Will the US riots redefine the future of Bitcoin? Can cryptocurrencies replace the tradition of “pressing on the neck”

2020-06-09 Bitcoin mining guidance source: Mars Finance
Will the US riots redefine the future of Bitcoin ? Can cryptocurrencies replace the traditional financial system that is “pressed on the neck”

In broad daylight, the unarmed African-American man George Floyd could only helplessly shout “I can’t breath” after being “knee-locked” on the white police. The miserable cry for help ignited the anger of the people. The protesting protesters held up signs such as “I can’t breathe”, “Stop racial discrimination”, and “Black people’s lives are also lives” in solidarity with Freud. As the protests continued to ferment, the march quickly evolved into a riot, the fire was skyrocketing, the bricks were flying, and the robbery was taking advantage of the chaos… The shadow of the new crown epidemic also hardly hindered the demonstrators’ footsteps. Their anger was “engulfing” New York, Los Angeles, and Atlanta. Even across the United States.

Black people have traditionally not been able to receive adequate services from the banking industry, but they have been reluctant to accept blockchain as an alternative asset. Change will require African Americans to fully realize that they no longer need the current banking system to manage their wealth.

Can Bitcoin help African Americans and Africans achieve financial autonomy and thus help to completely break racial discrimination?

In reality, riots caused by ethnic relations erupt every few years in the United States. The deep-rooted racial discrimination in the United States not only has not healed over time, but only a superficial harmony. In fact, it still divides small circles and communities by skin color and culture.

This injustice made African Americans no longer want to succumb to perfection. Freud’s death was like a fuse, igniting the long-suppressed dissatisfaction and anger of African Americans.

The real enemy: the traditional financial system that excludes African Americans

In fact, the traditional financial system is deeply affected by unethical practices such as the “red line policy” (note: after the Fair Housing Act of 1968 was passed, the red line was illegal), making African Americans The American community is largely disadvantaged in the economy and has always been a victim of financial exploitation.

“We live in a system that does not allow us to develop or struggle. This system has been pressed on our necks. I think we can withdraw from the current economic system by buying Bitcoin.” An African-American protester said. Cryptocurrencies may provide a level playing field. Although the current usage rate of bitcoin in the African-American community may be less than 10%, or even less than 1%, they have realized that they need to change their understanding of cryptocurrencies.

At present, in the field of blockchain and cryptocurrency, we can see many black entrepreneurs and leaders. For example, BITMEX CEO Arthur Hayes, BitMari CEO Sinclair Skinner, Associate Dean, UNH Law and Blockchain Program Tavonia Evans, GuapCoin CEO Tavonia Evans, Satoshi Centre-Botswana Alakanani Itireleng and Axes and Eggs partner Samson Wiliams.

However, on the whole, there are still few black entrepreneurs well-known in the blockchain field, and well-known figures such as Arthur Hayes started their digital currency entrepreneurial journey after working in Hong Kong , not in the United States where they were born.

In any case, challenging existing financial systems through cryptocurrencies may allow African Americans to stop working hard for unequal treatment such as racial discrimination, and no longer despair of cruelty.

The mired African economy

Turning his attention to Africa, the hometown of African Americans, although there is no racial discrimination in the area, in terms of finance and economy, it is the “dwarf” in the global economy, and most people still wander outside traditional financial services.

African sovereign debt is the “Sword of Damocles” hanging over the head of the African economy. According to the report of the UK global debt research agency Jubilee Debt Campaign, 8 out of the 20 countries with the most severe global debt problems are African countries.

At the same time, the International Monetary Fund (IMF) pointed out that almost half of the borrowers in sub-Saharan Africa are now either at risk of falling into a debt crisis or have already fallen into a debt crisis. Once the sovereign debt continues to rise, the national main currency will collapse. For example, Zambia, high debt and low foreign reserves are important characteristics of the Zambian debt market. Under the further deterioration of the epidemic, Zambia’s foreign exchange reserves are only about 1.1 billion US dollars, which can no longer cover the level of external debt, and the currency continues to depreciate substantially.

In addition, Africa has serious inflation. The African Development Bank Group (Africa Development Bank Group) released the “Africa Economic Outlook 2020” report in January this year that the inflation rate in 2020 was 8.0% and the inflation rate in 2021 was 6.4%. For example, Zimbabwe was once the richest agricultural country in Africa and the second largest economy in Southern Africa, but due to its inflation, it reached 10,000% at the worst time, which directly destroyed Zimbabwe’s economy.

In times of economic and political turmoil, compared with gold and foreign exchange, which have higher barriers to risk, African countries that are in deep water are “seeing” cryptocurrencies.

Africa becomes a fertile ground for cryptocurrencies

Cryptocurrencies are not only becoming a new way to seek salvation outside the African fiat currency system, but also filling gaps in traditional financial services.

“Bitcoin fills the gaps in the traditional financial industry in the black community, which is extremely important.” ConvergEx Group Group market strategy expert Nikolai Kolas said. Unlike factors such as incomplete infrastructure, lack of financial knowledge , low income levels, and political instability, Africa does not seem to have a “cold” for banks. According to the latest World Bank data estimates, as many as 66% of the African population do not have bank accounts. People and businesses in all countries in Africa are facing challenges such as difficulty in payment, loan, savings and insurance.

Cryptocurrencies have played a new financial instrument in Africa. Riccardo Spagni, founder of Monero, once said that people can easily change their local currency to bitcoin, and they can no longer rely on the government to maintain economic stability. In addition, as the continent with the largest number of countries in the world, African groups have greater demand for cross-border transfers and remittances, but the handling fees in many countries are too high, and many countries choose to labor because they are prohibited from cross-border transfers. Transfer funds. Therefore, many people turn to cryptocurrencies such as Bitcoin, which can not only reduce the expense of handling fees, but also very convenient.

In addition, compared with cryptocurrencies such as Bitcoin, the volatility of countries such as South Africa and Nigeria has been difficult to save. For example, Nigeria’s average annual inflation rate was as high as 12.09% in 2018, and it reached double-digit figures for three consecutive years. Therefore, many people are more willing to choose a more stable asset Bitcoin.

Under various factors, Africa’s enthusiasm for cryptocurrencies is much higher than other countries. According to a new report released by Arcane Research, Africa has the highest rate of cryptocurrency ownership in the world. Among them, South Africa owns or uses cryptocurrency accounts for 13% of Internet users, ranking third, Nigeria 11% of Internet users with cryptocurrency ranked fifth, and the global average is only 7%. At the same time, Uganda, Nigeria, South Africa, Ghana and Kenya are the countries that Google searches the most for “Bitcoin”. In the future, perhaps African “blacks” redefine the future of Bitcoin.

The future bitcoin price is definitely bullish. It is only a matter of time when bitcoin will explode. After this halving, the price of bitcoin will surely usher in a new round of outbreaks, but it is better to make a difference than to speculate. Mining in the high-level market to earn profits steadily, the speculation of coins will always be on the way to return to the capital, and mining hoarding coins can sell coins when the price of the currency rises to make a profit, and when the price of the currency drops to avoid risks, the price of the currency rises When the price rises, the amount of money rises when the price of the currency falls. Now that cloud computing power mining has become the choice of many users, cloud computing power mining does not require the purchase of mining machines, the establishment of mines, and the search for cheap The power supply can be operated with only one mobile phone, the income is fixed to the account at ten o’clock every day, and the bitcoin that is dug can be withdrawn at any time.

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original title of the Bitcoin mining guide : Will the US riots redefine the future of Bitcoin? Can cryptocurrencies replace the traditional financial system that is “pressed on the neck”

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Compile / author: Bitcoin mining guide

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