There’s a particular image people have when they think of BitCoin enthusiasts – they’re white men, between the ages of 18 and 44, usually leaning towards libertarian ideologies.
But why did that image develop, and why are some communities – in particular, the black community apparently so uninterested in hopping on the cryptocurrency train and adopting this alternative form of currency?
Some early adopters like Edwardo Jackson have spent the past few years advocating for the use of BitCoins in the black American community. However, despite his long-time advocacy and regular on activity on his blog dedicated to the subject (Blacks in Bitcoin), there’s little to indicate that the community is interested in taking up the offer to explore this particular development.
BitCoin provides the right benefits
Statistics show us that our image of the typical BitCoin user is accurate, and data further shows that the typical user of BitCoin does so out of an innate distrust for governments regulating their finances, people who are interested in making purchases with relative anonymity and security at the same time using a cost-effective VPN solution. On paper, that appears to fit the needs of many within the black community, but that doesn’t translate into activity.
Advocates say the black community can most benefit from low-cost transactions that help preserve anonymity and separate their activities from a particular government’s finances and regulation. Shawn Wilkinson of Storj said black users can “decouple… from the economic system in a positive manner” by utilizing cryptocurrencies, enabling microlending that can empower the community by diminishing its reliance on major predatory financial institutions, something supporters argue could help the black community more than most other communities.
What keeps people away?
There are two apparent factors that explain the black community’s lack of interest in cryptocurrencies. For one thing, understanding the world of cryptocurrencies requires a relatively complex understanding of how the system works and how to utilize both hardware and software to mine, store and spend cryptocurrency. It requires a lot of education and often requires some financial investment as well. The cost and level of technical experience required can be a significant challenge for many to overcome.
For years, black households have been left behind compared to white households when it comes to acquiring and maintaining access to technology, including home computers and internet access. It’s only in the past few years that the gap has closed, and millennial black Americans have begun accessing the internet at similar rates as White Americans. As more black Americans grow up with internet access and a home computer, they will also become more frequently involved with technologies like cryptocurrency, that require a lot of computer familiarity.
The other factor, however, is outright racism. Because the cryptocurrency community is so heavily dominated by white men of a particular ideology and background, there’s also a disturbing link between cryptocurrency users and hate groups that may generate an unwelcoming environment for minorities looking to break into the field.
A part of the appeal of cryptocurrencies like BitCoin is that they provide some level of anonymity, which is great for people who fear the government. The problem is, it’s also great for people who fear the government, which can include organizations like the KKK looking for ways to conduct transactions without developing a paper trail.
In addition, even communities just meant to discuss cryptocurrencies can react harshly to black members advertising their participation or recruiting other black participants, making those who may be interested hesitate to learn more or enter the community.
However, technology is inevitable, and the freedom of the internet means new communities can form every day. As black users continue to explore the world of cryptocurrency and find each other, a new, more accepting community will eventually develop to replace the old guard. BitCoin isn’t just for white people – it’s for everyone.
