The post CORVA: Want Greater Adoption Of Bitcoin? Use It To Fix Problems. appeared on BitcoinEthereumNews.com.

Follow Frank on X. Bitcoin will not become more widely adopted as a result of intellectual curiosity or because it’s theoretically the best form of money ever. Instead, people will begin to use it because it solves pressing problems in their lives. So, if you’re looking to foster greater Bitcoin adoption, show someone how they can use Bitcoin to solve an issue their facing. Hermann Vivier, co-founder of Bitcoin Ekasi, a Bitcoin circular economy in South Africa was given this advice from Mike Peterson, Director of Bitcoin Beach, the world’s first Bitcoin circular economy, and it continues to inform his work. The broader problem that Bitcoin solves for underserved South Africans is that it provides them with a means to save in an environment in which many don’t trust banks or have much access to other investments. Part of the reason they don’t trust banks is because they’re often charged hidden fees from both the banks themselves as well as local merchants. Vivier told Bitcoin Magazine that many in the community often purchase goods via layaway programs (buy now, pay later) and are often duped by stipulations in the fine print of the deals. “You can go in and buy something today, not pay for it at all, take it home and then the merchant starts charging you after the second or the third month,” explained Vivier. “These credit schemes are quite exploitative. The fees would go up over time as interest accumulates and the residents give the company the right to just draw the money from their bank accounts, but the buyers don’t understand what they’re signing away,” he added. “After a year, they see there’s still money going out of their account, but in their mind, they’ve already finished paying for this thing, yet they’re still paying for it and they…

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Filed under: News - @ October 5, 2024 12:26 am