Bitcoin and the Black Americans

[Black Cookies]

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.

According to a survey of 5,126 Americans conducted by Coinbase and Qriously, “Twice as many Black Americans have been negatively impacted by the current financial system” compared to their white peers.

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.

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/

[Slow death]

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

[White Christmas]

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.

[figmentofmyass]

now they are putting bitcoin in the fight for racism?

not exactly.

the author is arguing that black people (like immigrants and other minority groups) tend to be underbanked or 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".

[jseverson]

So about that negative impact:

This finding is supported by broader evidence. For example, the National Bureau of Economic Research also found in 2019 that black mortgage borrowers were charged higher interest rates than white borrowers and were denied mortgages that would have been approved for white applicants.

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.

[alani123]

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.

[Frengki_cisco]

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

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

[FanatMonet]

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.

[davis196]

now they are putting bitcoin in the fight for racism?

not exactly.

the author is arguing that black people (like immigrants and other minority groups) tend to be underbanked or 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".

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.

[hatshepsut93]

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.

[Wexnident]

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

[ololajulo]

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.

[cr1776]

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.

[kentrolla]

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.

[electronicash]

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.

[seoincorporation]

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

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

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

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.

[YuginKadoya]

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. 

[princesspoppy]

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.

[xvids]

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

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.

[Reatim]

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

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

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 .