Bitcoin is for those who need it, the rest need time to learn: Surfin Bitcoin Panel
Bitcoin (BTC) is there for those who need it most; the rest may need time to learn. This message echoed around the casino conference hall during a panel at Surfin Bitcoin, a Bitcoin-only conference in Biarritz, France, on August 26.
The panelists Ben Perrin, a Bitcoin Youtuber; Ernesto Hernandez, a Salvadoran business consultant; and Carol from the popular Brazilian Youtube channel “Area Bitcoin” addressed a difficult topic: “Victims of the banking system around the world: inflation, censorship.” Bitcoin’s role in such test environments was questioned.
The panelists unloaded experience, evidence and anecdotes from their respective countries: Perrin from Canada, Hernandez from El Salvador and Carol from Brazil to tackle the topic. Hernandez, for example, was quick to illustrate that in El Salvador, Bitcoin is no silver bullet.
The small Central American country introduced “Ley Bitcoin” in 2021, but “Let’s not forget that 8 out of 10 Salvadorans were unbanked,” he explained. “It’s a big jump for people to buy a house — or even buy groceries,” without prior knowledge of how banking or financial services work.
In addition, the Chivo app, backed by the government, faced some criticism and even attacks from protesters when it was launched. The government app is still under scrutiny. During the Q&A session, Bitcoin podcaster Rikki – who spent 45 days living off Bitcoin only with his partner Laura – asked Hernandez about Bitcoin remittances to El Salvador.
Rikki cited a report on El Salvador and remittances, which, while positive, shows that Bitcoin is critically underused for remittance payments. Ernesto explained that interest in El Salvador tends to come from foreign investors and Bitcoin enthusiasts, as opposed to Salvadoran workers living abroad who send money home. Ultimately, the real challenge is educating Salvadorans about the benefits of using Bitcoin as a remittance tool.
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Nevertheless, he said with a smile that it is “funny” to see Salvadorans who had never used banking before in their lives now using Bitcoin on the Chivo app, saving and spending money. Additionally, the SEO words “invest in El Salvador” did not exist before La Ley Bitcoin. Bitcoin has really put the country on the world map and, by proxy, on the world wide web, he explained.
‘Ore’ for banking
Carol, whose YouTube channel recently became a Bitcoin-only channel, explained that central banks’ victimization of Brazilians is historic. Brazil endured “Nine currencies over the last hundred years, 8 died due to hyperinflation from money printing and mismanagement.” Additionally, while the Real, Brazil’s current national currency, is 27 years old, it has “already depreciated by 86%.” Bitcoin is one way to opt out of such a system.
Ben Perrin brought up the “biggest protests in Canadian history,” Canada’s Trucker Protests, also known as the “Freedom Convoy.” He illustrated that the banking system sometimes targets certain individuals or groups. In addition, he alluded to the cooperation between the banking system and governments:
“Our media in Canada is directly subsidized by the government. They get billions of dollars every single year. It helps if you have a specific message you want to get out, and you, as bankroll, are the ones responsible for bringing that message to the people.”
All in all, he also admitted that sometimes the banking system just sometimes doesn’t work – and it’s not an individual’s fault or an intended consequence. In El Salvador, for example, Hernandez shared that banks only had seven days to implement Bitcoin in their new system — so it’s no wonder the system sometimes makes mistakes, Ernesto explained.
In bear markets
On an optimistic note, Perrin expressed that bear markets are for building and there is an amazing innovation going on in 2022. Despite this, Bitcoin lives in a bubble that is unknown or ignored by the rest of the world. Carol added that Bitcoin gets “attacked” the most during bear markets, but it also gives Bitcoin time to breathe and is a reminder to people to take their time:
“Fiat thinking is a short-term thinking. Everything is fast and has to happen now – tomorrow – immediately. Fiat discriminates, but everyone can use Bitcoin. When you start to reflect on Bitcoin, you start to think about all your choices in life. “
Carol compared the government’s manipulation of money to a way of manipulating mindsets. Even in high-inflation environments, like in her native Brazil, Bitcoin adoption is still slow. The challenge for teachers like herself, Perrin and Hernandez is therefore to get across to people that fiat money has no backing.
Related: Pro-blockchain narratives hinder Bitcoin adoption, says StackinSat founder
Finally, Hernandez reiterated that education continues to be the most important component for Bitcoin adoption, but technology remains a challenge. He notes that “if you grab a knife on the opposite side, you will cut your hand.” You have to learn how to use the knife.
He stated that small seeds of adoption are now sprouting across the developing world: he cited the example of Machankura – the company bringing Bitcoin over Lightning to those without an internet connection in Africa. The group has User support from names including Jack Dorsey.
