How The Unemployed Can Benefit From Bitcoin.

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When a notable national news paper starts to write a favourable editorial on cryptocurrency, know that crypto adoption has come to stay in Nigeria.

It is a common argument that Bitcoin only favors the tech-savvy and financially affluent members of society. However, many studies have proven Bitcoin could be one of the greatest weapons for fighting poverty and financial deprivation. There are many ways through which unemployed people can benefit from Bitcoin. The following article discusses how Bitcoin helps the jobless.

Increased Financial Inclusion
Unemployment rates are usually very high in developing nations. Besides, most of those regions lack banking services. The majority of the populations in those countries also lack a quality education, hindering them from accessing financial services. However, Bitcoin does not require technical skills or accessibility to banking services. Anyone with a smartphone and internet access can easily use Bitcoin. Most people in developing nations have smartphones, the internet, and primary education, allowing them to complete Bitcoin transactions.

Many Bitcoin platforms exist today, such as ethereum-trader.app, offering beginners tutorials and other resources to learn about Bitcoin and use it. Platforms like crypto exchanges require meager capital for Bitcoin trading. As a result, even the less educated and employed people can become part of the global financial system.

Economic Opportunities
Bitcoin is a decentralized digital currency that also offers various economic opportunities. Unemployed people can also leverage those opportunities to make money and improve their living standards. Apart from Bitcoin trading on crypto exchanges like the one mentioned above, people can also make money with Bitcoin through holdings and mining. Those with computational skills can engage in mining Bitcoin to generate income.

They could also make money by accumulating Bitcoin holdings. However, that is a long-term strategy that would take time before realizing profits. Many Bitcoin-based businesses are constantly looking for people to promote their services and products. Most of those jobs support remote work with a laptop, computer or smartphone, and internet. Those who are unemployed but know Bitcoin could also make money from marketing those products and services online. Referral websites are among the most popular platforms offering such opportunities.

Unrestricted Access to Capital
Most developing countries have strict regulatory measures that restrict the movement of capital in and out of their borders. That makes it much harder for those regions to access funds for business and other economic activities. Bitcoin can solve that problem because it is a decentralized currency, not subject to any government authority. That means even the institutions in the developing economies cannot restrict people from sending and receiving payments in Bitcoin. Besides, no government can influence the supply of Bitcoin. That allows unemployed people to easily access capital for buying ordinary goods and services and investments. Bitcoin also facilitates peer-to-peer lending. It may not end unemployment but could significantly increase the chances of unemployed people getting funds for day-to-day needs and start-ups.

Lower Transaction Fees
Unemployed people lack proper financial capabilities, and the higher transaction fees levied by the traditional banking systems make their lives even harder. It hinders them from sending and receiving small amounts of money. However, Bitcoin could be the best solution to such limitations since it has relatively lower transaction fees. Unlike bank transfers and credit cards, Bitcoin transactions do not involve intermediaries. Instead, they occur on the blockchain, which significantly reduces the transaction fees. Consequently, users can send and receive small amounts of money at their convenience. That lightens the financial burden of cross-border money transfers while also improving access to capital.

Bitcoin cannot end unemployment and poverty but, it could significantly increase people’s chances of getting capital and acquiring investments. It also offers various economic opportunities, which unemployed people can leverage to improve their living standards.

Culled from The Guardian