Bitcoin Forum

Misconception and Misinformation. This is the main reason why Black Americans hated Bitcoin that much. They have been feed by the wrong information about what Bitcoin can do for them.


Bitcoin can really change the current situation about the economy of African-Americans. They are having a hard time managing their wealth because of their banks that provides a slow transaction. It affects really the economy of the African-Americans because the slower transaction will reflect to their economy movement.

Isaiah Jackson the author of Bitcoin and the Black America book, talks to his fellow Black Americans that that they no longer need the current banking system to manage their wealth. He is promoting the usage of Blockchain Assets to his community since it provides a faster transaction that their current banking system can't provide. He also stated that the main reason why the Black Americans do not want to adapt bitcoin is because of the wrong mindset that Bitcoin is a scam and no longer exist. He created the book for him to be able to relay the message to his fellow Black Americans that the block chain technology would really have a huge impact to the economy of every other country.

We can be the light to every other people that doesn't know anything about Cryptocurrency. We must give them a proper information about what can Bitcoin do to change their lives. We must think of a better way to spread the information about it. Who knows? Maybe these information might be the reason why every other countries will accept Bitcoin in the future.

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Sources:
https://bitcoinist.com/twitter-ceo-is-pushing-bitcoins-benefits-for-black-america/
https://www.coindesk.com/pandoras-box-but-for-freedom-author-isaiah-jackson-on-bitcoins-impact
https://www.theatlantic.com/business/archive/2015/01/why-are-so-few-black-people-using-bitcoin/384268/

now they are putting bitcoin in the fight for racism? This forum has thousands of users and I am sure that this forum has hundreds of members from different countries (including America) and must have white and black people. This means that there are thousands of black people who use bitcoin. Why are they promoting these kinds of things? I see a lot of white people who don't like bitcoin, it has nothing to do with being black or being white... it has to do with how each person understands what they hear and see

Racism in the case of cryptocurrency and bitcoin? It doesn't matter if you are a black or a white citizen! The most important thing here is that you know how cryptocurrency works and you understand what is going to the continues globalization of the world. Black americans and white americans are just the same in terms of their needs and we must give them a proper respect on what they are doing. This forum has a lot of users and I am pretty sure that there are so many both white and black citizen are using this so let's be practical on that case.

not exactly.

the author is arguing that black people (like immigrants and other minority groups) tend to be underbanked (https://en.wikipedia.org/wiki/Underbanked) or unbanked. (https://en.wikipedia.org/wiki/Unbanked) they are more prone to relying on expensive check cashing or remittance services when they could be better served by bitcoin.

the same argument applies to all groups who are considered "underbanked".

So about that negative impact:


If they're being discriminated by high interest rates and loan approvals, I don't see how Bitcoin can help them. Bitcoin can only cover custody of money and transfers, neither of which can royally screw you over unless banks somehow completely lose your money. If they want to go to a Bitcoin creditor, they'll likely face the same problems except on a different currency -- unless it's been proven that Bitcoin creditors are inherently less racist than bank creditors.

Let us not forget the harm the ICO rush and ponzi schemes like bitconnect and FOMO3D also had on the general public.
People like those in minorities who tend to live under financially unfavorable circumstances and face larger discrimination, are also likely to fall for "get rich quick" type scams.
Before you introduce ANYONE to BTC and cryptocurrency, you'd be doing them a service to also offer some SOUND and RESPONSIBLE financial advice. Cryptocurrency carries a lot of risk to hold and loss of capital is a potential outcome that individuals holding crypto assets should always account for.

I wouldn't be surprised if many black Americans heard bad things about BTC if their friends had lost money in a ponzi scheme. Perhaps the truth is for people living in dire financial conditions, that they don't really need BTC in their day to day lives.

Talking about Bitcoin on the American continent, America there are three countries whose inhabitants are also different.

1. Latin America
2. Central America
3. South America.

From these three countries of different descent, here it is very clear opinion about bitcoin is also different, latin indian, white europe and african black, From this factor it is very clear that Latinos and middle people have different languages, Spanish and Portuguese as the second official language, different from black people.

All this information is incorrect, misleading.
The fact is: Bitcoin and crypto assets in Africa are currently very advanced and growing rapidly, you can see the proof here: 4 Reasons Why Bitcoin is So Popular in South Africa (https://yellowblock.io/4-reasons-why-bitcoin-is-so-popular-in-south-africa/)

Now a lot of misleading information outside, do not bring to this forum.

Well, racism cannot be used here, especially considering the fact that the Chinese get the most profit from bitcoins, these are ASIC production and various exchanges. Therefore, dividing people by skin color or somehow else in this case is absolutely not recommended.

The vast majority of black people in America have minimum wage jobs+debt.I guess this leaves them in the "underbanked" and "unbanked" category.Their low economic and social status has something to do with their skin color,which is unfortunate.The author isn't "putting bitcoin in the fight for racism". He is clearly stating that bitcoin can help in the struggle for further economic and social equality between black and white people in America.However,buying bitcoin is still pretty expensive,which slows down the process of bitcoin adoption among the working class.

Bitcoin's benefits compared to banks are largely theoretical - because its downsides far outweigh them. So with Bitcoin you can reduce the fees for some operations, but then your money will turn into a volatile investment that can go up or down by multiple percents in a minute. And it's quite hard to actually spend it in real life, you'd have to spend additional time on getting to the places that accept it, and poor people are often busy or tired to do such things.

Easiest way to fix misconception of people against BTC is if the news that spread is more about its development, instead of the countless scams and hacks that have occurred so far. Not only that, the proper intervention of the corresponding authorities regarding scams should be properly done so that victims wouldn't spread malicious information based on a one-sided point of view towards the general masses/public.

To be fair, the information network of the general masses are hugely contributed by gossip. And people who have a one sided look in life tend to have a harder time accepting what is right even when faced with facts, and they are in the majority of the population. This causes a bandwagon effect, turning majority of the "neutral" ones towards their side, making understanding things harder. The best we could do is to spread proper and correct information regarding it, as well as acknowledging the mistakes made by accepting them, and providing proper feedback with regards to the issues they present

Am struggling with some details of the OP. If we get to know about the bitcoin owners dispersion in USA, it should be recently when strict laws requires even some decentralized exchange to request KYC. Some wallets still dont request KYC till now. Racism concept with bitcoin will consider the geographical location and internet access in such area, literacy level of the citizen and others use case of bitcoin. Jackson seem to stay in Michigan and the black population is very low (less than 14%), it is not a true representative of the whole black in USA.

Does skin color matter?  What about green-eyed Americans?  Blue-eyed Americans?  Blond Americans?  Brunette Americans?  Grey-haired Americans?  Anyone can use bitcoin.  Everyone should use bitcoin, regardless of irrelevant factors like skin color to protect themselves from the statist authoritarians who are ascendant in the US Democrat party.

Oh, and "African-American" is a racist term, invented by the southern Democrat majority in the 1960s and 1970s in order to delegitimize black Americans to make them seem only half American, not full American.  At least per various law schools in the US.  So, you probably don't want to use that term.

This is Just Insane!!! Racism cannot be tolerated here, what does the color of a person do here?

I guess the person is saying BTC usage will help the black Americans as most of them work as a labourer and this technology will help them to think differently. And I believe their financial issues will be resolved if they start using BTC in a proper way.

ian balena is a popular black crypto investor and advisor. he has tons of followers in his youtube account and i guess an african american will always help an african american. its what usually happen we help our own and its not surprise for isaiah jackson to help spread to word to his fellow african american. Bitcoin doesn't learn whether a user is black or white, when a black man sends BTC to a white man is doesn't says NO, it just send out disregarding race.

LMAO... I have no words to explain how your comments make me feel... You forgot about North America ;D

Let me explain you, America the continent is divided in 55 countries as you can see here: https://en.wikipedia.org/wiki/List_of_countries_in_the_Americas_by_population

You also can divide America as North America, The Caribbean, Central America and South America...
https://www.nationsonline.org/oneworld/america.htm

And if you want to talk about Latin America, you are referring to the countries who speak Spanish.

Taking the terms by the wrong mindset that is why Black Americans don't want Bitcoin is a right thing to say and saying it as a wrong impression as well but I think they are not wrong in thinking that as well, Bitcoin can still be used in a scammy way Because a person to person transaction we can not clear out the doubt that Bitcoin can still be used in some scammy and fraudulent way,

That is why I think they need a different approach in getting Bitcoin into their head and I think let's not take out the things people do to scam others, We can say that Bitcoin a transaction but a person is the one doing the atrocity thing to scam a person and not Bitcoin itself. 

For us who see the potential and good things about bitcoin can say that we can deal with it and that it will benefit us in the future but, that doesn't mean that we are not exempted from the risks it might get us. The same things go to Black Americans. It is true that bitcoin is being used in scams and that people lose some of their money by dealing and investing with it, maybe this is the reason why they do not trust bitcoin and do not want to rely on it. It may be misinformation to some, but it may also be true to others, based on their own experiences.

It is true that bitcoin is a good source of income, and the transaction may be faster than that of their banking systems, but that doesn't mean that everything will be good for them if they deal, use, and invest in it. They should also be informed about the risks they may encounter and the future outcomes should always be considered if anything goes wrong if they ever decided to use bitcoin and blockchain technology.

It is sad to see this kind of things being used for racism,
Bitcoin should give us anonymity and anyone is free to use it so why does they need to say something like this.
Everyone could hate or love Bitcoin no matter what color they are no matter what gender they are so we should stop using something to descriminate someone.

i think OP is pointing about Black american/african american and not purely Africans and this is Based in US not in africa(this is how i understand the OP meaning IMO)

though your stand here is correct that in Africa Bitcoin and altcoins are really doing great and growing in advance.

and also the Book is worth reading specially for the Black american's community and also for all the minorities .

it always surprises me to see how racists Americans are, specially when you consider the fact that US is a mixture of every race there is! their level of racism is just as high as the number of races there. and they try to bring it in everything they touch.... now for the first time in bitcoin!

and to be honest this particular one seems to me more like the owners of a business (a Digital Assets Group) trying to attract a certain clientele to their business and make money by playing on their emotions.

I don’t know where you got this kind of information from, but I can tell that this is a very big lie. How does someone even believe this kind of story? There’s nothing like having misconception and misinformation among the black people meehn, it has nothing to do with what race they are, everyone get the same information on Bitcoin and it’s all about how they are able to understand it.

There are lots of black that make use of Bitcoin, more than you can even count all over the world, same way there are white people who make use of Bitcoin. Even in this forum there are also black people, and not just black people but people from every race. Stop saying what you don’t know. I don’t care about the survey you have posted here, Five thousand people is too small compared to the number people in the world. So whatever they got there is fake.

This post makes sense absolutely. It can also be said for Africa countries as well. People who live in economically depressing times tend to fall into scam due to the problem of trying to meet up really fast, its a common problem that we all most stand to fight together with the right education and knowledge about bitcoin.

Black people are being discriminated and we all know it is not just in banks and loans.

Financial freedom might be an answer but Bitcoin and cryptocurrencies are not that reliable even in its run for years now. Scams and hacks are always there and we can't just recommend or suggest it to them since that might lead to another misunderstanding. A lot of white people do not want to use Bitcoin or other cryptocurrencies too, I think we should not just focus on black people.

Even though I normally avoid race related topics like this, I cannot resist the temptation to react on this. Bitcoin ignore all social barriers and racist discrimination. There is no central authority that will control how many coins you can buy and how much you can own.

If there are racism in the Banking system, Black people might find it more difficult to get credit to buy bitcoins, but that is not a bad thing, because people should not buy bitcoins on credit.  ;)

Bitcoin discriminates against nobody, no matter if you are 10 years old or if you are a terrorist or a gay person or a pedophile, you can buy and sell it, no matter what.  ;)  < Bitcoin is no different to cash, when it comes down to it, but getting the cash on credit from a Bank is the problem, because they discriminate>   :(

It saddened me when I first saw this article online before seeing it here. Racist should back off from using Bitcoin to get their hate to another, Bitcoin is for everybody and not just for some group of colored humans. Bitcoin doesn't select who owns it, either white or black. China have been having good time with Bitcoin because of ASIC, are they black in color? Let's not let in racism into this technology, it's for everyone.

Yes racist should really back from using bitcoin because it's doesn't matter if you are black or white there's no problem on holding bitcoin if you are white or black people in cryptocurrency we do not tolerate those kinds of racism because all of the people here is equal the promote equality bitcoin and cryptocurrency wants equality rest assured that no matter what happens black and white people can use cryptocurrency all the time as long as they know what to do about it. Let's stop on being racist let's just introduced bitcoin cryptocurrency all over the world no matter what color or the race of the people you will introduce.

It's such a shame that even in the 21st century we are still looking at race and skin color as the basis of superiority and personality. Bitcoin doesn't have to do anything with anyone's color or race, especially if the said currency is just going to be used for a few times without having to relay the user's identity. The great thing with bitcoin is that it no one judges anyone who wishes to use it, provided that you stay away from other's business. It's actually the closest thing to actual respect that you can see on financial/currency systems--it does not discriminate, not even on the slightest.

Do you have some information on why their banking system was slow?  I believe that they have atleast digital transactions operating and it somehow make their transaction fast.

In the case of bitcoin, absorbing negative information about it can really affect our perception like what happened to our fellow Black Americans. One thing we can do to atleast prove what Bitcoin can do is to spread the real news or information about bitcoin. Yes it is risky in some way and doesn't guarantee you a return but the technology behind it is something that can really benefit us.

I somewhat agree with you. But thousands of black people does not prove that they're fine with using it. To make a statement such as the op's making, however, we need some nice representative professionally done polls. It might turn out that on average black people in the US ('cause we have to remember that cryptos have gained quite some success in African countries) are more prejudiced against Bitcoin and the reason for that might be that they received a more negative impact from the financial system (on average). These things need solid proofs to be taken seriously. But in any case, Bitcoin promotion to any groups of people is something to support, right?

Some of my white and black friends back in those days in school hate Bitcoin then but, with some number of them actively getting into the technology without  color of the body. Seriously speaking, we should keep the racist agenda far from Bitcoin because, Bitcoin is a decentralized digital currency and its been embrace by both white and black.

Some black countries have shown bigger interest in this technology, Binance has grown beyond some level to preach digital to the black nations, these nations are growing faster.

Discrimination is not longer be existed when it comes to this and crypto, Everyone is welcome no matter what is the color you may have.
In fact, we love to see everyone will adopt this technology and to have a better living. But somehow, some people would like to ruin and disrespect someone's right giving them misleading information just to lead them into far from what Bitcoin should be instead of giving them encouragement and complete information.

if bitcoins are doing great on africa then how much more on u.s and other advanced countries? miss conception is there and not only happening on the said countries or races  but there is always a room for change and acceptance. alot of us were also think that bitcoins are bad and we saw false info on the web but after doing further research if what is really the truth for btc , we knew that btc wasnt that bad at all.  we shall also help spread the right info so that we can attract people to enter before they read on the missleading ones and leave

That wouldn't affect races since Bitcoin as an asset can be owned confidentially and nobody noticed if you're having huge holdings. This currency kept hidden, and become a discreet asset that can be used for different purposes aside from trading. Several people around the world chooses to adopt to this blockchain system, because it expedites transaction and eliminates fiat money spending.

Bitcoin's advantages contrasted with banks are to an excellent extent hypothetical - on the grounds that its drawbacks far exceed them. So with Bitcoin you'll decrease the expenses surely activities, however then your cash will transform into an unstable venture which will go up or somewhere around various percents during a moment. What's more, it's extremely difficult to actually undergo it continuously on earth, you'd got to invest extra energy in going to the spots that acknowledge it, and needy individuals are regularly occupied or tired to try to to such things.

Nice post mate, this information is new for me, well there are still some people who still believe that bitcoin is scam because of so many reasons, in my country most of the people are also afraid of trying bitcoin and other cryptocurrency because of thinking that it is scam, they are not yet open about the benefits and how useful the cryptocurrency. They have thoughts that money can get only from hard work, there is no easy money as cryptocurrency so they are not trying it, luckily I have a friend who told me about this so now I am knowledgeable about cryptocurrency.

Actually the OP is not talking about racism, if you will read and understand about the things he have said, you will see that he is just saying the fact about how black Americans think about bitcoin, just because you have read about black american, it is automatically a racism, just read and understand it and you will see that it is not like that.

Those black Americans think about cryptocurrency and bitcoin has something similar with the other people in our country because most of the people here are not believing bitcoin, they are only believe to the use of fiat currency because that is what they have when they have done working and not cryptocurrency. That is the thing that they are used for so long so adopting cryptocurrency in their mind will not effective unless they will spend more time learning about it.

Yes, racism is not really good discussing in this forum, but did you read well what he have said? I think he is not saying something bad about black Americans so it is not racism for me, he are just saying about the opinions of the black Americans to cryptocurrency.

I can barely understand what you have wrote but I get the point. Talking about the race, gender, age and other personal characteristic is out of bounds from the bitcoin, bitcoin has nothing to do with that stuffs.
American, European, Asian whatever you are, you are free to be part of the decentralized network that affects the price of it. Stop being a racist, letting others down only shows your bad attitude.

Everywhere, literally every subject has to go through a race lense. I just don't get it

I appreciate and commend OP's effort. all you curmudgens complaining about the race narrative can go live on some front-line neighborhood and get athsma becaue you earn enough yet you're still bein forced to live someplace detremential to your health... or having lived somewhere your whole life for it to only over time be stripped away from your neighbors and your families... gentrification is messed up and redlining is messed up and YET ITS A THING... so yep I'm all for pointing out advantages that can help others within my peergroup. Those who scoff at the op I would dare say ARE white americans....or are the default majority within their society (ie asians in your home nation)...so I get why you say "leave race (like politics) out of it" but I would rather see more black people learn about fiat currency and to learn about the ability to choose to hold bitcoin as a savings and spending vehicle that can actually help to bootstrap other businesses and/or keep money within the community...I know those seem like pipe-dreams from a 2020 standpoint but the potential or viable legitamte p2p commerce expands through crypto and the fees become a different form (instead of cc processing fees, its now mining fees - if we're talking an enclosed system where you earn and spend bitcoin directly).

I don't notice African Americans doing video campaigns on youtube so maybe it's true all the news they hear regarding BTC is bad. In reality, I have not seen black Americans discussing money matters on TV.  They enjoy so much of the ball games they play and worrying economy could be the last on their list.

Seriously, what do you mean by the black Americans? Man, there is nothing like the Black Americans. There isn’t no where it is said that the blacks are the only ones that are afraid to make use of Blockchain and cryptocurrency, this is a joke.

There are lots of people who don’t like to make use of Bitcoin or the Blockchain, they are just not interested, and it has nothing to do with what race they are from. There are white people who are not interested cryptocurrency and there are also Asians, and people from all part of the world who are literally not interested. So stop saying that it is only the black Americans that are not interested in it.

It is unfortunate that with such a strong development of humanity and civilization, many people still have a negative attitude towards blacks.  I thought that this problem already remained in the last century.  I am 100% sure that among black people there are quite a lot of musicians, writers, scientists and other smart people who are in no way inferior to white people.  In addition, no one can refute the fact that in many new projects and already existing companies that use blockchain and cryptocurrency among developers, there are also a lot of black people.  it is unfortunate that people still discuss such problems.

I'm glad we have:

roasbeef
reggie middleton
jerry of endworldsuck
ed harris
Isaiah Jackson

AND IM ANGRY WE HAVE TOTAL SCUM OF THE EARTH TREVON JAMES...  ;) FUCK YOU TREVON JAMES  ;)
That you're black is just true insult to injury... but seriously... fuck you Trevon James.

Bitcoin has nothing to do with politics or anything like that, bitcoin is neutral.

Bitcoin will always get comingled because of human beings... since Bitcoin correlates to money and money correllates to everything .. racial equality correlates to money and politics correlate to money... so I'd argue that unfortunately, due to the nature of humanity, bitcoin, like money will always have some relevance to the other topics.

I don't disagree that black Americans suffered more from the system than whites (mainly because the whole system is rigged by old money, which is white) but I don't get what Bitcoin's really to do with anything, other than it was very likely designed by whites.

Interesting read on the book, nevertheless, but this level of wokeness is a bit misleading when it comes to Bitcoin discussions, because this money system ain't got nothing to do with colour.

Brown and yellow people, are probably the majority on this forum, for example. Am I wrong?

So agree here.

The blockchain, the Bitcoin as a whole has no colors hence it would go in any ways without choosing a color. People are doubting cryptocurrencies until now and it is not just them, from Yellows to Whites to Browns, all of them are the same doubting it. I am from Asia and I can confirm that people are not just interested in such technology, they don't care since they believe that it is just a scam.

Yellow people right..Brown people, not so much i think..People been trying to get a moderator for one of those subs (https://bitcointalk.org/index.php?board=89.0) for a long time but this doesn't seem to have come to Theymos' attention yet. I mean we even got the Supreme Court of the Land to revoke a banking ban. surely they deserve a moderator..

Also, Its amazing someone wrote a whole book on this topic. Why make just black americans use bitcoin more, all americans should be using it more to get out of the consumerist cycle that the Feds love them to be in. The people are made to work so hard (hustle??) to get a slice of their own American dream that I wonder if they ever get to live. People should be able to live in self-sufficient, decentralized communities where they can earn and fulfill each others requirements, work for maybe 30 hours a week and actually live their lives the rest of the time.

Ah yes I remember you, definitely more brown than me, and I wouldn't know about how the mods are -- I think the problem is us yellows and browns speak English, and those of us who don't wouldn't really have the access to Bitcoin. Sad truth, innit? Those who need it the most likely will never get out of their cycle to get the proper education they'd need to compete and escape from their destinies.

Which I suppose is why I get the book, but also why I think it's slightly off the mark.

About your 30 hours a week: I suggest you look at "degrowth" theories. Been catching my attention for some time now.

Let not bring racism into bitcoin because bitcoin is a universal currency that have no race restrictions, some of the reason why blackAmerican may be negatively impacted by bitcoin is 1 due to lack of adequate understanding and knowledge of how blockchain works and also the desire to get rich quick due to underdevelopment.

Coinbase and Qriously to ask 5,126 people ages 18+ in the US and UK about their experiences with the current financial system.
This is the study referred to by @Black Cookies

https://blog.coinbase.com/coinbase-reports-black-americans-crypto-97e54cc89f84 (https://blog.coinbase.com/coinbase-reports-black-americans-crypto-97e54cc89f84)

It is a good, elaborate study that shows us what African Americans think of the current financial system in the United States that it is worth reading and learning more.
As in all parts of the world, Bitcoin and cryptocurrencies are accepted by a minority because it is necessary to learn about them and gain confidence in the technological system and enjoy its advantages.

This applies to anyone irrespective of your colour or race, many people are struggling with the financial system don't necessarily mean a certain colour or race struggles harder than the others, people from every part of the world use btc because it suits their transaction needs, the American blacks can equally do same without making so much issue about it, btc is for everyone no matter your race. All they need is some reading and doing research.

Education and information dissemination is a key thing when you want to encourage people to trust bitcoin, I think almost anything could be done the same. We all know that ever since the Internets inception, there have been millions of scams that have spread on it, for this reason that this people find bitcoin an object for scam artist, we can't blame these people because we all have our own biases or maybe they are being cautious because of past experience or they know someone that have experience. Books are a great thing for information dissemination but in this day and age, books will reach fewer demographic, if this book could be available in e-books then this will surely reach more demographic.

Personally I think bitcoin is a wonderful coin dropped all over the world Coins here Americans can only use bitcoin can't use anywhere in the world It's totally wrong bitcoin is a world wide open mother of coin by this and shopping mall are loving a very good system. Where we can easily fall in love with different types of love so I think these Let all the world's countries in offers from circulation will increase and people will be able to meet all the demands of everyday life and personal stuff.