Quote from: ShadowBits on November 01, 2018, 03:29:42 PM

Quote from: project_delta on October 09, 2018, 09:47:55 AM

Some people claim that Bitcoin will revolutionise the world of centralised systems and on the other side some people think that bitcoin is related to criminal activities. But what is it really about Bitcoin that has led all of us to pay attention to it? For decades we have been fighting for the alleviation of poverty but with the current financial system in order, it is a dream to make everyone feel inclusive especially the ones who have been ignored by the current banking system for a long time. It's time to let the people know that they have this revolutionary technology in their hands that could end their search for how to alleviate poverty?
Bitcoin has the potential to do that. Poverty is mainly caused by these three phenomenons:
Hyper Inflation
Corruption
Financial Exclusion

-Hyper Inflation
Inflation occurs when fiat notes are floated in the market but are not backed up by value. Hence hyper inflation is when the prices increase to an uncontrollable level. Bitcoin are limited in number. When the amount of currency being floated in the market remains limited, there are least chances of inflation and almost none for hyperinflation.

-Corruption
Corruption occurs when a system lacks transparency and efficiency. Bitcoin uses a decentralized peer-to-peer transaction system where every transaction is recorded in the system and no transaction can be made without being verified by the mediator (miners). Blockchain consists of an ongoing chain of blocks that act as ledgers for every transaction. These blocks are there for ever. The records can never be deleted or tempered. This process ensures transparency and enhances reliability.

-Financial Exclusion
Financial institutes, specifically banks, at present provide a lot of useful services but with high interest rates. These services then become meaningless or unattainable for the middle class people and impossible to avail for the poorer. Hence the poor are never able to attain any of the banking or financial services due to high rates of interest. Bitcoin has a solution to this as well. Bitcoin do not require you to pay any high interests or transaction fees to avail financial services. You simply join in and have a software wallet (or any other as there a number of different wallets to keep your money). You just need to pay a very little fee on transactions otherwise no charges. Hence poor people are not excluded from the system.

The best part of bitcoin is that it doesn't stop anyone from utilizing it, like internet or a radio. It has no limitations to its implementation.

Poverty cannot be ended with anything if the ones who are in poverty doesn't even go and work themselves out. And the balance of the world will be ruin if poverty will be gone.

I agree with you. There is no rich without poor and the present system is a better system for humanity. Giving everyone the same salary is not right, because everyone's skill is not the same and needs to be evaluated. If everybody owns the company, who will prepare the crops of company? Maybe robots, but again there is no place for incompetent people.