Bitcoin is a perfect opportunity for many black Americans, pending that only 12% of their business can receive help from the US treasury. That being said, Bitcoin remains a huge financial booster for black Americans.
Investor Travis Kling best explains Bitcoin as a vital supply and stable virtual store of value. It is also becoming an impenetrable shield for many against inflation and an essential financial operation.
By putting money into banks, black people continue to support a policy that gives them fewer returns. Hence the struggle continues; banks continue being prosperous.
Therefore, having BTC is beneficial for several reasons. Bitcoin has lower fees compared to other usual online payment systems, especially the removal of inclination.
Below are some ways the black folk are closing the wealth gap using Bitcoin:
Ways Black Americans Are Closing The Wealth Gap with Bitcoin Adoption
Buying BTC
After purchasing Bitcoin, you can trade it on the exchanges like Binance and Latoken and earn some profits. BTC crypto is a rare digital gold. The supply is currently trending at 18.8 million. As of writing this post, one BTC is worth $54,539. However, the value is rising by the day as demand grows.
Mining BTC
Bitcoin miners receive rewards for solving proof-of-work mathematical equations that ensure that the network is secure for new bitcoin.
Solving these difficult problems needs a GPU (graphics processing unit) miner or an application-specific integrated circuit (ASIC) miner. The miners solve a block of Bitcoin transactions every 10 minutes, adding them to the blockchain.
You can also mine through groups known as mining pools to reduce the cost of power and equipment for mining. Currently, a miner is receiving a reward of 6.25 BTC per block mined.
Bitcoin As A Form Of Payment
You can equip your business to receive cryptocurrency as a form of payment instead of cash. Numerous Black-owned companies are online.
Adding Bitcoin as a form of payment will open up the business to worldwide publicity. Over seventy million people today use BTC and other cryptocurrencies today. Accepting BTC on your website can be as easy as a few steps.
Hodl For Future Profit
Over seven million people have retirement accounts but don’t hold bitcoin in them. You can keep your coins in the same account as your stocks.
Buy BTC using your retirement dollars and have it grow with lower taxes. This will help you enjoy your retirement with ease because your money is growing by the day in terms of Bitcoin value.
Other Alternatives Sources of Income
One of these is a Security Token Offering. This is a kind of public offering where security tokens are traded on the exchanges like Binance.
Maker DAO gives loans without discriminating. Dai is a stable currency that does not discriminate against any business or individual. Additionally, you can realize the advantages of digital money using the platform to exchange tokens, borrow, and earn savings.
Bitcoin is soaring high after the recent crash so it moved down under $40000. However, investors are feeling high of themselves looking at the coin making profits for them as they accumulate more.