As the first cryptocurrency to enter the market, Bitcoin has been dominating for some years. It is popular among investors and businesses because they can conveniently and securely transfer assets without the need for using traditional money and intermediaries like local banks. It facilitates the rapid transaction of money across different markets and borders. Fortune reported that over $1 billion was spent using crypto-linked Visa cards in the first half of 2021 alone, and companies are starting to offer crypto-linked payment options. Survey also showed that over 2,300 businesses in the US are accepting Bitcoins.
Apart from assisting business transactions, the decentralized nature of Bitcoins has allowed it to become a vital part of initiating social change and providing freedom for various people.
How Can Bitcoin Support Social Activism?
Finance and investment specialists at AskMoney.com shared that cryptocurrency is a great way to help people or organizations who need payment options to continue securing goods and services. For instance, the current situation in Ukraine has forced all traditional banking operations to be closed, which also halted the transfer of money from digital payment services like PayPal or Venmo.
With this, various nonprofit organizations now accept crypto as donations or payments in crowdfunding projects for a cause. Since Bitcoin can be transferred from different parts of the world, individuals and organizations can conveniently receive donations and support from various people to help those in need.
Moreover, the availability and accessibility of Bitcoin to be used by different people without third parties like banks have opened opportunities for marginalized and economically oppressed people. Marquise Francis explained that cryptocurrencies like Bitcoin leveled the playing field for people, particularly Black Americans, who have been disadvantaged by traditional banks. Francis elaborated that disproportionate access to credit and loans, generational effects of redlining, and lack of banks in Black communities have contributed to the existing wealth gap in America.
With the technology behind Bitcoin, marginalized people like Latin Americans, LGBT communities, and indigenous communities, have the chance to create and secure their financial future without the intervention of the government. This shows that Bitcoins have the power to challenge and shift the status quo.
The Future of Bitcoin as a Tool for Social Change
There are many benefits to using Bitcoin as a tool for giving donations and supporting activism, such as facilitating borderless transactions. As mentioned above, you can easily send your money and support to non-profit organizations for their cause without the hassle of using traditional banks. This also means there are no additional costs to sending money to countries using a different currency. In addition, there’s a higher degree of privacy when your donations are Bitcoins. It can allow you to support activism and causes while being completely anonymous.
For some people, the future of Bitcoin as a tool for social change is bright, but it’s important to remember it does have its drawbacks. Like any other cryptocurrency, the price of Bitcoin regularly fluctuates, and you can’t ensure whether the price will continue to rise or will eventually fall. Fraudulent transactions are also possible and more difficult to reverse. A past report by the Atlas VPN Team revealed that crypto thieves stole over $1.97 billion worth of crypto in the first half of 2022. Even if cryptocurrencies have strong security measures, users still need to be wary of transactions when giving donations and supporting activism.
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