Cryptocurrencies May Not Help Poverty Alleviation

Would cryptocurrency create a bright future for all global citizens?

One has to invest in fiat currencies to buy cryptocurrency assets.

• Suppose you invested one million US dollars in cryptocurrencies.

• And let us assume that you invested in one of the top-priced cryptocurrencies that shines like gold.

When the market crashes, what does it happen to your one million dollar investment?

• Your investment may go down to pennies, and in limits may tend to zero.

Where do your investment fiat currencies go?

• Your hard-earned fist money goes into the holding cans of the few top billionaires who can afford to hold all their cryptocurrency assets for as long as they want to hold.

Who are they? Most probably, Warren Buffet, Elon Musk, and the like.

One go-by-trends family once sold everything and bought Bitcoin.

This is a story of when Bitcoin started to gain popularity.

A family who believed that Bitcoin (cryptocurrency) would change their lives sold all their earthly assets, including their home, household items, etc., got into a small caravan and marked it their Bitcoin-powered home.

• They proudly showed their pictures along with their kids on the Bitcoin van.

• Now, where are they?

Maybe they are begging, starving somewhere on the roads, or begging for support from angel supporters here or elsewhere.

Cryptocurrencies are not a tool for poverty alleviation.

Cryptocurrencies are the discovery of distributed computation experts to make financial transactions decentralized and avoid government regulation.

• Cryptocurrencies give more financial freedom through peer-to-peer payments.

• Cryptocurrencies have the power to help the rich become richer.

• All these blogging platforms are marketing projects to make cryptocurrencies popular and propagate the adoption by the common mass.

Cryptocurrencies may create an even more significant divide between the poor and the rich.

Who suffers most during a cryptocurrency market crash?

• Who are the losers during a financial market crash (stock or crypto)?

During a financial market crash, the common mass who invested their hard-earned money is the sufferers.

• The poor and the lower middle-class people who invested in cryptocurrencies suffered when the currency cryptocurrency price dropped.

We have to understand what cryptocurrencies can't do.

Conclusion

We must understand what cryptocurrencies can't do.

• Don't keep a false hope that cryptocurrencies will solve your economic crisis.

Blockchain technology is a tool for decentralization in a distributed computational infrastructure.

• Cryptocurrencies are real-world use cases of blockchain and distributed computing.

• Cryptocurrencies are the discovery of distributed computation experts to make financial transactions decentralized and avoid government regulation.

Cryptocurrencies may not help poverty alleviation.

• Cryptocurrencies will give more financial freedom to people through peer-to-peer payments.

• Cryptocurrencies can make rich people richer.

The common mass would have to work hard to earn their livelihood as usual.

Postscript

• All are not the same, and livelihood asks for daily grinding.

Of course, there are a few good samaritans, such as Marc DeMesel, Kim Dot Com, and some others whose names are hidden.

They are the very few kind-hearted angels who shower BCH airdrops and donations to the needy. Their names are also often hidden under pseudo-names.

• But, the common mass CAN NOT live with airdrop earnings.

Everybody has to grind to earn some decent amount of fiat currencies. Otherwise, the everyday living would suffer!

Cheers!

Unity (Debesh Choudhury)

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Aug 19, 2023