Cuba, a rustic identified for its distinctive mix of wealthy historical past, vibrant tradition and political isolation, is the main focus 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 gives a firsthand account of how Cubans are utilizing Bitcoin to navigate difficult financial circumstances, entice new companies and lower your expenses in a censorship-heavy atmosphere.
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 ebook Test 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 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 daily Cointelegraph contributor, traveled with Corridor and gives 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 Telegram and Sign teams. They run nodes with restricted assets and evade on-line surveillance and entry banned web websites with VPNs.
Not like many international locations, Cuba is devoid of centralized crypto exchanges equivalent to Coinbase or Binance. Plus, Cubans are banned from creating accounts because of the nation’s poor diplomatic relations with the USA.
Consequently, the atmosphere for Bitcoin in Cuba is a novel ecosystem that operates virtually totally exterior of the attain of the state. Furthermore, the resilient Bitcoin neighborhood is about towards a backdrop of financial hardship. Seventy-two p.c of Cubans reside beneath the poverty line, and whereas the minimal month-to-month wage is roughly $30, Catrya — one of many documentary’s major characters — explains that it’s nearer to $13.
Cuba’s financial hardships are exacerbated by hyperinflation, with the Cuban peso dropping greater than 940% of its worth within the final two years. By way of 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 neighborhood hosts BTC-only meetup
The documentary captures the grassroots adoption of Bitcoin in Cuba. It additionally highlights the efforts of the standard Cuba Bitcoin neighborhood, who spend their time educating and propagating the ideas of Bitcoin to Cubans in an atmosphere the place the implications of their actions are unsure.
In the end, as Bitcoin continues to achieve 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 gives a uncommon glimpse right into a nation on the cusp of transformative change. Bitcoin might supply Cubans a glimmer of hope and freedom on an island the place such aspirations have been lengthy suppressed.