Cuba, a country known for its unique blend of rich history, vibrant culture and political isolation, is the focus of Cointelegraph’s latest on-the-ground documentary. The truth behind Cuba’s Bitcoin revolution Explores the impact of Bitcoin (BTC) on one of the world’s last remaining communist countries.
The documentary provides first-hand accounts of how Cubans are using Bitcoin to cope with a challenging economic climate, attract new businesses and save money in a censorship-heavy environment.
Journalist and Bitcoin enthusiast Joe Hall embarks on a journey to Cuba, determined to witness and capture what became known as the “Bitcoin Revolution” in Alex Gladstein’s book Check your financial privileges. Gladstein explains how Cubans are taking advantage of Bitcoin’s stateless, low-fee nature to escape financial oppression and secure their savings.
This documentary explores how Bitcoin took root in Cuba’s financial sector and brings it to life through interviews and interactions with Cubans and co-founders of the “Cuban Bitcoin” community Forte, Catrya and Bitalion (pseudonym) . . Regular Cointelegraph contributor Paco de la India traveled with Hall and provided feedback and commentary throughout the documentary.
Bitcoin users in Cuba are mainly engaged in peer-to-peer transactions, buying and selling Bitcoin through Telegram and Signal groups. They run nodes with limited resources, evade online surveillance and access banned sites through VPNs.
Unlike many countries, Cuba lacks centralized cryptocurrency exchanges such as Coinbase or Binance. Additionally, Cubans are prohibited from creating accounts due to poor diplomatic relations between Cuba and the United States.
The Cuban Bitcoin environment is therefore a unique ecosystem that operates almost entirely outside the state’s control. Furthermore, the resilient Bitcoin community was built against a backdrop of economic hardship. 72% of Cubans live below the poverty line, and while the minimum monthly wage is about $30, Catrya, one of the protagonists of the documentary, explains that the figure is closer to $13.
Hyperinflation has exacerbated Cuba’s economic difficulties, with the Cuban peso losing more than 940% of its value in the past two years. Through testimonials and interviews with Cubans across Havana, it’s clear that Bitcoin has become a lifeline for those looking to protect their savings from currency debasement.
Related: Cuban Bitcoin Community Hosts Bitcoin-Only Party
This documentary chronicles the grassroots adoption of Bitcoin in Cuba. It also highlights the efforts of the Cuban Bitcoin community, who take the time to educate and spread Bitcoin principles to Cubans in an environment where the consequences of their actions are uncertain.
Ultimately, as Bitcoin continues to gain traction in Cuba, it remains to be seen how the government will respond to the emergence of a parallel financial system. The truth behind Cuba’s Bitcoin revolution Offering a rare glimpse into a country on the cusp of change. Bitcoin could offer Cubans a glimmer of hope and freedom on an island where longing has been pent-up for so long.
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