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Crypto currency The Weapon To Alleviate Poverty

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Avatar for Stanleychriz
Written by   1
1 year ago

Cryptocurrency is a digital representation of money,rather than the physical traditional currency popularly known as "Fiat Currency" the likes of Dollar,Pound, Euro,Rupee,Naira..Etc.

Cryptocurrency is the amalgamation of two words,namely:

i Cryptography;

ii Currency;

i. Cryptography in the simplest term,is the study and practice of securely transferring(Encrypted) private or highly sensitive information between two parties without the interference of a third party. Just like what "WhatsApp" normally display on your direct message or call; "End-to-End Encrypted", that is no third party can interfere, listen, hijack or Understand the conversation between you and the recipient of the message. The intruder trying to spy on your conversations would only see numbers, letters, and series of meaningless codes; E.g Text "how are you" may be encrypted as "A2x 3q8 w6Y"... While Decryption is when meaningless codes are being converted to meaningful and readable text or values. Cryptography was used during the World War to hide sensitive information from enimies!.

ii. Currency: I believe we all know that currency simply means money, it is issued by government institution as a legal tender; that is generally acceptable as a means of paying for goods and services, and can also be used for repayment of debt within a Geographical Location (State, Country or Kingdom). It is controlled and regulated by central Authority; Central Bank and other Government Institutions(Centralized).

Furthermore,with all that been taken note of, we can actually figure out that Cryptocurrency is a form of money that can be securely sent from one person to another without the interference of a third-party. It is not regulated by any Central authority (Decentralized),It was rather Built on a "blockchain Technology" which ensure it production (Mining) and manage it's transactions from the comfort of a crypto wallet...just like the banks does for fiat currencies. Another Unique features of Cryptocurrency is that it appreciate in value over time, Unlike Fiat currencies(dollar,pound,euros, rupee, naira..etc) that doesn't appreciate but have static values and denominations.

Bitcoin is the first crypto currency to ever be created; it was created sometimes early January 2009 by Satoshi Nakamoto, which its value then was about $0.0003 per bitcoin but over the years it started appreciating in value to $0.08, $1, $2, $3, 5$.....$100 and so on,as at the time of this article one Bitcoin is worth over $9500. In which few individual adopted it after it was listed on the Exchange Market, Which many of them today are billionaire's including a Pizza vendor whom Laszlo Hanyecz was said to have bought two pizzas 🍕 🍕 from Using 10,000 Bitcoin,which as at that time was valued $45!.

Presently we have seen potential crypto currency such as Bitcoin Cash, Ethereum, Dash...Etc threading the part of Bitcoin,which if properly annexed and Utilized they have the potential to reduced the increasing level of poverty in the world!

Crypto currency as a weapon to alleviate proverty ; can be approached from various aspect,one of which is through Crowd Funding: in this scenario a community of visionaries is being created with the stated fact on how the Community intended to achieve it's goal, for instance when new coin is being created,there is this stage of coin distribution which is generally known as "Airdrop" at this point in time the core team(creator) needs to be transparent with its community members, for them to want to invest in that idea you need to prove deserving of the members trust and also major commodity companies needs to be onboard in other to create avenue for exchange even before the regular market listing. The issue most cryptocurrency always have is the issue of fair distribution...for a crypto to have the capacity to alleviate poverty there has to be an equal distribution among it's member the whole system doesn't have to be Monetize, that is, If 10million dollars is needed for the project to be successful,there Should be a mechanism in place to raise the funds in phases depending on the current population of members in the community. thereby preventing 1% of the population from accumulating large amount of the crypto...which gives in to the saying "the rich keep getting richer and the poor keep getting poorer"... to be continued!

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Avatar for Stanleychriz
Written by   1
1 year ago
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Comments

read.cadh uses Bitcoin Cash. I use this crypto currency very often and gladly and here you can read why.

https://read.cash/@Telesfor/why-do-i-use-bitcoin-cash-b30cff0b

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1 year ago

As per your title, i'd like to hear how it will solve the poverty problems in the world. I have a few theories and ideas but if you go first, I can expand on mine. Looking forward to hearing!

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1 year ago

Poverty is a long long article. Crypto cannot relieve it. It's another topic that the world itself cannot solve. Because the main problem of it the person or people.

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1 year ago