Bitcoin will not become more widely adopted due to intellectual curiosity or because it is theoretically the best form of money ever. Instead, people will start using it because it solves pressing 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 Vivierco-founder of Bitcoin Ekasia circular Bitcoin economy in South Africa received this advice from Mike Peterson, director of Bitcoin beachthe world’s first circular Bitcoin economy, and it continues to inspire 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 where many do not trust banks or have much access to other investments. Part of the reason they don’t trust the banks is that they are often charged hidden fees, both from the banks themselves and from local merchants.
Vivier told Bitcoin Magazine that many in the community often purchase goods through layaway (buy now, pay later) programs and are often duped by provisions in the fine print of the deals.
“You can go and buy something today, not pay for it at all, take it home and then the merchant starts charging you after the second or third month,” Vivier explains.
“These credit schemes are quite exploitative. The costs would increase over time as interest piles up and the residents give the company the right to simply withdraw the money from their bank accounts, but the buyers do not understand what they are signing,” he added .
“After a year, they see that money is still being taken out of their account, but in their minds they’re already done paying for this thing, but they’re still paying for it and they don’t know why.”
Vivier further explained that the simple fact that funds cannot be automatically withdrawn from a Bitcoin wallet, as they can from a bank account, gives members of the Bitcoin Ekasi community a greater sense of control over their funds.
Rich Swisher, founder of Rodean NGO developing Bitcoin’s circular economies and helping members unbanked communities in Peru becoming more financially independent is also using Bitcoin to help the financially disadvantaged gain more control over their money.
Swisher told Bitcoin Magazine that residents of the communities Motiv works with cannot save money in their homes due to the high chance of being robbed. And many don’t use banks because they charge fees that these residents can’t afford (at least if banking services are available at all). Bitcoin offers them a way to bank themselves, which serves as a financial basis for them. start their own business.
“With Bitcoin, they can start a small business that they can run from their home and from their phone,” Swisher told Bitcoin Magazine.
“Over time they see that they can be financially independent. Then they start to see that not only do I have a good path right now, but if it’s all taken away from me tomorrow, I have the knowledge to do it again,” he added.
“None of this happens without Bitcoin.”
Does this mean you should stop and start a full Bitcoin circular economy in an underserved community if you want to see more Bitcoin adoption? Absolutely not.
But how hard would it be to show your friend who runs a nonprofit organization how to accept bitcoin for international donations so he can save on money transfer fees, or to show a family member how to can send an international money transfer with Bitcoin instead of Western Union, which charges high fees for its services? Not that difficult.
If you want more people to use Bitcoin, stop the habit of explaining to the people around you how great it is and start showing them the problems it solves.
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.