Known for its unique blend of rich history, vibrant culture, and political isolation, Cuba is the focus of Cointelegraph’s latest on-the-ground documentary. The truth behind Cuba’s Bitcoin revolution Investigating the impact of Bitcoin (BTC) in one of the world’s last remaining communist countries.
The documentary provides first-hand accounts of how Cubans are using Bitcoin to survive difficult economic times, attract new business, and save money in a heavily censored environment.
Journalist and Bitcoin enthusiast Joe Hall embarked on a trip to Cuba determined to witness and capture the “Bitcoin Revolution” as made famous by Alex Gladstein’s book. Check your financial privileges. Gladstein explains how Cubans have used Bitcoin’s stateless, low-fee nature to escape financial repression and secure savings.
The documentary explores how Bitcoin took root in Cuba’s financial landscape, featuring interviews with Cubans and the co-founders of the “Cuban Bitcoin” community, including Forte, Catilla, and Vitalion (pseudonyms). It was brought to life through interaction. . Regular Cointelegraph contributor Paco de la India accompanied Hall and provided feedback and commentary throughout the documentary.
Bitcoin users in Cuba primarily engage in peer-to-peer trading, buying and selling Bitcoin through Telegram and Signal Group. They run nodes with limited resources, evade online surveillance, and use VPNs to access prohibited Internet sites.
Unlike many countries, Cuba does not have a centralized cryptocurrency exchange such as Coinbase or Binance. Additionally, Cubans are prohibited from creating accounts due to poor diplomatic relations with the United States.
As a result, Cuba’s Bitcoin environment is a unique ecosystem that operates almost entirely outside the jurisdiction of the state. Moreover, the resilient Bitcoin community comes against a backdrop of economic hardship. Seventy-two percent of Cubans live below the poverty line, with a minimum monthly wage of about $30, which Katlla, one of the documentary’s protagonists, explains is closer to $13.
Cuba’s economic woes have been exacerbated by hyperinflation, with the Cuban peso losing more than 940% of its value in the past two years. Through testimonies and interviews with Cubans across Havana, it’s clear that Bitcoin is emerging as a lifeline for those looking to protect their savings from currency devaluation.
Related: Cuban Bitcoin Community Hosts BTC-Only Meetup
This documentary captures the grassroots adoption of Bitcoin in Cuba. We also highlight the efforts of the humble Cuban Bitcoin community, who dedicate their time to educating and spreading the principles of Bitcoin to Cubans in an environment where the consequences of their actions are uncertain. I am.
After all, Bitcoin continues to gain momentum in Cuba, but it remains to be seen how the government will react to the emergence of a parallel financial system. The truth behind Cuba’s Bitcoin revolution This is a rare opportunity to get a glimpse of this country in the midst of transformation. Bitcoin could offer Cubans a glimmer of hope and freedom on an island where such aspirations have long been suppressed.
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