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How Can Poor People Use Cryptocurrency

The Poor Man In Cryptocurrency

The Poor Man In Cryptocurrency

How the financially-challenged can be part of this revolution All I did was purchase a set amount of Bitcoin (BTC), stared at the screen for a few minutes and went to sleep. I woke up, washed up and took a shower and began to eat my breakfast. I almost forgotten about my impulsive purchase last night that is, till I started browsing Reddit. Many news! Much speculation and loads of people commenting on BTCs price surge and why this is occurring (its a separate topic altogether, but todays story is not about that). I immediately went to check my portfolio. A screenshot of the Profit & Loss from my cryptocurrency tracker ( cointrackr.com ) Im a Singaporean. All my life Ive only seen dollars in my countrys currency. Imagine the shock that I received when I multiplied that amount by 1.35 to get the total valuation in SGD$. Before I go on any further, lets establish my profile. Im a typical 19-year-old Singaporean student from a middle-low-income family. I dont have much in the bank, but its enough for me to survive. I do have luxuries of life (e.g. monthly gym membership, Spotify subscription, occasional eating out at less-than-affordable eateries), but I dont have everything in the world. I travel using public transport and I hadnt taken a taxi for months. I still get allowance from my parents, but I save whatever I can. Though it isnt much, I still manage to save about 25% of it. Its better than nothing, I would say. I also quit my vices to help save more money and also in hopes of making me a healthier person. Im what I define as financially-challenged. I dont burn holes in my wallet because I dont have much to burn in the first place yet, in this situation, Im still active in cryptocurrency investing. I made some losses here and there, but I recuperated greatly and am r Continue reading >>

How Cryptocurrency Can Help Developing Countries

How Cryptocurrency Can Help Developing Countries

How Cryptocurrency Can Help Developing Countries Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world. Years of political instability and poor governance has plunged some nations into devastating economic crisis. With the fast-paced nature of growth and advancements in other more developed parts of the world, the prospects sometimes do seem bleak for these developing nations. However, the emergence of blockchain technology and cryptocurrency has brought renewed enthusiasm about the prospects of a revival in these countries. The focus of this article is to examine possible answers to the big question of how cryptocurrency can be of use to these countries. The global remittance system is based almost entirely on the activities of citizens of developing countries who are immigrants in the developed world. From time to time, these individuals have to send money back home. In order to do so, they have to rely on intermediary services like Western Union, Money Gram, Uni Transfer etc. These platforms collect fees and charges which considerably increase the cost of such transactions. According to figures released by the World Bank in 2017 , the recorded remittance to developing countries in 2016 was about $441 billion, more than half of the total recorded global remittance. The figures also revealed that global remittance fee for Sub-Saharan was an average of $20 per $200 which was the highest in the world. With cryptocurrency, the cost of remittance can be drastically reduced as well as the hassle required to receive international money transfer. Already, there are a number of platforms in Africa and Southeast Asia that are offering such services. SureRemit , a Nigerian based blockchain- Continue reading >>

Bitcoin Millionaire Grant Sabatier: Don't Buy Bitcoin

Bitcoin Millionaire Grant Sabatier: Don't Buy Bitcoin

On my blog Millennial Money, I've received over 100 emails from readers asking about investing in bitcoin and other cryptocurrencies. I was even talking to a reader last week who told me he put his entire life savings into bitcoin, buying in at around $11,000. That's a terrible idea. I got another email from a 22-year-old who is looking to invest his first $5,000 and wanted to know if bitcoin should be his first investment. That's also a terrible idea. Here's why, even though I'm a bitcoin millionaire, I don't recommend that you invest in it today. 1. It's impossible to actually value bitcoin Bitcoin is a global craze. Even my barber, who has no idea what a blockchain is, is buying it. Because so many new people are buying it (and so quickly!), it's impossible to accurately value . When the price of anything fluctuates 20-30 percent in one day, it's obviously unstable, so you could lose all of your money very quickly. Especially if you need your money in the next year, don't buy bitcoin. With the insane short-term fluctuations, bitcoin is short-term gambling , not investing. 2. There may not be any value in bitcoin at all The value behind bitcoin is the blockchain technology, which has been easily replicated by other digital currencies. Many of those have actually built better and easier-to-use versions. Litecoin is a good example. Sure, bitcoin has an early mover advantage, but it was created to buy and sell things online securely, which no one is doing right now because the price is so insane and transaction costs are skyrocketing . All of the trading volume is also causing significant delays, with some exchanges reporting up to 10 days to get your money in or out and more than a week for your bitcoin to be sent. The cost of sending bitcoin is also skyrocketing since Continue reading >>

So You're Thinking About Investing In Bitcoin? Don't

So You're Thinking About Investing In Bitcoin? Don't

So you're thinking about investing in bitcoin? Don't So you're thinking about investing in bitcoin? Don't A collective insanity has sprouted around the new field of cryptocurrencies, causing an irrational gold rush. I know youre tempted, but dont be a fool Mr Money Mustache is a financial blogger. He retired at 30 by living frugally and consistently investing his paycheck Last modified on Mon 15 Jan 2018 13.57EST An investment is something that has intrinsic value, not speculative value.Photograph: Anadolu Agency/Getty Images Ive been watching this bitcoin situation for a few years, assuming it would just blow over. But a collective insanity has sprouted around the new field of cryptocurrencies, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories and questions in my inbox ask whether or not to invest in BitCoin. Lets start with the answer: no. You should not invest in Bitcoin. The reason why is that its not an investment; just as gold, tulip bulbs, Beanie Babies, and rare baseball cards are also not investments. These are all things that people have bought in the past, driving them to absurd prices, not because they did anything useful or produced money or had social value, but solely because people thought they could sell them on to someone else for more money in the future. When you make this kind of purchase which you should never do you are speculating. This is not a useful activity. Youre playing a psychological, win-lose battle against other humans with money as the sole objective. Even if you win money through dumb luck, you have lost time and energy, which means you have lost. Bitcoin and cryptocurrencies 'will come to bad end', says Warren Buffett Investing means buying an asset that actually creates Continue reading >>

Poor Richards Guide To Cryptocurrency

Poor Richards Guide To Cryptocurrency

Ben Franklin s financial advice is legendary. A penny saved is a penny earned is a mantra two centuries after Franklins death and An investment in knowledge always pays the best interest is as applicable today as in the time of King George III. But few know that Franklin was also an avid cryptocurrency enthusiast and wrote an Almanack advising the ladies, gentlemen, and revolutionary generals on how to profit from the Byzantine Generals problem. Heres a brief overview of his crypto related quips: A wise investor must never invest more than is reasonable. Whats reasonable depends on personal liquid capital, ability to handle loss, trading style, etc. (For our purposes today which do not amount to legal investment advice: if you only invest money you can afford to lose entirely, youll never experience crippling loss. Traders call this fatal move blowing up). A wise investor must secure accounts properly. When using a turn-key wallet like Coinbase or an exchange, always use two-factor authentication. Always make sure to use Google Authenticator instead of a SMS message. A wise investor must not leave funds in the exchange communal wallet. They do not get your business mixed up in theirs after their transactions are complete. A wise investor must not make silly purchases that may be regretted with asset appreciation. May we not be the ones to order a 40 million dollar pizza . A wise investor must triple confirm wallet IDs before sending money. Villainous sorts will seek to defraud you registering domains that look like the crypto project you are trying to invest in, posting false messages/addresses to send funds to on message boards A wise investor must leave greed at the door. Its better to thoughtfully prosper than be the sucker to a scammer. If its too good to be true A Continue reading >>

Can Cryptocurrencies And Blockchain Help Fight Corruption?

Can Cryptocurrencies And Blockchain Help Fight Corruption?

Can cryptocurrencies and blockchain help fight corruption? Technological advances have made it possible to dramatically increase the accountability and transparency of public financing to reduce corruption. For example, if a government decides to construct a road, it can now track how each dollar is being spent, identify all the users of the funds, and ensure that only those authorized to spend money do so on originally intended expenses within the permitted time. Fraud and corruption investigations that now take on average 15 months could be performed at the touch of a button and at a fraction of the cost. More importantly, this type of financial tracking would be a deterrent for bribes in the public sector, which amount to between $1.5 trillion and $2 trillion annually, roughly 2 percent of global GDP . This in turn would increase development impact. All it would take is adopting a cryptocurrency and using blockchain software. Chief Technology Officer, Roboticist and Electronic Systems Engineer - Betomorrow UK The adoption of cryptocurrencya digital currency that employs cryptography to ensure that transactions are secureas a mode of payment for a project allows the identification of each user of the money, unlike with traditional modes of payment like notes and coins. Though most popular cryptocurrencies, like bitcoin, are anonymous and only use a key to identify a user, it is possible to include personal information, like the ID number, and make the cryptocurrency non-anonymous. The use of cryptocurrency also allows for instantaneous transactions and borderless transfer-of-ownership (money with wings), which reduces transaction time and cost, since financial intermediaries are not needed. A government or development institution could use an existing non-anonymous c Continue reading >>

Public Access - How Cryptocurrencies Will Help The Poorest People In The World

Public Access - How Cryptocurrencies Will Help The Poorest People In The World

This post was created by a member of the Public Access community. It has not been edited for accuracy or truthfulness and does not reflect the opinions of Engadget or its editors. In Order to Experience a New Era of Virtual Reality, We Also Have to Usher in a New Era of Virtual Behavior How Much Internet Speed Do You Really Need? How Cryptocurrencies Will Help The Poorest People In The World While upper-middle class, western cybergeeeks might be the strongest supporters of cryptocurrencies , there is tremendous potential for the poor and marginalized of the world to also see benefits from these technologies. Whether they are from an impoverished urban community in the United States or an isolated village in the Sri Lankan highlands, many people are disadvantaged by not being able to access banking infrastructure or credit. Bitcoin and other cryptocurrencies offer many opportunities that can help these disadvantaged individuals, communities, and countries. These technologies have the potential to help the poor by reducing excessive remittance fees, giving greater access to financial institutions, combating inflation and perhaps even helping to end corruption. Cryptocurrencies Can Reduce Remittance Fees to Developing Nations It's not uncommon for those in developing countries to have relatives in wealthier societies who send them money. For years, they have been at the mercy of services such as Western Union, which charge exorbitant fees. Startups have been forming in various countries that allow their users to send money at a much cheaper rate. A great example is Rebit , which allows its users to send money to the Philippines without a high cost. A US based worker can transfer USD into bitcoins, and their recipient will be able to withdraw the money in pesos. This is in Continue reading >>

Can Blockchain Technology Help Poor People Around Theworld?

Can Blockchain Technology Help Poor People Around Theworld?

Can blockchain technology help poor people around theworld? No need for a bank: Just a smartphone and a blockchain. Houman Haddad/UN World Food Program Can blockchain technology help poor people around theworld? Professor of Management, University of North Carolina Greensboro Nir Kshetri does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Big Wall Street companies are using a complicated technology called blockchain to further increase the already lightning-fast speed of international finance . But its not just the upper crust of high finance who can benefit from this new technology. Most simply, a blockchain is an inexpensive and transparent way to record transactions. People who dont know each other and therefore may not trust each other can securely exchange money without fear of fraud or theft. Major aid agencies, nonprofits and startup companies are working to extend blockchain systems across the developing world to help poor people around the world get easier access to banks for loans or to protect their savings. In my work as a scholar of business and technology focusing on the impact of blockchain and other modern technologies such as cloud computing , big data and the Internet of Things on poor people, I see four main ways blockchain systems are already beginning to connect some of the worlds poorest people with the global economy. A blockchain is a fancy word for a transaction-recording computer database thats stored in lots of different places at once. The best-known example of blockchain technology is the electronic cryptocurrency called bitcoin, but the concept can be applied in lots of different ways Continue reading >>

Is Cryptocurrency The Answer To Problems In The Developing World?

Is Cryptocurrency The Answer To Problems In The Developing World?

WE BRING YOU PERSPECTIVES FROM AROUND THE WORLD. HELP US TO INFORM AND EDUCATE. YOUR DONATION IS TAX-DEDUCTIBLE. The cryptocurrency sector is booming, with more and more initiatives being created to help the developing world. Cryptocurrency, or blockchain, is rapidly evolving around the world to cater for virtual peer-to-peer transactions using digital currency. This enables people to send money directly to a recipient without an intermediary. Virtual money has made the daily business of life much easier for many of us, but can it help alleviate poverty in the developing world? One way to think about cryptocurrency is as a digital record of a transaction, without the need for a bank or third party services. Cryptocurrency is different from payment providers such as Paypal. It is a virtual currency that can be transferred into a virtual account. It is essentially a digital asset set up by the cryptocurrency provider that allows people to open an account and send and receive payments electronically, without going through a bank or a money transfer center, which often charge transaction fees. Many people in the developing world who want to trade find themselves limited by not being able to afford a bank account. For example, across Africa opening a business account can imply an unaffordable deposit , often more than what an average person would earn in a year. Cryptocurrency could also help those who want to buy their homes but cant afford to. The founder of Habibi Coin , Com Mirza, started an ethical cryptocurrency to help those wishing to buy property in a way that doesnt involve interest payments. There is no escaping paying interest in many first world countries and, if the homeowner defaults, the bank forecloses the property, and the homeowner loses everything, says Continue reading >>

The Impact Of Cryptocurrency On The World's Poorest. : Cryptocurrency

The Impact Of Cryptocurrency On The World's Poorest. : Cryptocurrency

No pumping, shilling, or FUD (fear, uncertainty, doubt). Do not use multiple sockpuppet accounts to manipulate votes to achieve a narrative. Do not solicit, complain about, or make predictions for votes. Manipulation and Brigading are against the subreddit and site-wide rules. Communities linking to posts on r/cryptocurrency must use No Participation links. See our Expanded Rules page for more details Do not incite or encourage illegal activities. Content promoting leaks, buying/selling drugs, tax evasion, etc will be removed. No malware, spyware, phishing, or pharming links. Do not post addresses or seek donations without pre-approval from the moderators. Pre-approval is granted in only the most extraordinary circumstances. High-quality submissions are encouraged. Baseless price speculation, shilling, repetitive posts et cetera are removed. "Recommend a coin" can be discussed on the daily thread. See our Expanded Rules wiki page for more details about this rule. Do not reveal personally identifying information(PII), otherwise known as doxxing yourself. Divulging how many coins you own can make you a target of hackers and identity thieves. Do not doxx other redditors even if they engaged in an illicit activity. Report them to the mods instead. Do not steal content, also known as scraping or plagiarizing. Submitting links to blogs or news sites which are notorious for this activity will result in suspension or permanent ban. Use this tool to help determine if content is stolen or not. Idealogical posts or comments about politics are considered nonconstructive, off-topic, and will be removed. Exceptions will be made for analysis of political events and how they influence cryptocurrency. No clickbait. Titles cannot be misleading. They should accurately represent the conte Continue reading >>

How Bill Gates Is Using Cryptocurrency Ripple To Fight Global Poverty

How Bill Gates Is Using Cryptocurrency Ripple To Fight Global Poverty

How Bill Gates is Using Cryptocurrency Ripple to Fight Global Poverty The potential for using blockchain to do real good in the world is no longer a just a concept. If you're reading this article, you obviously have access to a computer, or a smartphone. You have a roof over your head, WiFi and an education. Sure, you worked hard for these things, but you also most likely live in a country where there's an infrastructure in place that made these accomplishments possible. Now, imagine how different your life would be if you never opened your first bank account. Your only option would be to somehow earn money in cash. You'd either need to hide it in your home, or spend the money right away on things you need. If an emergency happened and you needed to borrow money, you'd probably end up borrowing from high-interest loan sharks. While this sounds like a nightmare, it is actually an everyday reality for 2 billion "unbanked" people in under-developed countries around the world. The current economic system that's in place makes it impossible for people living in true poverty to make their way out, regardless of how hard they try. The Bill and Melinda Gates Foundation's motto is: All Lives Have Equal Value. For years, the couple have been using their own success to help bring improvements in health care and education to developing nations. Now, they have a vision for growing the economies of those countries. Ripple XRP Coins depicting Ripple XRP cryptocurrency During the first ever Ripple Swell conference in Toronto during October 2017, distinguished speakers from major corporations and financial institutions met to educate investors from the banking world on blockchain technology. It was announced during this conference that The Gates Foundation will use the cryptocurrency R Continue reading >>

Bitcoin Is Being Taken Up In Zimbabwe, Nigeria, South Africa And Venezuela Among Developing Countries Quartz

Bitcoin Is Being Taken Up In Zimbabwe, Nigeria, South Africa And Venezuela Among Developing Countries Quartz

When I began to teach in 2012, I decided to start my course with an analysis of how money affects social order. What my students found particularly fascinating was the then-nascent world of cryptocurrencies, which I described at length as a crucial feature in the future of money. Some colleagues criticized my approach. They accused me of indirectly encouraging students to invest in what they saw as a shady, crime-ridden financial underworld. But I was simply exposing young minds to a fast-evolving, complex phenomenon that in my view would have a major impact on power distribution in the global economy. Behind most cryptocurrencies is a simple technology known as blockchain , a system residing in multiple computers that allows for peer-to-peer financial ledger recording of all transactions occurring in a network. In Zimbabwe, the collapse of the formal financial system has made Bitcoin an attractive alternative.This results in a transparent open-access registry of monetary flows which makes the intermediation of banking authorities unnecessary. Thus it challenges the conventional belief that money can only work through central planning. As I explain in my book, Wellbeing Economy: Success in a World Without Growth , money systems are undergoing an unprecedented transition from centralised authority to decentralised networks. Conventional money is managed by states and banks, with users on the receiving end of monetary policy decisions. By contrast, most alternative currencies are peer-to-peer. That means they are managed by users themselves and do not require intermediaries. Some of them have global outreach thanks to digital technology, while others are locally based. Take Bitcoin, the most popular peer-to-peer currency in the world, with a market capitalization above 4 Continue reading >>

How Cryptocurrencies Are Helping Developing Countries

How Cryptocurrencies Are Helping Developing Countries

Cryptocurrencies have the potential to change the lives of some of the worlds poorest and most desperate people for the better. Cryptocurrency can improve lives by helping residents of developing countries participate in the global economy and escape from poverty. Hyperinflation, poverty, lack of jobs, lack of access to banking, lack of capital, and poor access to markets are among the problems that altcoins can help people in developing nations solve. This will be achieved by giving everybody in the world access to modern banking and financial services through the blockchain. There are now many entrepreneurs, economists, aid officials, and bankers who believe a combination cryptocurrency and mobile phones, will give the worlds poor access to the global economy. How Mobile Phones and Cryptocurrency can liberate the Poor 8 Bringing the Poor into the 21st Century More than $10 billion worth of money was deposited and withdrawn through the M-Pesa peer-to-peer (P2P) app in Kenya between July and September of 2016, Mobile World Live reported . M-Pesa offered by Safari.com had 20.7 million users in Kenya alone last year. Many companies are trying to replicate MPesas success by offering cryptocurrency banking services through apps. A company called MicroMoney claims to have made 40,000 loans to people in Myanmar (Burma), Cambodia, Thailand, Indonesia, and Sri Lanka through its blockchain-based system. The system includes a phone app that is available via Google Play. MicroMoneys goal is to make basic banking services like loans to available to the worlds 2.5 billion unbanked people. The unbanked lack bank accounts; and can live hundreds of miles from a bank, but they still need money. Companies like MicroMoney and Nebeus hope to reach them, because many of those have mobile p Continue reading >>

How Emerging Markets And Blockchain Can Bring An End To Poverty

How Emerging Markets And Blockchain Can Bring An End To Poverty

How Emerging Markets And Blockchain Can Bring An End To Poverty Could Blockchain based technology and smart contracts be the game changer in the battle against poverty? Back in 2015, Forbes featured an interview with William Blair partner Brian Singer on how bitcoin will end world poverty. According to Singer, the growing access to the internet through affordable devices could enable particularly those from emerging markets to use a cheaper payment system with a transparent means of recording transactions. Many scoffed at the idea back then. Indeed, cryptocurrencies and blockchain had yet to reach the same level of popularity they enjoy today. But what a difference a couple of years make. Despite some recent shakiness, cryptocurrencies have increased ten times in value since. Were also seeing more organizations and governments recognize the value in blockchain as a transactional platform and new platforms such as Ethereum can now even facilitate smart contracts using the technology. But how does blockchain shape up in relation to Singers thesis today? Can blockchain and cryptocurrencies now become the technology that truly levels the playing field for humanity and help continue the reduction of poverty? However, as with most efforts with the best intentions, we have to witness widespread adoption and successful case studies before a definitive verdict can be given. The increasing amount of blockchain projects by groups and governments is definitely a positive sign on the way to transform grandiose ideas into reality. According to the World Bank, in 2013, 10.7 percent of the global population lived on less than $1.90 a day. While these figures have been in decline over the last few years, that percentage still equates to around 750 million people. Financial inclusion is Continue reading >>

How Cryptocurrencies Can Reduce Global Poverty

How Cryptocurrencies Can Reduce Global Poverty

How Cryptocurrencies Can Reduce Global Poverty Lama Kanj , 06 Feb 2018 - Cryptocurrency Adoption , Opinion , Poverty Lama is a blockchain enthusiast, the managing editor of block-block-block.com, and TabbFORUM contributor. Cryptocurrency is all the rage in media reports these days, though its usually presented as something of interest only to savvy investors. However, the technology has the potential for social change far beyond this. Cryptocurrencies can open access to financial services for underserved populations in developing countries. They even have the potential to reduce global poverty by facilitating better access to capital and financial resources, and by enabling small business transactions. The Need for Financial Support for the Unbanked and Underbanked Around 2.5 billion people around the world are unbanked or underbanked, meaning they lack access to basic services such as checking accounts and loans in the case of a financial emergency. This leaves these peopleoften the poorest among usunable to access legitimate forms of lending such as credit cards and therefore vulnerable to loan sharks or other predatory lending practices. These types of predatory lending typically involve extortionate interest rates and lead to further financial instability among those who have the least capital and resources. How Technology Can Facilitate Banking Access The goal of financial inclusion requires making banking services available in places with limited access to physical bank branches. Particularly in the developing world, many peoples primary method of internet access is through their mobile devices rather than computers, so it makes sense to use the platform for inclusive banking. To some extent, mobile money services have helped bring banking services to this popula Continue reading >>

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