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4 Reasons Why Black Lives Matter Should Start Accepting Bitcoin

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Black Lives Matter

Systemic anti-black racism is prevalent across the globe. A series of events in the US have catalysed countrywide protests, bringing more eyes to one of the biggest movements against racism, the Black Lives Matter (BLM) movement.

In this piece, we explore the reasons Black Lives Matter would benefit from adopting bitcoin as a method of accepting donations.

Bitcoin Is A Peaceful Protest

black lives matter bitcoinAttempting to resist a system that oppresses you, while leveraging the tools employed by the same system, can be counterproductive and undermine. For movements like Black Lives Matter, it is imperative to utilise systems outside of traditional resources that are not tainted with the prejudice that disenfranchises BIPOC.

In the United States, the black community has long complained of unsatisfactory access to traditional financial services. While there is no shortage of research papers and statistics on race issues, given the current climate, it is important for us to contextualise and understand how traditional financial systems underserve black people in the US.

A study by McKinsey & Co published shows a direct link between weaker financial power and a lack of access to financial services like banking. For instance, predominantly white counties have an average of 41 financial service providers, while black ones have 27 of these financial firms. Further, banking in these black counties is mostly more expensive as compared to white-counties.

Moreover, despite being underserved, black people are overcharged by banks in the very few situations where services are available. 

There are several other examples mentioned in the report that paints a vivid picture of the extent to which black people are unbanked. Other examples cited in the report include requiring higher account balances and difficulty in accessing loans.

This is where bitcoin can come in.

Bitcoin knows no race and does not discriminate. Everyone anywhere can get a bitcoin wallet and purchase bitcoin online. 

By leveraging bitcoin, progressive movements like Black Lives Matter can send a powerful message, addressing the underlying racism prevalent in traditional financial services. With enough steam, it may eventually aid to break down the archaic financial systems that continue to aid in the oppression of minority groups all over the world.

If there is any single reason for Black Lives Mater to accept bitcoin donations, it is because using bitcoin is another form of protest.

Bitcoin Is Censorship-Resistant

Black Lives Matter may find favour in the eyes of regulators and payment processes like Paypal. At this point, it will be almost suicidal for anyone to consider cutting payment channels to the movement. However, if historical precedence is anything to learn from, it is all fun and games till it is not.

WikiLeaks, the famous, was banned by PayPal in 2010 for violating its policies and terms of service.

Before then, over $1 million of donations towards WikiLeaks had come through PayPal. Black Lives Matter may be different from WikiLeaks. However, any loophole that provides an avenue for censorship must be sealed moving forward to secure the future financial backing of the movement. 

Accepting bitcoin as donations would provide a viable alternative, especially given its censorship-resistant nature.

Private Donations 

Sometimes people prefer to give privately without revealing their identity.

Between bitcoin and traditional online payment methods, bitcoin allows for more private transactions. To factor in the privacy-conscious crowd who could be interested in donating to the movement, Black Lives Matter is likely to benefit from accepting bitcoin.

Even though the anonymous nature of bitcoin has been at the centre of debates, Bitcoin’s pseudonymity makes it undisputedly a more privacy-conscious financial tool than PayPal or bank payments. 

Access to a Wider Audience

Black Lives Matter

PayPal may seem like the ultimate financial tool for many, but that is not the case in many places. In some parts of the world, people are unable to use PayPal due to the unavailability of service in their region.

Bitcoin is a universal payment method that is accessible by anyone, anywhere in the world. In every corner where there is connectivity, people can use bitcoin as money. BLM will open up donations to people from all parts of the world.

While there still are people in the Bitcoin community who hold ideologies that belong to past centuries, there are also a lot of people in Bitcoin who support BLM and other movements around the world that fight against oppression. By allowing people to send donations via bitcoin, BLM opens up to bitcoiners around the world who support Black Lives Matter.

In a world where tools that aid human sovereignty have evolved to the point where there is revolutionary money, free from traditional systems, movements like BLM can harness innovations like Bitcoin to further their cause.

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The First African Art Collection Powered by NFTs is Here

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African Art
Photo credits: Kureng Dapel/Rich Allela

Picha Images – a digital media company powered by Artificial intelligence and Big Data – is launching the first crypto art non-fungible tokens (NFTs) in Africa. The upcoming auction will feature African art from the Kenyan-based Multiple Award-Winning Photographer and Filmmaker Rich Allela and will be held from April 26 to May 3, 2021.

The NFT auction and artwork will be hosted on OpenSea, one of the biggest non-fungible token digital marketplaces, founded in 2018.

Why is Picha Images Going Crypto?

Picha Images has a track record of being highly innovative and has been recognised as a disruptor in the Kenyan and African creative industries.

Covid Art Gallery

The Virtual Africa COVID exhibition held by Picha Images in conjunction with the World Health Organisation (WHO) and Create2030

The company embraces Artificial intelligence and utilises Big Data analytics to produce high-quality photo and video productions.

Furthermore, Picha Images develops products and services in Business to Business (B2B) photography; digitises hardcopy images; facilitates cloud storage of images for companies, and carries out videography. The company has in the past been credited with holding one-of-a-kind Augmented and Virtual Reality exhibitions, even during tough times. 

Pre-COVID exhibition

Bringing still images to life using Artificial Intelligence in Rich Allela’s exhibition “30 under 30”, held in 2019 (Pre-COVID)

As a company that values technological advancements, Picha Images’ approach of having NFTs for artists such as Rich Allela makes technological and financial sense. The company is currently placing the wellbeing of their creative artists first by exposing them to a way to secure their work, maintain the copyrights to their creations and earn royalties in perpetuity.

For a customer of Picha Images, purchasing these NFTs will mean that you will have hacker-resistant proof of ownership of a digital piece of art.

Why Rich Allela?

Afro-renaissance

Photo credits: Rich Allela

Rich Allela is a multidisciplinary artist whose work focuses on culture and heritage in Africa. He has an interest in documenting cultures that are at the threat of disappearing due to modernisation.

Allela’s works are famously described as “Afro-renaissance” because they herald the rebirth of the African culture through the creation of a new generation of art aimed at rewriting the African narrative.

These unique art pieces have won numerous awards including the Africa PicFair photo awards and Kenya Photo Awards and have been used by companies such as Canon Global to launch products such as new cameras. As an influential artist, Rich Allela’s story has been featured on CNN, BBC, and other news outlets around the world.

Speaking to BitcoinAfrica.io, Rich Allela said;

“For ages, artists have been getting a raw deal when it comes to secondary sales of their work. By launching the Rich Allela’s Afro-renaissance collection on NFT, Picha Images aims to empower artists to maintain the copyright of their work and earn from secondary sales. Through this auction, the public will place their bids where the highest bidder will walk away with a piece of digital art and send a message to the world on the value of art as an investment worth making.”

Would You Like to Participate in the NFT Auction?

The auction will go live on April 26 and can be accessed via https://opensea.io/accounts/Rich_Allela.

To learn more about Rich Allela’s works, visit his Instagram account @Richallela or reach out to Picha Images by visiting their website.

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How to Buy Tether (USDT): A Step-by-Step Guide for 2021

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how to buy tether

Tether is a stablecoin backed 1:1 by the US dollar. As a result, it does not experience the same volatility as other cryptocurrencies. In this guide, you will learn how to buy tether on Africa’s leading peer-to-peer exchange, Paxful.

How to Buy Tether (USDT)

To buy USDT, you will need a cryptocurrency wallet and an account with an exchange. Here are the steps you should take:

  • Download a mobile, desktop, or hardware crypto wallet to store the USDT you will purchase.
  • Next, create an account with an exchange or a P2P marketplace that supports Tether USD. For instance, you can create an account on  Paxful. If you already have an account, log in.
  • After registering an account, verify the required credentials. Paxful requires users to verify details like phone numbers, home addresses, email addresses, and ID numbers.

How to Buy Tether from a Peer-to-Peer Marketplace

Buy Tether on Paxful

If you created an account on Paxful, you can buy tether by using these steps.

  • Visit the website.
  • Click “Buy” and select tether.
  • Choose your preferred payment method and currency. For example, Paxful offers over 350 payment methods such as PayPal, mobile money, gift cards, crypto, and debit cards. Also, enter the amount you wish to purchase and select your country.
  • Click “Search Offers.”
  • The platform will display a list of offers based on the criteria you chose. Browse through this list paying close attention to the buy limits, prices, offer terms, and time limits.
  • Read the reviews of the sellers that catch your attention. Before choosing a seller, ensure that they are fully verified and active on the platform.
  • Once you find a suitable seller, click “Buy.” Note that you should read the seller’s terms first before starting the transaction.
  • If the platform offers a live chat feature, you and the seller can discuss the transaction details. For instance, the seller will send you the payment details through this chat feature.
  • Make the payment and follow any other instructions the seller has provided. Additional instructions that sellers might require you to undertake include sending a photo of your ID. The seller could use this document to verify that the payment sender matches the name on the ID.
  • Once you complete the payment, confirm on the website that you have paid.
  • The seller will then verify the payment and release your USDT.
  • After a few minutes, your USDT balance should reflect in your account. If you desire, transfer the crypto to another wallet.

Purchase Tether in Person

If you prefer to make a one-on-one transaction, look for local tether sellers on reputable Facebook or Telegram groups, or choose the “in-person” purchase option on a peer-to-peer exchange.

  • Contact the seller and schedule a meeting at a public place. Tell them how much you wish to buy so that they can prepare themselves in advance. They should also tell you how much it will cost.
  • Once you meet with the seller, show them the money as a sign of trust. But do not hand it over just yet. The seller should send you the USDT first.
  • Wait until the new USDT balance reflects in your wallet before paying the seller.

Buying tether is straightforward and flexible. You can use your local currency or another digital currency to acquire this stablecoin. Moreover, using a platform like Paxful gives you more than 350 methods of buying USDT, thereby providing convenience.

To buy Tether USDT in Africa, access Paxful here.

*This article was written in cooperation with Paxful, Africa’s leading peer-to-peer bitcoin exchange.

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Weekly Roundup: Bitcoin Hits over $60,000, Luno Launches ETH & USDC Interest Accounts

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Bitcoin

Bitcoin broke past the $60,000 mark on March 13, 2021, to surpass Facebook in total market value. To learn more about this and other stories, keep reading this article.

Bitcoin Hits Over $60,000 and Surpasses Facebook in Value

Bitcoin AcceptedOn March 13, 2021, bitcoin recorded a high of $61,683.86. This is yet another milestone that the cryptocurrency has achieved after recording a series of several all-time highs in the past three months.

Institutional investors continue to boost bitcoin’s price with Chinese firm Meitu being the latest company to purchase crypto. The firm bought $22.1 million in ether and $17.9 million in bitcoin.

“Beeple’s $69 million [non-fungible token] record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100K levels by Q3,” said Jehan Chu, Managing Partner of trading firm Kenetic.

Furthermore, bitcoin’s market cap has risen to the eighth position, surpassing Facebook. Currently, bitcoin has a market capitalization of about $1.07 trillion while Facebook has a market cap of $808.76 billion.

Luno Users Can Now Earn Interest on Ether and USDC Savings

Luno users can now add ETH and USD coin (USDC) to their savings wallet where they can earn 4 percent and 7.6 percent APR, respectively. The exchange introduced the savings wallet five months ago allowing users to earn up to four percent on their bitcoin savings.

Luno Earn

“The addition of two new cryptocurrencies to the savings wallet gives customers even greater flexibility and potential to earn interest as they grow their crypto savings. A high percentage of Africans who own cryptocurrency do so for speculative investment purposes, with the majority holding their crypto for the long term. If your crypto investment strategy is holding your crypto long-term, the savings wallet earns you additional interest for what you were already doing,” said Marius Reitz, the General Manager for Africa, at Luno.

According to a Luno 2020 survey, more than a third of the respondents (35 percent) were not earning interest on their traditional cash savings. On the other hand, 54 percent were not earning interest on their current bank accounts. As a result, Luno wants to change these statistics with its crypto savings wallet.

The savings feature pays out interest monthly and users can access their savings 24/7. Moreover, 250,000 people are using the savings wallet since its launch.

South African Company Invests in Bitcoin

It is not large companies alone that are investing in bitcoin. According to an article on Tech Central, open-source software firm LSD Information Technology has purchased R2 million in bitcoin (about $135,570.70).

The company’s board agreed to invest in the digital asset on January 4, 2021. In the initial purchase, it bought R1 million in bitcoin then bought the other R1 million over the next two weeks. The firm used the crypto exchange BitFund to buy and hold the BTC.

“Our vision is to make the world more open, and bitcoin supports our philosophy on how we believe the world works best. Working in the open-source space seems to attract many crypto enthusiasts for whom the decentralised open nature of cryptocurrencies appeals,” said LSD founder and CEO Stefan Lesicnik.

The firm participates in running and maintaining bitcoin full nodes.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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