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Cryptocurrency News Articles
Quit Explaining Bitcoin and Start Showing People the Problems It Solves
Oct 05, 2024 at 08:01 am
Bitcoin will not become more widely adopted as a result of intellectual curiosity or because it's theoretically the best form of money ever.
People in underserved communities often face pressing financial problems, and they may not be aware of how Bitcoin can help them. Here are some examples of how Bitcoin can be used to solve these issues and foster greater adoption.
In South Africa, Hermann Vivier, co-founder of Bitcoin Ekasi, a Bitcoin circular economy, says that many people in the community purchase goods via layaway programs (buy now, pay later) and are often duped by stipulations in the fine print of the deals.
“You can go in and buy something today, not pay for it at all, take it home and then the merchant starts charging you after the second or the third month,” Vivier told Bitcoin Magazine.
“These credit schemes are quite exploitative. The fees would go up over time as interest accumulates and the residents give the company the right to just draw the money from their bank accounts, but the buyers don't understand what they're signing away.”
Vivier said that after a year, people see there's still money going out of their account, but in their mind, they've already finished paying for this thing, yet they're still paying for it and they don't know why.
Vivier went on to explain that the simple fact that money cannot be automatically withdrawn from a Bitcoin wallet like it can from a bank account provides Bitcoin Ekasi community members with more of a sense of control over their funds.
In Peru, Rich Swisher, founder of Motiv, an NGO that develops Bitcoin circular economies and helps members of unbanked communities become more financially independent, says that residents can’t save cash in their homes because of the high likelihood that they’ll be robbed.
And many don't use banks because they charge fees that these residents can't afford to pay (That's if banking services are available at all). Bitcoin provides them with a way to bank themselves, which serves as a financial base for them to start their own enterprises.
“With Bitcoin, they can start a small business that they can run out of their home and run off of their phone,” Swisher told Bitcoin Magazine.
“Over time they see that they can be financially independent. Then, they start seeing that not only do I have a good path going right now, but if it was all taken away from me tomorrow, I have the know-how to redo it,” he added.
“None of this happens without Bitcoin.”
So, if you want to see more people using Bitcoin, quit the habit of explaining to those around you how great it is, and start showing them what problems it solves.
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