Can Cryptocurrencies like Dash and Maybe Steem Help the Poor?
I've been reading more about Bitcoin and other cryptocurrencies lately. I own BTC and ethereum and a little Steem, so it's patially self-interest. Today I read an interesting article by Eric Sammons about how cryptocurrencies like Dask can help the poor. It made me think.
I didn't realize that Satoshi Nakamoto developed Bitcoin in response to the 2008 financial crisis. He wanted a decentralized peer-to-peer financial system that corrupt banking and government couldn't control. The banking melt-down hurt a lot of average people. Satoshi wanted a system that couldn't be manipulated.
As Bitcoin and other cryptocurrencies became more accepted, some people began to see them as a way to help the poor become self-sufficent. People in less developed countries often do have access to cell phones. And the entrepreneurs among them, have small local businesses that help to support them and their families.
While some had hope that BTC would lead the wayas a funding tool for the poor, it didn't work out that way. In the article referenced below, the CSO of Blockstream said last year, "Bitcoin isn't for people that live on less than $2 a day." Well, that describes a huge numberof the poor in the world.
Why did BTC fail as a crypto that the poor could use in their businesses? BTC became too expensive to make micropayments affordable and realistic. Yours.org is currently developing a new social media platform and initially planned to use Bitcoin for payments. The transaction fees for micropayments made that unrealistic so they shifted to Litecoin.
However, Dash may be the light at the end of the tunnel. It has low transaction fees and built-in privacy. So it makes it easier for those without banking access to run their own businesses. It would be nice to see other Cryptos used to help the poor. Could Steem be used for this? Who knows? I've never heard it mentioned as an option, but it would be nice if that's how it evolved in the future.
Article Source:
https://www.dashforcenews.com/cryptocurrencies-like-dash-help-poor/