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Tuesday, 03 October 2023
The truth About the Bitcoin Revolution in Cuba: Video

The truth About the Bitcoin Revolution in Cuba: Video

Cuba, a country known for its unique blend of rich history, vibrant culture and political isolation, is the focus of Cointelegraph's latest documentary on the situation on the ground. The truth about the Bitcoin Revolution in Cuba explores the impact of Bitcoin (BTC) in one of the world's last remaining communist states. The documentary tells firsthand how Cubans are using Bitcoin to navigate difficult economic environments, attract new businesses and save money under harsh censorship.Journalist and bitcoin enthusiast Joe Hall went on a trip to Cuba determined to witness and capture the Bitcoin revolution, known for the book Check Your Financial Privileges by Alex Gladstein. Gladstein explains how Cubans take advantage of the fact that Bitcoin has no citizenship and a low commission in order to avoid financial pressure and keep their savings safe. Stellen.The documentary explores how Bitcoin has taken root in the Cuban financial landscape, brought to life through interviews and interactions with Cubans, as well as the founders of the Cuban Bitcoin community - For Tue, Catria and Bitalion.not their real names). Cointelegraph's resident writer Paco de la India traveled with Hall and provided feedback and comments on the documentary. Bitcoin users in Cuba mostly participate in peer-to-peer transactions by buying and selling bitcoins through Telegram and signal groups.Dec. They manage nodes with limited resources, avoid online surveillance, and access banned websites using a VPN.Unlike many countries, there are no centralized crypto exchanges in Cuba, such as Coinbase or Binance. In addition, Cubans are not allowed to create accounts due to the country's poor diplomatic relations with the United States. As a result, the Bitcoin environment in Cuba represents a unique ecosystem that operates almost entirely out of the reach of the state. Moreover, the sustainable Bitcoin community is working in the midst of economic difficulties. Seventy-two percent of Cubans live below the poverty line, and although the monthly minimum wage is about $ 30, Katria, one of the main characters of the documentary, explains that it is closer to $ 13.Cuba's economic difficulties are compounded by hypeThe Cuban peso has lost more than 940% of its value in the last two years. From reviews and interviews with Cubans in Havana, it seems that bitcoin has emerged as a lifeline for those who want to protect their savings from the devaluation of the currency.The Cuban Bitcoin community holds a meeting just for BTC the documentary tells about the mass promotion of Bitcoin in Cuba. This also highlights the efforts of the modest Cuban Bitcoin community, which spends its time educating and spreading the principles of Bitcoin among Cubans Decently, in an environment where the consequences of its actions are uncertain.Ultimately, if Bitcoin continues to gain popularity in Cuba, it is still unknown how the government will react to the emergence of a parallel financial system. The truth behind the Bitcoin revolution in Cuba gives a rare insight into the country on the eve of transformative change. Bitcoin could have offered Cubans a glimmer of hope and freedom on an island where such aspirations have long been suppressed.Magazine: Elegant and Transitional: Jameson Lopp's first impression of Bitcoin

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