bitcoin will not become more widely adopted as a result of intellectual curiosity or because it is, in theory, the best form of money there is. Instead, people will start using it because it solves pressing problems in their lives.
So if you're looking to encourage greater bitcoin adoption, show someone how they can use bitcoin to solve a problem they're facing.
Hermann Vivier, co-founder of bitcoin Ekasia bitcoin circular economy in South Africa received this advice from Mike Peterson, Director of bitcoin Beachthe world's first bitcoin circular economy, and continues to inform its work.
The broader problem that bitcoin solves for underserved 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 banks is because they are often charged hidden fees from both the banks themselves and local merchants.
Vivier told bitcoin Magazine that many in the community often purchase products through installment payment (buy now, pay later) programs and are often misled by stipulations in the fine print of the offers.
“You can go in and buy something today, pay nothing, take it home, and then the merchant starts charging you after the second or third month,” Vivier explained.
“These credit schemes are quite exploitative. “Fees would increase over time as interest accrues and residents give the company the right to withdraw money from their bank accounts, but buyers don't understand what they are giving up,” he added.
“After a year, they see that money is still coming out of their account, but in their mind they are done paying for this, but they are still paying 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Vivier went on to explain that the simple fact that money cannot be automatically withdrawn from a bitcoin wallet like it can from a bank account provides members of the bitcoin Ekasi community with a greater sense of control over their funds.
Rich Swisher, founder of Reasonan NGO that develops bitcoin circular economies and helps members of bitcoin-users-in-peru-are-changing-their-communities/”>unbanked communities in Peru become more financially independent, it also uses bitcoin to help the financially disadvantaged have more control over their money.
Swisher told bitcoin Magazine that residents in the communities Motiv works with are unable to save cash in their homes due to the high likelihood of being robbed. And many do not use banks because they charge fees that these residents cannot pay (that is, if banking services are available). bitcoin provides them with a way to bank for themselves, serving as a financial foundation for starting their own businesses.
“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. “So, they start to see that not only do I have a good path right now, but if it was all taken away from me tomorrow, I have the knowledge to redo it,” he added.
“None of this happens without bitcoin.”
So does that mean you have to run out and start a full bitcoin circular economy in an underserved community if you want to see greater bitcoin adoption? At all.
But how difficult would it be to show a friend who runs a nonprofit how to accept bitcoin for international donations to save on bank transfer fees or show a family member how to send an international remittance using bitcoin instead? Western Union, which charges high fees for its service? It's not that difficult.
If you want more people to use bitcoin, get out of the habit of explaining to those around you how great it is and start showing them the problems it solves.
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
