Bitcoin will not become more widely adopted as a result of intellectual curiosity or because it is theoretically the best form of money ever created. Instead, people will start using it because it solves serious problems in their lives.
So, if you want to promote greater Bitcoin adoption, show someone how they can use Bitcoin to solve a problem they are facing.
Herman Vivier, co-founder of bitcoin monotonousThis advice was given by Mike Peterson, director of Bitcoin Circular Economy in South Africa. bitcoin beachThe world’s first Bitcoin circular economy, and it continues to inform his work.
The broader problem that Bitcoin solves for disadvantaged South Africans is that it provides them with a means to save in an environment in which many do not trust banks or have much access to other investments. One reason not to trust banks is that they often charge hidden fees from both banks as well as local merchants.
Vivier told Bitcoin Magazine that many people in the community often purchase goods through layaway programs (buy now, pay later) and are often duped by the terms in the fine print of the deals.
Vivier explained, “You can go and buy something today, pay nothing for it, take it home and then the merchant will start charging you after the second or third month.”
“These credit schemes are quite exploitative. The fees will increase over time as interest accumulates and residents give the company the right to withdraw money from their bank accounts, but buyers do not understand what they are signing,” he said.
“After a year, they see that money is still coming out of their account, but in their mind, they’ve already paid for this thing, yet they’re still paying for it and they Don’t know why.”
Vivier explained that the simple fact that money cannot be automatically withdrawn from a Bitcoin wallet like a bank account provides members of the Bitcoin Ekasi community a greater sense of control over their funds.
Rich Swisher, founder of motiveAn NGO that develops Bitcoin circular economies and helps its members Unbanked communities in Peru Become more financially independent, also use Bitcoin to help economically disadvantaged people have more control over their money.
Swisher told Bitcoin Magazine that residents of the communities with which Motiv works are unable to save cash in their homes because there is a high chance that they will be robbed. And many people don’t use banks because they charge fees that these residents can’t pay (this is if banking services are available.) Bitcoin offers them a way to bank themselves, within their Serves as the financial basis for. Start your own enterprise.
“With Bitcoin, they can start a small business that they can run out of their home and run from their phone,” Swisher told Bitcoin Magazine.
“Over time they see that they can become financially independent. Then, they start to see that not only am I going on a good path right now, but if it was all taken away from me tomorrow, I know how to do it again,” he said.
“Without Bitcoin none of this happens.”
So, does this mean that if you want more Bitcoin adoption you have to run out and start a full Bitcoin circular economy in an underprivileged community? Absolutely not.
But how difficult would it be to show your friend who runs a nonprofit how to accept Bitcoin for international donations to save on wire transfer fees or to show a family member how to make international remittances using Bitcoin instead of Western Union? How to send someone who charges high fees for his service? It is not that difficult.
If you want to see more people using Bitcoin, quit the habit of telling people around you how great it is, and start showing them what problems it solves.
This article is a TakeThe opinions expressed are solely those of the author and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
