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How Bitcoin is Helping People

 How Bitcoin is Helping People

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How can Bitcoin help people?


Bitcoin can help people in many ways. There is over a billion people in the world who are unbanked or who don’t qualify for financial services. Anyone can use bitcoins, all they will need is a smartphone or a computer and internet. I have colleagues in Africa who are using the bitcoin technology to purchase & sell things online, without using a central bank. Just imagine people in difficult countries purchasing things online perhaps from Overstock.com and having it shipped to them. Now people from the U.S. are purchasing small bracelets and other small things from people in Ghana. Its wonderful to see that this technology is helping these people make money and be able to provide for their families by selling goods to people all over the world.

This technology has hugely impacted the lives of Kenyans, Tanzanians, Indians, and Ghanas who otherwise would not have access to any commercial banking services at all.

BHAKTAPUR, NEPAL - APRIL 29: Residents forage through rubble of their destroyed homes in search of valuables and belongings on April 29, 2015 in Bhaktapur, Nepal. A major 7.8 earthquake hit Nepal, on April 25th, killing more than 8,000 people at the latest count. Many houses, buildings and temples in the capital, were destroyed all over the country during the earthquake, leaving thousands dead or trapped under the debris as emergency rescue workers attempted to clear debris and find survivors. Thousands of residents living in remote hillside villages were left to fend for themselves, as rescue and relief operations struggle to reach all of the affected. Daniel Berehulak for the New York Times

BHAKTAPUR, NEPAL – APRIL 29: Residents forage through rubble of their destroyed homes in search of valuables and belongings on April 29, 2015 in Bhaktapur, Nepal. A major 7.8 earthquake hit Nepal, on April 25th, killing more than 8,000 people at the latest count. 
Daniel Berehulak for the New York Times

Places of Disaster

 

Countries that have been affected from natural disasters rely on Fema or Amercian Red Cross to help them. I know American Red Cross is accepting bitcoins. Now just imaging this, If we wanted to send $1 to donate to a country in need that is across the globe from you, normally you would have to go through Western Union or any money transfer company. They would probably charge you more than the amount you would like to donate, and probably by the time it will reach the country you were sending it to, it will probably be $0.10 with the all the conversion fees and what not.

With Bitcoin there is a way we can donate the full amount to whoever is in need. We can also send micro payments like $0.10 – $0.50 if we like, every small thing helps. The bitcoin technology enables us to do things like this. There is so much more we can do with bitcoin. The technology is ever so innovating. I believe its one of the greatest invention to mankind, Its a gift.

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International Remittances 

 

Funds sent back home by migrant workers are a major source of financial aid to the global poor. In 2012 alone, migrant workers sent $372 billion back to their home countries, an amount that outstrips even total foreign direct investment for the same year. But the costs of sending money home can run as high as 20% of the actual remittance due to the expense of existing services. But because Bitcoins can be sent from practically anywhere to anywhere at almost no cost, it could substantially increase the funds being put directly into the hands of the poor.

Just image this too, H2 workers can send the FULL amount of what they would like to send to their families back home.

 

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More Profit for Business

 

Businesses can gain from this technology as well. Having no wire transfer fees or any type of middle man to either take a portion of whats being sent or an extra charge, or Retail outlets that accept Credit cards, can receive the full amount with the Bitcoin technology, But the focus here is on Bitcoin’s value purely as a payment platform, not as a replacement for any existing monetary system.

Here are some good reads from Coindesk.com

Save The Children

American Red Cross

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