What is Bitcoin – Insight by Ray Youssef

What is Bitcoin – Insight by Ray Youssef

Bitcoin News
July 6, 2022 by Diana Ambolis
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Ray Youssef, CEO of Paxful and co-founder of Built With Bitcoin, shares his opinions on the future of digital money in this opinion article. While traveling to undeveloped nations, I have heard several tales of how Bitcoin has changed the lives of individuals. And this comes as no surprise. Bitcoin is used for several reasons, including international money
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Ray Youssef, CEO of Paxful and co-founder of Built With Bitcoin, shares his opinions on the future of digital money in this opinion article.

While traveling to undeveloped nations, I have heard several tales of how Bitcoin has changed the lives of individuals. And this comes as no surprise. Bitcoin is used for several reasons, including international money transfers, internet transactions, the security of financial assets, and the promotion of social causes. It helps people restore control of their money, making it the greatest alternative for those without bank accounts. Despite Bitcoin’s ability to benefit genuine people, the notion that Bitcoin is worthless continues. How do we then adjust the plot? Education is the only way to break through the hoopla and reveal Bitcoin’s genuine potential.

Over the last several months, I have traveled around the United States, South America, and Europe to attend meetings and events and speak with our users. I was privileged to attend the Oslo Freedom Forum and meet freedom fighters from across the world during one of my journeys. Bitcoin provides freedom from governmental control and access to the global market. The folks who carry this message on the ground are the ones who will change the world.

BITCOIN IS FREEDOM

I have heard Farida Nabourema speak several times, and I am always affected by her story. Her efforts to promote democracy in Togo are admirable. In a country where freedom of speech and foreign financial help are both punishable by death, Nabourema is paving the way for both. Bitcoin is a decentralized, global, and accessible alternative to traditional monetary techniques. Due to Bitcoin, Togolese citizens may now have a vote in their economic future.

Using the hashtag #EndSARS, Nigerians protested against police brutality in 2020. Ire Aderinokun personally saw the consequences of being cut off from financial resources when the government froze bank accounts. Bitcoin has replaced conventional fundraising techniques for the Feminist Coalition.

Another activist whose work I admire is Roya Mahboob, who was among the first to introduce Bitcoin to Afghanistan. Due to Mahboob’s insight into Bitcoin’s prospective advantages, she now pays her female employees in bitcoin. Some saw it as a chance to escape state-sanctioned persecution, while others viewed it as a way to attain hitherto unattainable freedom. Bitcoin provides its users with both autonomy and a sense of ownership. Due to individuals like Mahboob, an increasing number of people are learning this knowledge.

BITCOIN ON THE GROUND

These accounts demonstrate once again the importance of grassroots efforts in achieving global acceptance. When reaching our goal of one billion Bitcoin users, I think it’s crucial to consider the preferences of as many groups as possible. Take El Salvador, for example: although bitcoin is legal tender, there’s still a great demand for education. El Salvadoran resident Nathaly Maria Cortez visited our country’s teaching facility to better understand Bitcoin. She now advises her relatives and friends who do not have access to banks or the regular financial system. Don Walter, another user, has experienced directly how bitcoin contributions have changed his neighborhood. 

Also, read – The Future of Blockchain Technology in Africa

CHANGING THE NARRATIVE

Farida said, “When you have your own money, you have your freedom,” when questioned about genuine freedom. Bitcoin is the first money to provide such independence. Few of the rising number of individuals who can testify to Bitcoin’s effectiveness have shared their stories on this page. Bitcoin is expanding opportunities for folks with restricted access to conventional financial services worldwide.