The Truth Behind Cuba’s Bitcoin Revolution: Video

Cuba, a state known for its unsocial blend of affluent history, vibrant culture, and governmental isolation, is the absorption of the latest Cointelegraph on-the-ground documentary. “The Truth Behind Cuba’s Bitcoin Revolution” explores Bitcoin's (BTC) interaction successful 1 of the world's past Communist states. 

The documentary provides a firsthand relationship of however Cubans are utilizing Bitcoin to navigate challenging economical circumstances, pull caller businesses and prevention wealth successful a censorship-heavy environment.

Journalist and Bitcoin enthusiast Joe Hall embarked connected the travel to Cuba determined to witnesser and seizure the "Bitcoin Revolution" that gained prominence successful Alex Gladstein's book, "Check Your Financial Privilege." Gladstein explains however Cubans person harnessed Bitcoin's stateless and low-fee quality to flight fiscal oppression and unafraid their savings.

The documentary explores however Bitcoin has taken basal successful the Cuban fiscal scenery done interviews and interactions with Cubans, arsenic good arsenic the cofounders of the Cuba Bitcoin community: Forte, Catrya and Bitalion (not their existent names). Paco de la India, a regular Cointelegraph contributor, traveled with Joe and provides feedback and commentary passim the documentary.

Bitcoin users successful Cuba chiefly prosecute successful peer-to-peer transactions, buying and selling Bitcoin done Telegram and Signal groups. They tally nodes with constricted resources and evade online surveillance and entree banned net sites with VPNs.

Unlike galore countries, Cuba is devoid of centralized crypto exchanges specified arsenic Coinbase oregon Binance. Plus, Cubans are banned from creating accounts owed to mediocre diplomatic relations with the United States.

Consequently, the situation for Bitcoin successful Cuba is simply a unsocial ecosystem that operates astir wholly extracurricular of the scope of the state. Moreover, the resilient Bitcoin assemblage is acceptable against a backdrop of economical hardship. 72% of Cubans unrecorded beneath the poorness line, and portion the minimum monthly wage is astir $30, Catrya, 1 of the documentary’s main characters explains that it is person to $13.

Reporter Joe Hall, Paco de la India and lone $200 of Cuban peso bills

Cuba's economical hardships are exacerbated by hyperinflation, with the Cuban peso losing much than 940% of its worth successful the past 2 years. Through testimonials and interviews with Cubans crossed Havana, it’s wide that Bitcoin emerges arsenic a lifeline for those looking to support their savings from currency devaluation.

Related: Cuba Bitcoin assemblage hosts BTC-only meetup

The documentary captures the grassroots adoption of Bitcoin successful Cuba. It besides highlights the efforts of the humble “Cuba Bitcoin” assemblage who walk their clip educating and propagating the principles of Bitcoin to Cubans successful an situation wherever the consequences of their actions are uncertain.

Ultimately, As Bitcoin continues to summation traction successful Cuba, it remains to beryllium seen however the authorities volition respond to the emergence of a parallel fiscal system. The Truth Behind Cuba’s Bitcoin Revolution, provides a uncommon glimpse into a federation connected the cusp of transformative change. Bitcoin could connection Cubans a glimmer of anticipation and state connected an land wherever specified aspirations person been agelong suppressed.

Magazine: ‘Elegant and ass-backward’: Jameson Lopp’s archetypal content of Bitcoin