Is bitcoin for the rich only?

Is Bitcoin For the Rich Only?

Most people think Bitcoin is for the younger, tech-savvy folks. At the same time, some assume this virtual currency is for rich people. But Bitcoin is for everyone, whether rich or poor. While this digital currency is popular among the upper, middle-class, younger, and technology-minded individuals, Satoshi Nakamoto designed it to work for everyone.

Bitcoin is an innovation

Bitcoin is electronic or virtual, meaning you require technology to access it. For instance, you need a computer or smartphone with an internet connection to trade Bitcoin on Immediate Edge. Such platforms allow people to register and start purchasing Bitcoins with fiat money.

However, many people have this technology in the contemporary world. Even in developing countries, most people have smartphones to access the internet. Therefore, most adults can install digital wallets, buy Bitcoins on crypto exchanges, and hold them in their Bitcoin wallets.

Ideally, all you require is a debit or credit card and a phone to start buying Bitcoin. What’s more, Bitcoin is global, meaning you can purchase it from anywhere, anytime.

Can bitcoin work in poor Countries?

Some people think Bitcoin’s volatility makes it unfit for developing nations. But that’s not true. On the contrary, Bitcoin’s low transaction fees make it ideal for developing countries. Some people depend on remittances from their relatives who work in foreign nations in such countries. And people send these remittances using wire transfers that cost them hefty fees.

Bitcoin is cheaper and safer in some cases. Therefore, this virtual currency might eventually be the best option for some developing nations. What’s more, people don’t require bank accounts to access Bitcoin. Thus, cryptocurrency can work for people without bank accounts.

The argument about Bitcoin being unfit for developing countries due to technological challenges might not hold water. That’s because nations like Kenya already use Mpesa to transfer and receive money digitally using mobile phones. Today, people complete almost half of transactions in this country using mobile phones.

Overall, digital money transactions are lower than cash. And this endears it to the poor since they primarily transact low amounts. Therefore, Bitcoin could eventually be the dominant digital money in Africa, India, and other developing countries.

You won’t get rich without buying

Maybe you’ve read or heard that people are getting rich by trading Bitcoin. Perhaps, you’re unsure whether you should purchase this virtual currency. Well, you can make money by trading or investing in Bitcoin. However, Bitcoin trading is not a get-rich-quick scheme.

Before getting started, realize that Bitcoin is volatile. Its low transaction volume means even a minor activity can affect its price. For instance, if a whale with significant Bitcoin holdings decides to dispose of them off, the market could feel the impact. What’s more, news that adversely affects Bitcoin, such as a government ban, could affect its price.

What’s more, not everybody purporting to sell Bitcoin is genuine. Therefore, research various platforms where people trade Bitcoin first. Also, understand what affects this cryptocurrency’s performance in the market to make informed choices.

Final thoughts

Bitcoin is undoubtedly not for the rich. Even developing countries can access this virtual currency and hold it in their crypto wallets. What’s more, this virtual currency has many benefits, including low transaction fees and the ability to reduce corruption that could help the poor. Since most developing countries’ citizens have smartphones and internet access, they can benefit from this virtual currency. However, the poor must buy Bitcoin to benefit from it. Also, they must learn how this digital currency works before trading or investing in it.

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