Everyone has heard about the potential of Bitcoin and other cryptocurrencies, but is it favourable to the poor? Looking at the impact of cryptocurrency on poverty, the results are not what we expected.
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By providing a new option for money, cryptocurrencies might not be as beneficial to the poor as we thought. With a decentralised and unregulated currency, the poor can have access to it and use it to have a better life.
However, cryptocurrency has also given rise to a lot of criticism. There are some who believe that cryptocurrency is a tool to help the rich get richer while we have those who believe that cryptocurrency is an opportunity for the poor as well to elevate which probably is under probability.
Cryptocurrency transactions are not free and they do not offer a way to bypass the middleman in the financial market. It is a way to avoid the need for a bank or a physical currency. However, it is not a solution to the economic problems faced by the poor.
They still need to find ways to make money but In the future though, cryptocurrency may be a solution to the economic problems faced by the poor.
Cryptocurrency is not legal tender, which means that it cannot be used in the same way as a fiat currency. However, it can be exchanged for goods and services which probably can be of favour to help the poor as well.
HIVE/HBD transactions are free already. All we need is wider adoption. "Legal tender" only means government control. It has no intrinsic power. Every hyperinflated currency has been "legal tender."
Hive will definitely be a good impact if it is being introduced to most of them but as we know the Crypto space is wide with different coins which you can invest in but only need ideas to invest in the right coin.
I see crypto as a great leveller. Most crypto earnings are the same wherever you are in the world.
If I earn 100 HIVE here in the UK, it's worth around £29 or $34, equivalent to about 1/4 of a day's average wages. But someone earning 100 HIVE in (say) Venezuela will have just earned most of an average month's salary, for about the same amount of work.
Hopefully, this could do a lot to add value into the economies of poorer countries and increase average wages. I appreciate this is a simplification, and there are a lot of other factors involved (e.g. different costs of living, tax levels etc), but I still see crypto as a way for people in poorer countries to improve their quality of life significantly.
This however is a true fact because Crypto is already showcasing that good path in helping the poor to have means of survival which already is happening and people are already excited to have such means to change their financial status.
Cryptocurrency may not be a tool to eradicate total poverty but it serves as a chance to help those who are early to make a bit of advancement. I believe that when cryptocurrency gets adopted by more than 50% of the world, it would be great not to keep holding because its use would have circulated and it wouldn't have so much chances on projects like it is now, only big coins would. It is just a currency used for a fast and easy transaction without going through banks
There is really hope with the existence of Crypto to most people as it has even serve as a means of survival for people to depend on to solve their financial issues which is nice.
It is nice because the crypto space is trying so much to build itself all over the world so a lot of opportunities are being created for now which is helping people a lot but if it is totally accepted all over the world, things would be a little different from now and it would become a game for the swift. It is best to be a beneficiary now since we are still early
We all hope for the best to come and I believe Crypto is already showing that trend to expect something huge in the future.
Yes, I agree with that
I love the fact that it is opened to everyone and how it gives poor people hope to make a turnaround
It is awesome and well appreciate.
I think it is a good idea for the poor to access crypto as well but it's not all about accessing it, they always need to understand the blockchain and it works. That is more vital.
You have a point about them being able to learn and understand how it works but what will be the importance of they have no mean to access it, that will also be an issue again. Thanks for stopping by I really appreciate it.
Money is very important for our life, we can not choose it alone, it is important as long as it is a good and useful opportunity, we can accept it in the right way.
Especially the modern age we are now with the existence of Crypto I think it would help to reduce financial crisis.
Yes correct dear.
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