How Israel is Trying to Lift People From Poverty Using Cryptocurrency

Cryptocurrency is not an unknown term for most people, we know its advantages as well as disadvantages. In this bitcoin era, where almost everyone including industrialists, businessmen, banks, celebrities, and even common people are investing in cryptocurrencies. The volatile nature of these does not allow people to fully trust this with their hard-earned money. 

In this world, there is an unequal distribution of wealth between people. Only some percentage of people enjoy most of the wealth, this is one of the major reasons for the rise in poverty globally. When cryptocurrency came and started growing, some market Gurus believed that it had the potential to elevate the global economy. 

But here the biggest problem arises, the people who have money will only be able to invest in cryptocurrencies. So, the gap between rich and poor will never be bridged. Israel, a nation known for its involvement in the production of high technology identified this problem and came up with a solution. Israel is also known for providing cyber security to the World. They came up with their cryptocurrency, Good Dollar. This cryptocurrency was made to help in the eradication of poverty from the dollar. Let’s take a look at how it can help in lifting people from poverty. 

How GoodDollar works

GoodDollar is the name of Israeli cryptocurrency launched by eToro. The main aim of this currency is to lift people from poverty. Cryptocurrencies are very popular in developing countries like Ghana, Kenya, and South America. El Salvador is the largest purchaser of Bitcoins in developing countries. It simply means people are interested in digital currencies but there is a section of society who couldn’t even earn for their daily basic needs. So, how will these people be able to invest in cryptocurrency? 

GoodDollar deals with these, so it provides a minimum amount when you sign in on the platform to start with the trading. Not only this, the profit made by the platform is distributed among the people of the middle and lower sections of society. There are two types of users on this platform: “Supporters” and “claimers”. “Supporters” are those who fund GoodDollar and “Claimers” are the ones who get the advantages. “Supporters” get their interest back on their capital and remaining interests are equally divided between all the “claimers” of that particular day. 

Currently, Good Dollar is accepted by small businesses but not much hyped like other cryptocurrencies. This Israel cryptocurrency is based on Ethereum and was launched in 2020.

About 60,000 people from India, Argentina, Vietnam, Nigeria, and some other developing countries are actively using GoodDollar every day. 

To get started with GoodDollar, you need to make an account on GoodDollar wallet. You can sign up with your email address or any of the social media accounts. You also need to create a short video of your face using your selfie camera. This is done to identify that you are a real human and not a bot. This step is necessary to maintain the authenticity of the platform. After signing up, you will receive some tokens to start with. The wallet is designed to be user-friendly so that it could be accessible by anyone with a smartphone. Every day, you can claim your G$ just by clicking the “claim” button. 

How GoodDollar is different from other Cryptocurrencies

There are two types of cryptocurrencies, one which is volatile like Bitcoins and other stable coins. Volatile cryptocurrencies are risky to use and stable coins do not contribute to the growth of the economy. 

On the other hand, GoodDollar is a cryptocurrency based on Ethereum but its value is stable and can directly contribute to the growth of the economy. This Israel cryptocurrency has the potential to eradicate the poverty of millions. In the coming years, we will be able to see the impact of this currency. This will be a major step by Israel to lift people from poverty. 

Concluding notes

Israel, a nation that is considered a tech genius, came up with an idea to lift people from poverty using cryptocurrency. In support of this, they launched Good Dollar to provide at least $2 to the poor every day. So that they can fulfil their basic needs. 

Some of the bigger names are heard to be joining Israel in support of this. We hope this step could prove to be useful to eradicate poverty from the world. 

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