydrogen on January 25, 2021, 05:58:31 PM

Quote from: jaysabi on January 25, 2021, 04:40:03 PM

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.

Hydrogen

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Quote from: jaysabi on January 25, 2021, 04:40:03 PM

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.

Beparanf

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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.

jaysabi

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Quote from: teosanru on January 25, 2021, 03:48:52 PM

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.)

goldade

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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.

Rruchi man

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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.

thesmallgod

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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

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Quote from: Hydrogen on January 24, 2021, 06:56:14 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.

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.

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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.

slapper

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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

Freeesta

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#SWGT PRE-SALE IS LIVE

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.

wxa7115

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Bitcoin is GOD

Quote from: Hydrogen on January 24, 2021, 06:56:14 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.

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.

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.

Latviand

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Quote from: ?? on ??

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.

CODE200

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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.

disconnectme

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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

Ziskinberg

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Quote from: AniviaBtc on January 25, 2021, 06:13:17 AM

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.

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.

AniviaBtc

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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.

sunsilk

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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.

Maxstl007

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Unemployment is growing higher in africa countries and their economy is getting worse, well a big thanks to crypto many are getting back on their feet, not just through trading crypto only but even there are strong people who consider mining too but there are still some taking the wrong path too like creating fake ICO projects and so on, african countries consists of strong people but they also have bad people who can't find means of survival in the right way

avikz

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Activity: 3080

Merit: 1500

Quote

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.

Cryptos definitely have the power to help the unbanked mass but is it reaching to the mass in a right way? I don't think so! The poor people don't have money to set up a mining operation so they will have to earn it like they do in real world. I believe cryptos have the potential to help the poor and unbanked people in big way but the entry barrier is so high that they are not able to get into it in a legitimate way! That's why you will see crypto related scams are increasing and in some African countries like Nigeria, it's all time high! Nigerian scammers have earned a global bad reputation of financial frauds. Cryptos, especially bitcoin is still an elite's game and is harder to get a hands on for a common person!

Wenbing

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There is gold in volatility..

Quote from: Hydrogen on January 24, 2021, 06:56:14 PM

Quote

Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income.

For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.

He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.

When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.

“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”

This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.

“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.

The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.

27% unemployment

Aluko knows plenty of other traders who found themselves in a similar position.

“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”

He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.

“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.

Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.

“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.

Bitcoin trading vs. speculation

Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.

“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.

“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.

KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”

Risk of bitcoin and crypto scams

The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.

There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.

Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.

KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.

“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.

Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.

https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria

....

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.

One of the problems of exchange rate in Africa is their fluctuating or depreciating currency. So, people look for places or platforms that will help to retain the stability of their money, and that is the innovation that trading platform had made possible to Africans to save their without fear of depletion of value.

To add to it, there is a feature in most exchange called P2P which allow crypto trading activities to be made via a country local currency. This a contrbutory factor to the rise of opportunity in the crypto space in that part of the world.

Poker Player

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That article is bull crap actually. As many of those articles in crypto news sites.

Considering than 80% of traders lose money and that in markets like forex numbers go up to 90% or more losers, we can guess that for people trading Bitcoin numbers are pretty much the same.

In other words, the article presents the pretty face of someone who is poor and has been able to make a living trading Bitcoin but does not present the bad side of all those who, on top of being poor, got into Bitcoin trading and lost money.

Fesatmas

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Quote from: Hydrogen on January 24, 2021, 06:56:14 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.

I agree with this that Africa can be part of a country that will have tremendous potential in the future. In addition, the Binance exchange platform was officially established in Africa. and it makes a great material off to a great start.
It cannot be denied that crypto has provided a solution for the world economy. every country is aware of it. and we as active users carry out our duties by providing new insights about the world of cryptocurrency to our closest relatives, family and neighbors.
maybe that's all we can do to contribute and be the smallest part of the development of crypto.

aoluain

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Correct, Bitcoin takes control from centralised entities and enables everyone regardless
of location, race or social standing to control their own finances 24 hours, 7 days, All year round.

That is why certain people like Christine Lagarde of the ECB and Janet Yellen U.S Treasury Secretary
want regulation of Bitcoin, they are afraid of losing "control" of wealth and of us.

Hydrogen

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Activity: 2562

Merit: 1441

Quote

Learning to trade bitcoin has become a valuable skill set for Africans looking to boost their income.

For years, Stephen Aluko lived “hand to mouth” in Nigeria, home to a big but struggling economy in Africa with a high unemployment rate. He worked odd jobs, from running cyber cafes to “soft media” and videography, constantly mulling in the back of his mind if he would be able to pay for his next meal.

He was unemployed before hearing about bitcoin (BTC, -2.26%) in 2017. At that point, his shoes hardly held together.

When Aluko decided to commit to trading bitcoin – buying and selling the cryptocurrency for profit – that all changed. At first he had second thoughts. He didn’t know what he was doing. But the side hustle worked out so well he’s now been trading the largest cryptocurrency full time for three years.

“My finances were not in a good state when I started trading, so you could say bitcoin trading saved me,” Aluko told CoinDesk. “I have made enough money from trading bitcoin that I have been able to get married and can live comfortably without any debts.”

This is one example of someone using bitcoin in an unanticipated way to improve his life. And there are many other examples around the world, from Argentina to Iran.

“The money I have made from bitcoin trading has made it possible for me to invest in other businesses, be financially independent and live debt-free. So, I do think I have made more money with bitcoin than if I had chosen another career path,” he said.

The recent bitcoin bull run didn’t have anything to do with Aluko’s success. CoinDesk talked to Aluko about the rise of bitcoin trading in Africa in August 2020, before the price of bitcoin surpassed its previous all-time high, launching into a bull run.

27% unemployment

Aluko knows plenty of other traders who found themselves in a similar position.

“It’s not unique to me,” he said. “I know many people in Nigeria [who] trade bitcoin as a way to earn a living. I have also taught people how to trade bitcoin because I know how bitcoin trading has changed my life and I want to be able to help people.”

He argues that one factor driving so many people to trading is the high unemployment rate in the region. The situation has only gotten worse since Aluko was unemployed. In Nigeria, for instance, the unemployment rate has tripled over the past five years, swelling to 27%.

“Let’s just say that the numbers are not encouraging. There’s a chance that if I had worked hard and done a lot more applying to companies I may have gotten a decent job. But when I think about what I have achieved in three years as a result of trading bitcoin I am sure that I made the right choice,” Aluko said.

Other Africans have made the same career decision, giving bitcoin and cryptocurrency trading a try. African exchange Quidax CEO and co-founder Buchi Okoro said this is one of the key reasons people use the exchange.

“From our conversations with our customers, we have a lot of people using crypto to earn a living by trading as a full-time job,” Okoro told CoinDesk.

Bitcoin trading vs. speculation

Then there’s speculation, which is a bit different from trading. Speculation is investing in a risky asset, such as cryptocurrency, with the hope the price will go up and enrich the investor.

“Though bitcoin is used for speculation universally throughout the world, it hits differently in Africa,” KenyaCoin, a pseudonymous bitcoin enthusiast from Kenya, told CoinDesk, pointing to unemployment rates, as Okoro had.

“There are huge numbers of university graduates who simply cannot find employment in the country. Those with the means, especially those who studied economics, finance or tech, take up speculation in the crypto space to either try to supplement whatever income they do have or as a substitute for ’employment,'” he added.

KenyaCoin guesses that speculation is “the number one activity involving bitcoin and crypto on the continent.”

Risk of bitcoin and crypto scams

The rise of bitcoin and crypto in Africa has not necessarily been all rainbows, however.

There’s a dark side to this trend, too. Some people have gotten hurt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for a number of scams.

Many Nigerians, for instance, first heard about bitcoin through MMM, a Russian Ponzi scheme that promised investors 100% returns. When MMM didn’t fulfill these lofty promises, participants lost their money.

KenyaCoin pointed to infamous cryptocurrency scams BitClub network and Onecoin as other examples of “bad” projects that have flourished in the region, as well as lesser-known scams such as Nurucoin and Crowd1.

“Scams often target victims in developing countries, as regulations in the finance and investment space are not always solid and/or enforcement is oftentimes lagging,” he said.

Bitcoin and other cryptocurrencies are still new so people in Africa – as well as the rest of the world – are still getting a handle on which cryptocurrency projects are actually useful for them rather than harmful.

https://www.coindesk.com/trading-bitcoin-escaping-poverty-africa-nigeria

....

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.

Topic: Trading Bitcoin in Africa Is a Way for Some to Escape Poverty (Read 586 times)