The wealth gap has increased drastically with time. The rich are getting richer and the poor are getting poorer. This leads people to search for alternatives such as crypto to bridge the growing income inequality.
Many researchers and financial pundits think that Bitcoin has the potential to end income inequality. Some are in favor and others are not.
Let’s see how Bitcoin can be the means to end the world’s income inequality
Satoshi Nakamoto developed the bitcoin as a means against centralized currency manipulation. He developed it in a decentralized way using blockchain technology. Since then, it has revolutionized the financial market, now you can use bitcoin in multiple ways. You can now use Bitcoin to trade assets or can exchange bitcoin with other cryptocurrencies such as Cardano or Dogecoin.
Financial systems in all almost all corners of the world are centralized which makes it easy for the Central banks to regulate all sorts of transactions.
As Bitcoin is a decentralized digital asset and not under government control. It does not allow the government to do any manipulation. When it comes to cross-border transactions, it always seems expensive but with the help of bitcoin, you can send remittances at a low cost as it does not involve any third party. This absence of government control and intermediaries make bitcoin transaction affordable. Bitcoin enables financial inclusion by the virtue that it enables the unbanked to get into the mainstream. This proves that to some extent bitcoin helps fight wealth inequality.