Can Bitcoin alleviate poverty? (press release)
Yes! We're past the era when people downplayed Bitcoin and associated it with every online evil that crossed their minds. The technology gains relevance every day, with the number of interested parties consistently growing exponentially. The world will soon become a more efficient economic ecosystem optimal for business operations. All these developments indicate Bitcoin's success which pleases many people. Below are ways this cryptocurrency can help the world eradicate poverty.
Creates Job Opportunities
If you take a second and compare the unemployment rates in the developed and third world countries, you'll realize a large gap. The unemployment rates in some developing countries can go up to 50%. But the situation won't remain the same once Bitcoin technology spreads to every region in the world. Cryptocurrency comes with numerous benefits that enable business owners to accumulate capital and expand their investments. More investments will create additional jobs and minimize poverty significantly.
Before the inception of virtual currency, running international businesses was considerably stressful. There were high transaction charges and delays. For example, it costs companies a lot of money to exchange currencies. Additionally, the exchange rates constantly fluctuated, causing uncountable losses to investors worldwide. However, Bitcoin is rewriting the story in several aspects. Electronic money has made everything incredibly fast instead of paying huge transaction fees and waiting for days.
By conducting business fast and cheaply, companies extend their operations to newer regions, creating several job openings. Seamless international transactions have also facilitated trade between countries, opening additional opportunities for the citizens to earn a living.
Brings a Sense of Uniformity
For years, many people in the upcoming nations have suffered from poverty-related problems because of unfair treatment and inequality. One common problem in the developing world is that not everyone has access to education and other empowering programs. Those who are lucky to go to school and attain good grades receive better rewards than those who haven't undergone some training.
The inequality stretches across all the vital economic sectors like financial services. As a result, the less fortunate can't enjoy all the privileges as their able counterparts. For example, they can't qualify for loans to start businesses and live better lives. They remain poor and suffer for the rest of their lives. However, the Bitcoin cryptocurrency has the potential to fix most of the factors driving inequality. For example, Bitcoin technology gives people equal opportunities to use financial services despite their social status.
You'll notice that almost everyone in the developing countries has a Smartphone and can access the internet. Thus, the opportunity to build their finances and live decent lifestyles is what they lack. Cryptocurrency technology will open up all regions and enable people to do business. The poor will no longer rely on banks to save or get loans. They can trade Bitcoin on legitimate platforms like bitiq.org and use the income to invest and upgrade their living standards.
Corruption is among the primary factors accelerating poverty worldwide. Unfortunately, corrupt dealings are more rampant in the developing world than elsewhere. The lack of resources to cater to every citizen's needs has increased poverty. Governments haven't been able to launch projects evenly within their territories, thus leaving many people vulnerable to poverty. If the affected countries reduced corrupt dealings by only 25%, many people would benefit and live decently.
Bitcoin technology promises two main things that will slow corruption by at least 50% and pave the way to a better chapter. For example, the blockchain will keep all the financial records intact and available for scrutiny. Cryptocurrency will also ensure financial aid reaches the target populations fast enough to minimize irregularities that would result in losses.
Bitcoin can indeed help to alleviate poverty and improve several lives. And this is possible because digital currency brings incredible financial efficiency, enabling businesses to grow and create more jobs. Bitcoin can also curb corruption by facilitating transparent management practices. As a result, there will be appropriate usage of funds on projects that empower the citizens. Additionally, cryptocurrency can level the battlefield by giving people equal chances to better their lives.
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