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Top 5 Groups of People Who Have Already Been Positively Impacted by Blockchain

The possibilities and ambitions of blockchain are endless and wildly exciting. The emerging tech has huge potential to massively change lives across the globe. However, along with looking into the future, it’s important to keep track of the past and present. It’s often overlooked, but there are already numerous groups that have been affected by blockchain. Here are five that have been significantly impacted:

5. Tech Entrepreneurs

For better or worse, the ICO craze of 2017 completely changed the way startup funding could take place. Semantics aside, it’s difficult to reject the notion that young entrepreneurs worldwide have been empowered by this new form of crowdfunding. Venture funding is very difficult, and studies have shown the process to be highly discriminatory and near impossible for most, especially those living in countries without a large tech presence. Blockchain allows the ideas of great minds worldwide to receive unparalleled support, and many of these ideas are already coming to fruition.

4. Migrant Workers

One of the early goals of Bitcoin was to disrupt the US$500 billion remittance market. For migrant workers, sending money to their families back home in other countries is difficult, expensive, and oftentimes very insecure. The cheap, quick, and worldwide payment capabilities of Bitcoin and other cryptocurrencies makes transferring money to whomever, across whichever border, simpler than ever before. Individuals can pay just pennies to send any amount of money anywhere, a dramatic cost decrease from the 5% fee traditionally associated with remittances.

3. Freelancers

Freelancers, especially online, have historically put themselves in a lot of jeopardy when taking on new projects and clients. The lack of familiarity among the two parties puts both at risk of being taken advantage of, and the nature of these agreements also involves the freelancer trusting the client with a lot of personal information. Cryptocurrency has already radically changed the freelance industry. It now only requires freelancers to give clients a public address, which puts the freelancer at no risk. The global nature of crypto also allows freelancers to connect with clients all over the world. Lastly, smart contracts can even enable agreements between both parties to ensure that neither is taken advantage of or scammed.

2. Citizens of Developing Nations

The global nature of cryptocurrency also created a unique environment for microtasks, now commonly referred to as bounties. Participation in the overarching blockchain community has seen lots of activity from citizens of developing nations all over the world, where the cost of living and average wages are significantly lower than in first-world countries. Activities such as Bitcointalk signature campaigns, airdrops, social media campaigns, and translation bounties enable these individuals to earn significant income (sometimes thousands in USD each month). Many of these individuals have reported their ability to earn monthly incomes of up to 10 times more than their regular work wages.

1. Citizens of Failing Economies

When it comes to blockchain, the most heavily, positively impacted individuals are undoubtedly those who reside in failing local economies. Of course, this is predominantly seen throughout Venezuela, where hyperinflation reaching quadruple digits has drawn real working wages below US$2 a month for those in the country. Cryptocurrency allows these individuals to save what they can when they would otherwise be forced to spend a fiat currency that quickly diminishes to nothing. Use of USD in the country is banned and strictly regulated, and the most easily accessible alternative is cryptocurrency. For individuals in these circumstances, the introduction of Bitcoin and other cryptocurrencies has been life-changing, even life-saving. The crypto community has also played an active role in aiding these individuals. Just days ago, members of the NANO community donated hundreds of dollars worth of NANO to feed a Venezuelan community member and many of the families residing within his neighborhood.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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