The Truth Behind Cuba’s Bitcoin Revolution: Video

Cuba, a rustic recognized for its distinctive mix of wealthy historical past, vibrant tradition and political isolation, is the main target of Cointelegraph’s newest on-the-ground documentary. The Reality Behind Cuba’s Bitcoin Revolution explores Bitcoin’s (BTC) impression in one of many world’s final remaining communist states. 

The documentary supplies a firsthand account of how Cubans are utilizing Bitcoin to navigate difficult financial circumstances, appeal to new companies and lower your expenses in a censorship-heavy surroundings.

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Journalist and Bitcoin fanatic Joe Corridor launched into the journey to Cuba, decided to witness and seize the “Bitcoin revolution” that gained prominence in Alex Gladstein’s e-book Verify Your Monetary Privilege. Gladstein explains how Cubans have harnessed Bitcoin’s stateless, low-fee nature to flee monetary oppression and safe their financial savings.

The documentary explores how Bitcoin has taken root within the Cuban monetary panorama, delivered to life by way of interviews and interactions with Cubans, in addition to the co-founders of the “Cuba Bitcoin” neighborhood — Forte, Catrya and Bitalion (not their actual names). Paco de la India, a regular Cointelegraph contributor, traveled with Corridor and supplies suggestions and commentary all through the documentary.

Bitcoin customers in Cuba primarily have interaction in peer-to-peer transactions, shopping for and promoting Bitcoin by way of Telegram and Sign teams. They run nodes with restricted assets and evade on-line surveillance and entry banned web websites with VPNs.

In contrast to many nations, Cuba is devoid of centralized crypto exchanges comparable to Coinbase or Binance. Plus, Cubans are banned from creating accounts as a result of nation’s poor diplomatic relations with america.

Consequently, the surroundings for Bitcoin in Cuba is a novel ecosystem that operates nearly fully outdoors of the attain of the state. Furthermore, the resilient Bitcoin neighborhood is ready towards a backdrop of financial hardship. Seventy-two % of Cubans dwell beneath the poverty line, and whereas the minimal month-to-month wage is roughly $30, Catrya — one of many documentary’s primary characters — explains that it’s nearer to $13.

Reporter Joe Corridor, Paco de la India and solely $200 in Cuban peso payments.

Cuba’s financial hardships are exacerbated by hyperinflation, with the Cuban peso dropping greater than 940% of its worth within the final two years. Via testimonials and interviews with Cubans throughout Havana, it’s clear that Bitcoin has emerged as a lifeline for these trying to shield their financial savings from forex devaluation.

Associated: Cuba Bitcoin community hosts BTC-only meetup

The documentary captures the grassroots adoption of Bitcoin in Cuba. It additionally highlights the efforts of the common-or-garden Cuba Bitcoin neighborhood, who spend their time educating and propagating the ideas of Bitcoin to Cubans in an surroundings the place the implications of their actions are unsure.

Finally, as Bitcoin continues to realize traction in Cuba, it stays to be seen how the federal government will react to the emergence of a parallel monetary system. The Reality Behind Cuba’s Bitcoin Revolution supplies a uncommon glimpse right into a nation on the cusp of transformative change. Bitcoin might provide Cubans a glimmer of hope and freedom on an island the place such aspirations have been lengthy suppressed.

Journal: ‘Elegant and ass-backward’: Jameson Lopp’s first impression of Bitcoin