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."
Let's connect
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the early adopters would really be able to get the best out from the blockchain...@chekohler
Posted via Steemleo
Perhaps for some of us yes but that's really only personal gain, some people who are okay and well off will benefit but how do we get it to the unbanked who really need it? Until we find ways to reward/pay users for actions and time spent doing something I don't think we'll get the so called mass adoption we are preaching about in the space
@chekohler I think something like Electroneum could help with the issues you bring up. It’s an app on any smartphone (even dirt-cheap Android) and it rewards users with daily cryptocurrency for checking in to the app once a week. I think something like this could be very good for both mass adoption and education/a bank for the unbanked.
P.S. enter the code 65AF24 into the app under “earn more” and permanently earn extra passive cryptocurrency
Posted using Partiko iOS
ETN is a decent idea but theirs too much centralization for my liking the device is only credited with that mining power it’s still generated by a central miner and not the device itself it also puts a limit on the amount a user can earn because of those specs which means a poorer individual wouldn’t be able to compete
I’m not saying it’s a bad project I’m just saying we need to look at ways that reward people based on their personal output
Sorry I'm late today. Don't even have time to do my workout and it's already past midnight. Due to? A job. 9 to next day 5 job.
I have something to say despite I'm a Jessie. I kinda get where is this heading to, the only massive adoption is like Venezuela where the country denominated currency inflation on a triple digits that causes stagflation, the citizens can only rely on either barter trade or a common currency to protect the value of trades. Correct me if I'm wrong @joelsegovia
Decentralise or not, I believe this is the human blueprint, the designed of The Matrix in reality. Where did Just in get the ninja mined steem? How much did he paid for that dapp company? Ultimately, what did he used to pay for that company. Funny isn't it? Pay fiat, to own a discounted decentralised application company?
How about this, let's assume it's now 2029, Skynet had taken over. John Connor is dead. The decentralised network had dominate the world, there's no point to kill people anymore. Machines doesn't required money, their pet human needed one. So they create a decentralised bank for the people that seemingly sound because DUSD(decentralised US dollar) is pegged by SKYNET coin 😂
Aren't we value referencing all of our token back to USD? !tip
Yeah I get it jobs do tend to get in the way of things we actually want to do! Well at least you’re still aware of it , most people have given up and let their jobs dictate their lives all the time
Yes but those people in Venezuela are doing so because their currency has failed them what about counties that don’t have that? Let’s say South Africa in relative terms the currency is failed already but people still trust it and aren’t going to care about crypto they know Rands/ZAR gets them food and it’s the only thing they want to earn
For sure it is a blue print and it’s never going to change but what it can limit is the gap between the rich and the poor and brings people into the same economy where more can benefit than the current status quo
When you put it that way I suppose it doesn’t matter by the time we have the Implementation to fix these things we will have general AI who doesn’t need all this silly politics and just wants to move on from all these humanly constraints
I guess we're living in this same different world. It look so simple, just ditch the fiat, but it's so difficilt to live without fiat. I just liquidated some steem to pay for me phone, after 2 years 3 months. I don't feel lose "money", I don't feel gain. I don't know will I have a chance to witness that era, but I guess that's the war we all have to fight for.
the massive adoption of cryptocurrency will actually drive up GDP of money and that is a great thing for the world economy...@chekohler
Posted via Steemleo
Exactly, we don't need more money, we need less money producing more goods and services and being exchanged more that's how we start building a more inclusive economy its been fractured and the class structures of today offer very little upward mobility for the majority and very little downward mobility for those who are abusing the system or taking systemic risk.
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Yeah I get it jobs do tend to get in the way of things we actually want to do! Well at least you’re still aware of it , most people have given up and let their jobs dictate their lives all the time
Yes but those people in Venezuela are doing so because their currency has failed them what about counties that don’t have that? Let’s say South Africa in relative terms the currency is failed already but people still trust it and aren’t going to care about crypto they know Rands/ZAR gets them food and it’s the only thing they want to earn
For sure it is a blue print and it’s never going to change but what it can limit is the gap between the rich and the poor and brings people into the same economy where more can benefit than the current status quo
When you put it that way I suppose it doesn’t matter by the time we have the Implementation to fix these things we will have general AI who doesn’t need all this silly politics and just wants to move on from all these humanly constraints
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