Hey Jesshitcoiners
The world of blockchain and cryptocurrency is starting to change the way we see money and handling finances and will probably result in one of the biggest wealth transfers in our lifetime, even probably the history of the world once it finally hits its stride. It will help plenty of people and make quite a few of them stinking rich.
The fact that people like CZ of Binance is already Billionaire should give you an idea of the power of the space. The last 10 years of Bitcoin has made a number of Millionaires, so too with Ethereum and other altcoins however most of these guys were either investors, venture capitalists who already had access to finds or miners, early adopters or had some disposable income to risk.
These people that became stinking rich from cryptocurrency are probably majority middle, upper-middle-class or rich. If there are any people who were in poverty and now are wealthy due to their cryptocurrency holdings I'd say its a tiny percentage at best.
We've already built a wall
Cryptocurrency still has plenty of barriers to entry and the so-called unbanked that it's supposed to help don't know it exists and couldn't be bothered. These people are too busy working their asses off to stay alive and many may even be illiterate, to ask them to understand something like cryptocurrency is a big ask.
We've already put up a barrier through disposable income, literacy and knowledge to be able to get into this space and enjoy the upside it can bring to so many people. Until this problem is solved, I don't really have much faith in cryptocurrency to really do much to move the needle in terms of alleviating poverty, it will only be a method of sloshing the money and purchasing power around a different select few than the select few that get to do it with fiat.
Image path - wikipedia.org
Closing the gap
Payment in cryptocurrency is still very small and very few companies are willing to pay for goods and services in this medium of exchange it's far too volatile and by the time it loses that volatility it will be too late for many of the worlds poor to enjoy the massive upside, they ill only be able to enjoy the price discovery and the increased purchasing power over time, which is by no means bad, but if we don't use this to uplift more people in places where it is most needed then what is the point?
Then we might as well stay with fiat and move to CBDC - central bank digital currency and enjoy tyrannical money because private money will be no better. As private money owners, we have to strive for far greater poverty alleviation and upliftment of society. If we don't help uplift the lowest in our society we only create wealth gaps.
If we do uplift them, we create a new source of customers, consumers who are able to get into the economy improve the velocity of money, drive up GDP of money and a rising tide raises all ships and this is where I see the potential in this crypto.
Early Adoption blockchains
A blockchain like STEEM offers something unique, the ability to earn cryptocurrency from your efforts with low to no risk. Sure you need a device and access to the internet but the concept works and I think it can be applied in more ways than one. Yesterday I mentioned stores giving customers credit for time now imagine that being paid in a deflationary currency like Bitcoin.
Imagine paying the poorest of the poor in cryptocurrency for recycling for example. They not only get an income but in a currency that's purchasing power keeps rising.
Imagine DOAs providing assistance for people can work to earn or submit a certain amount of funds and the DOA matches them with donation funds to build their own homes in rural areas. Those donations can go directly to these people to be used for improving their lives.
Imagine people earning to take public transport because it reduces the impact on the planet and needs for infrastructure.
Blockchains that can allow people access to trading their time and effort for cryptocurrency in various ways will be the ones that reach the most people. The ones with fancy dapps will reach people with the most money and still be successful of course, but the ones that will truly uplift society will be the open adoption blockchains.
Have your say
What do you good people of steem think? Do we need more first adoption blockchains? Will STEEM the leader in this niche?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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