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<\/p>\nBitcoin (BTC) is there for those that need it most; the rest may need time to learn. This message reverberated around the casino conference hall during a panel at Surfin Bitcoin, a Bitcoin-only conference in Biarritz, France, on Aug 26.\u00a0<\/p>\n
Panelists Ben Perrin, a Bitcoin Youtuber; Ernesto Hernandez, a Salvadoran business consultant; and Carol from the popular Brazillian Youtube channel \u201cArea Bitcoin\u201d tackled a tricky topic: \u201cVictims of the Banking System around the world: Inflation, Censorship.\u201d The role of Bitcoin in such testing environments was brought into question. <\/p>\n
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The panelists unloaded experience, evidence and anecdotes from their respective countries: Perrin from Canada, Hernandez from El Salvador and Carol from Brazil in order to tackle the topic. Hernandez, for example, was quick to illustrate that in El Salvador, Bitcoin is no silver bullet. <\/p>\n
The tiny Central American country introduced the \u201cLey Bitcoin\u201d in 2021, but \u201cLet\u2019s not forget that 8 out of 10 Salvadorans were unbanked,\u201d he explained. \u201cIt\u2019s a big jump for people to buy a house\u2013or even buy groceries,\u201d without prior knowledge of how banking or financial services work. <\/p>\n
Plus, the Chivo app, supported by the government, endured some criticism and even attacks from protestors when first launched. The government app is still under scrutiny. During the Q&A session, Bitcoin podcaster Rikki\u2013who spent 45 days living off Bitcoin only with his partner Laura\u2013queried Hernandez on Bitcoin remittance to El Salvador. <\/p>\n
Rikki cited a report regarding El Salvador and remittance, which, while positive, shows that Bitcoin is critically underused for remittance payments. Ernesto explained that currently, interest in El Salvador tends to come from foreign investors and Bitcoin enthusiasts, as opposed to Salvadoran workers living abroad sending money home. Ultimately, the real challenge is educating Salvadorans on the advantages of using Bitcoin as a remittance tool. <\/p>\n
Nonetheless, he said with a smile that it\u2019s \u201cfun\u201d to see Salvadorans who had never used banking services before in their life now use Bitcoin on the Chivo app, saving and spending money. Plus, the SEO words \u201cinvest in El Salvador\u201d did not exist before La Ley Bitcoin. Bitcoin has really put the country on the world map\u00a0and, by proxy, on the world wide web, he explained. <\/p>\n
Carol, whose Youtube channel recently became a Bitcoin-only channel, explained that the victimization of Brazilians by central banks is historic. Brazil endured \u201cNine currencies in the last hundred years, 8 died because of hyperinflation from money printing and mismanagement.\u201d Plus, while the Real, Brazil\u2019s current national currency, is 27 years, it \u201cHas already depreciated by 86%.\u201d Bitcoin is a way to opt out of such a system.<\/p>\n
Ben Perrin brought up the \u201clargest protests in Canadian history,\u201d the Canada trucker protests, also known as the \u201cfreedom convoy.\u201d He illustrated that, at times, the banking system targets specific individuals or groups. Plus, he alluded to the collusion between the banking system and governments: <\/p>\n
\u201cOur media in Canada is directly subsidized by the government. They get billions of dollars every single year. It helps if you have a specific message you want to get out and you are the ones bankrolling the ones in charge of taking that message to the people.\u201d<\/p><\/blockquote>\n
On balance, he also conceded that sometimes the banking system just sometimes doesn\u2019t work\u2013and it\u2019s not the fault of a person or an intended consequence. In El Salvador, for example, Hernandez shared that the banks had just seven days to implement Bitcoin into their new system\u2013so it\u2019s no wonder that sometimes the system makes mistakes, Ernesto explained. <\/p>\n
On bear markets<\/h3>\n
On an optimistic note, Perrin expressed that bear markets are for building and there is some amazing innovation going on in 2022. Despite this, Bitcoin lives in a bubble unknown or ignored by the rest of the world. Carol added that Bitcoin is \u201cattacked\u201d the most during bear markets, yet it also gives time for Bitcoin to breathe and it\u2019s a reminder to people to take their time: <\/p>\n
\u201cThe fiat mindset is a short-term mindset. Everything is quick and must be now\u2013tomorrow\u2013instantly. Fiat discriminates, but anyone can use Bitcoin. When you start to reflect about Bitcoin you start to think about all of your choices in life.\u201d<\/p><\/blockquote>\n
Carol compared the government’s manipulation of money to a way of manipulating mindsets. Even in high inflationary environments, such as in her home country, Brazil, Bitcoin adoption is still slow. The challenge for educators such as herself, Perrin and Hernandez are, therefore, to get through to people that fiat money has no backing. <\/p>\n