Bitcoin will not be widely accepted because of intellectual curiosity or because it is the best currency. Instead, people will start using it because it solves pressing problems in their lives.
So, if you’re looking to promote greater Bitcoin adoption, show someone how they can use Bitcoin to solve a problem they’re facing.
Hermann Vivier, the founder of Bitcoin Ekasi, the circular economy of Bitcoin in South Africa was given this advice from Mike Peterson, the Director of Bitcoin Beach, the first circular economy of Bitcoin in the world, and continues to value his work.
The broader problem that Bitcoin solves for needy South Africans is that it provides them with a means of saving in an environment where many do not trust banks or have much access to other currencies. Part of the reason they don’t trust banks is because they are often charged hidden fees by both banks and local merchants.
Vivier told Bitcoin Magazine that many in the community often buy goods through layaway schemes (buy now, pay later) and are often misled by the fine print of deals.
“You can go in and buy something today, pay nothing, take it home and the seller starts charging you after the second or third month,” explained Vivier.
“These credit programs are exploitative. Fees will increase over time as interest accumulates and residents authorize the company to automatically withdraw money from their bank accounts, but consumers do not understand what they are signing up for,” he added.
“After a year they see that money is still coming out of their account but in their mind they have finished paying for this thing but they are still going to pay it 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Vivier went on to explain that the simple fact that money cannot be automatically withdrawn from a Bitcoin wallet like it can be withdrawn from a bank account gives members of the Bitcoin Ekasi community a greater sense of control over their finances.
Rich Swisher, the founder of Motiv, an NGO that promotes the circular economy of Bitcoin and helps members of unpaid communities in Peru become financially independent, also uses Bitcoin to help the financially poor gain control of their money.
Swisher told Bitcoin Magazine that residents of the communities Motiv works with are unable to save money in their homes because of the high probability of being robbed. And many don’t use banks because they charge fees that these citizens can’t afford (That’s if banking services are available at all.) Bitcoin provides them with a form of self-banking, which acts as a financial base for them. start their own businesses.
“With Bitcoin, they can start a small business where they can run out of their house and run away with their phone,” Swisher told Bitcoin Magazine.
“Over time, they realize that they can be financially independent. Then they start to see that not only do I have a good way of walking right now, but if everything is taken away from me tomorrow, I have the knowledge to do it all over again,” 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 uncut community if you want to see more Bitcoin adoption? Not at all.
But how hard can it be to show your friend who runs a non-profit organization how to accept bitcoin for international donations to save on wire transfer costs or to show a family member how to send money internationally using Bitcoin instead of Western Union, which charges high fees for the transaction its? Not that it’s difficult.
If you want to see more people using Bitcoin, stop the habit of explaining to those around you how great it is, and start showing them what problems it solves.
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.