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Bitcoin comes with a resolution of changing the financial status of people, irrespective of their race. The bitcoin market has no bias on people’s race, gender, age, marital status, or demographic features.
These features can limit one’s advantage in attaining financial security in the current economic system. For example, teenagers at age eighteen or below in some countries can only harness a definitive amount of money in their local bank account; some are not allowed to own a bank account based on government rules.
Similarly, in international trade, physical meetings with investors are standard practice, and the identity of both parties involved is well known before the transaction. On the other hand, an individual investing might decide not to invest because the other party is black or based on prejudice, distrust, or past hurt relating to the current status of the individual involved in the transaction. However, the bitcoin space considers diversity inclusion in its market, trade with people in the system is anonymous, and a partner, not even name, knows no personal detail.
People from underrepresented locations like African countries identify bitcoin as the new oil, a new investment scheme that appears to be more profitable than the traditional stock. Likewise, some believe it to be a gambling system with little or no assurance of profit, and a more significant number of people think it is a get rich quick money scheme that is illegal. Parents in my locality advise their children not to get involved in Bitcoin transactions.
Not until recently did the buzzword bitcoin become a periodic statement. The narrative changed when the media published news about how bitcoin is changing people’s financial stories. The international market also felt the impact of the bitcoin wave, and many individuals started adopting it.
Some African Americans confidently start investing in bitcoin; according to a survey carried out by NORC at the University of Chicago, 44% of cryptocurrency traders are investors of color, compared to 35% of stock investors. More blacks are tuning into the bitcoin wave because of its financial revolution attribute.
Despite this move, the marginalized are limited in the bitcoin space due to lack of knowledge, wrong information, the government ban on bitcoin, and fear of not making a profit. If more blacks can let go of this limitation, there are chances of enjoying economic equality like others in the bitcoin space. Bitcoin makes financial freedom a possibility, but it has a cost.
Thanks to bitcoin, people of color can make negotiations using digital currency without discrimination. There is no racism in the bitcoin financial system since everyone appears anonymous; only the bitcoin address to identify people in public, not facials, and transactions without sentiment are made, making individuals included in the bitcoin system. Bitcoin is for all, and it is inclusive.
Bitcoin is black! Bitcoin is white!! Bitcoin is a rainbow!!!
This is a guest post by Ajayi Bolarinwa. Opinions expressed are entirely their own and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.