Bitcoin will not end up being more commonly embraced as an outcome of intellectual interest or since it’s in theory the very best type of cash ever. Instead, individuals will start to use it since it fixes pushing issues in their lives.
So, if you’re aiming to cultivate greater Bitcoin adoption, reveal somebody how they can use Bitcoin to fix a problem their dealing with.
Hermann Vivier, co-founder of Bitcoin Ekasi, a Bitcoin circular economy in South Africa was provided this suggestions from Mike Peterson, Director of Bitcoin Beach, the world’s very first Bitcoin circular economy, and it continues to notify his work.
The more comprehensive issue that Bitcoin fixes for underserved South Africans is that it supplies them with a method to conserve in an environment in which lots of don’t trust banks or have much access to other investments. Part of the reason they don’t trust banks is because they’re often charged hidden fees from both the banks themselves as well as local merchants.
Vivier told Bitcoin Magazine that many in the community often 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,” explained Vivier.
“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,” he added.
“After a year, they 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Vivier went on to explain that the simple fact that money cannot be automatically withdrawn from a Bitcoin wallet like it can from a bank account provides Bitcoin Ekasi community members with more of a sense of control over their funds.
Rich Swisher, founder of Motiv, an NGO that develops Bitcoin circular economies and helps members of unbanked communities in Perú become more financially independent, also uses Bitcoin to help the financially disadvantaged have more control over their money.
Swisher told Bitcoin Magazine that residents of the communities with whom Motiv works can’t save cash in their homes because of the high likelihood that they’ll be robbed. And many do not use banks since they charge costs 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 informed 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, does that mean you have to run out and start a full-on Bitcoin circular economy in an underserved neighborhood if you want to see more Bitcoin adoption? Absolutely not.
But how hard would it be to show your friend who runs a non-profit how to accept bitcoin for international donations so to conserve on wire transfer costs or to show a family member how to send an international remittance using Bitcoin instead of Western Union, which charges high fees for its service? Not that hard.
If you want to see more people using Bitcoin, quit the habit of explaining to those around you how great it is, and begin revealing them what issues it fixes.
This post is a Take. Opinions revealed are totally the author’s and do not always show those of BTC Inc or Bitcoin Magazine.
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