Cryptocurrency: A Game-changer For Those In Extreme Poverty

There are 3 ways that an individual can pull themselves out of poverty: innovation, saving, investment. They can choose to create something that their fellow man wants (a product or service) and that they will exchange their currency for. Or the individual has the choice to save money from working, however limited their wages may be, in the hopes that they will have enough one day to invest in something that will help them to elevate their success. And along with that comes investment which can be risky, but it can also pay-off for many by changing their fortunes for the better.

There are many false remedies employed today to battle poverty but they haven't yet solved the problem. You cannot simply throw $X amount of dollars at the issue of poverty in the world and then think that the problem would be finally solved. If every individual on earth were given a million dollars today, by tomorrow there would be inequality again because some people would save their money and others would spend it. Eventually you would arguably end up right back where you were. Some people are good with money and some just aren't. The thing that changes poverty more than anything is giving an individual a job and giving them a way to provide for themselves and their family.

Another thing that greatly helps is innovation, when the individual can create a product or service to meet the needs of their fellow man; something they want and need. But what they need for this is economic freedom and that is something greatly lacking around the world. The more regulations that there are in the market space, the more that it is going to harm those in poverty because it only makes it more costly for them to get involved and compete.

The P2P economy is greatly helping with this by enabling people to use and monetize whatever property they already have now; their house, cars, and so on. As is the introduction of open source, peer-to-peer cryptocurrencies like bitcoin and others.

Cryptocurrency is just one innovation that is a game-changer for those in extreme poverty around the world, because it enables millions of people to get involved in the marketplace who otherwise might not have been given the chance. In sub-saharan Africa for example, over 75 percent of the population are reported as not even having a bank account. And transferring funds using traditional exchange centers can quite often be very costly. Also, there are many dangers associated with the government and central banks heavily manipulating and controlling our fiat currency and cryptocurrency gives people an option to get away from that.

Thanks to this innovative currency, if an individual simply has a smartphone (or computer etc) and access to internet, then they'll be able to get involved in buying and selling in the online marketplace. Cryptocurrency is greatly altering the industry because it is able to solve a problem by meeting a need for many people around the world.