• Sun. Aug 14th, 2022

Bitcoin Breaks Self-Sovereignty Barriers Around the World

ByHazel R. Lang

Jul 8, 2022

Bitcoin is a financial technology that is enabling real progress for countries that have traditionally suffered at the hands of the fiat system.

This is an opinion piece by Renata Rordigues, Global Community and Education Manager at Paxful.

Bitcoin empowers millions of people around the world to become sovereign entrepreneurs. After visiting neighborhoods in Nigeria and Colombia, I found people taking back power and charting their own paths to financial freedom. What we see are communities breaking down boundaries and limitations and revolutionizing money without the need for an intermediary or authority.

In Kenya, peer-to-peer (P2P) finance is driving the next wave of Bitcoin adoption. Just last year, the country had one of the highest popular adoption rates in the world, alongside Nigeria, South Africa and Tanzania. We see a country where Bitcoin is running 100% – not 1%. For people like Andrey, Bitcoin is life and a chance for a better financial future.

With a focus on Africa, we will also examine Paco as he travels across Africa using Bitcoin to educate and demonstrate his power.

Bitcoinforthe100 is a collection of stories and use cases that prove Bitcoin really is 100%. Below are the voices of people embracing Bitcoin for freedom and self-sovereignty outside the confines of the traditional financial system.

Andrei Sikdelnikov: Nairobi, Kenya

Andrey has completely changed the way he manages his finances. He went from using the Kenyan shilling in his daily life to exclusively using bitcoin for everything. Regardless of the barriers at hand, he is leading the way with Bitcoin and he can’t wait for the rest of the world to follow.

Since not everywhere in Kenya (or the world) accepts bitcoin as a form of payment, Andrey had to get creative with his solutions. When confronted with a merchant who doesn’t accept bitcoin, “I sell my bitcoin on Paxful and get the amount needed in shillings on my phone and then pay my bill,” he explained. Since these transactions take less than two minutes, Andrey doesn’t need to skip a beat. Instead of having to make sure he has the right amount in his bank account, he can transact on the fly without having to do anything first.

Learn more about his story here.

Paco De La India: Indore, Madhya Pradesh, India

Inspired by the concept of time preference for humanity, Paco knew he wanted to do something to show how Bitcoin could give the world financial freedom. Combining his love of travel with his passion for Bitcoin, Paco knew he could merge these two worlds for a greater cause.

Paco has always been one to travel the world, so it was fitting that he first discovered Bitcoin while visiting Germany. “In 2015, a crazy German in shorts starts shouting in the hostel to buy bitcoin,” Paco told us. He didn’t think much about it at the time – thinking it was something he wasn’t interested in since he was focused on his travels.

Fast forward to 2021 – Paco decided it was time to take the leap and get into Bitcoin. He chose “The Bitcoin Standard: The Decentralized Alternative To Central Banking by Dr. Saifedean Ammous and consumed all it had to offer. Paco was fascinated by the book and he took away much more than Bitcoin – he learned about freedom and the concept of time preference. “We really should be hanging on to something that’s not controlled by anyone,” he said.

Today, Paco has set out to visit 40 countries over a period of 400 days. The challenge? He only uses bitcoin on his travels to educate and demonstrate his power.

Read more about his story here.

This is a guest post by Renata Rodrigues. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or bitcoin magazine.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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