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.
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.