We want to teach different people and spread adoption of cryptocurrency usage around the world. We would also like for you to join the movement. If you are in a remote place where you feel you can impact a community; teach and tip with Bitcoin and become a part of the movement @TipsinBitcoin #TipsInBitcoin. Start making globalization part of the decentralization.
How would a local Guatemalan cooperative react to the idea of Bitcoin, setting up a Bitcoin wallet, and receiving a tip in Bitcoin?
This is the exact question we asked ourselves while in Guatemala. For those of you that don’t know anything about Guatemala, here are a few quick facts from the Worldbank:
- A population of 17 million people
- Gross National Income (GNI) per capita is $4,060
- 59.3% of the population is living below the poverty line.
- GDP of $75.62B that has been growing on average by 3% since 2012
- Main exports include: Chocolate, Coffee, Sugar
While in Guatemala, we visited San Juan La Laguna, Sololá. We came across a small tea cooperative called “Mayab Medicinales- Elaborado por Mujeres Tzutujiles” (Mayab Medicinals Made by Tzutujiles Women). The 2 ladies in the store, Erica and Elizabeth, were unbelievably helpful and knowledgable about the natural benefits of the various herbs they offer. We started chatting with them and asked them whether they had heard of Bitcoin.
They had not.
We went on to explain what the idea of Bitcoin was:
- A digital currency that is limited in supply, has a controlled rate of inflation, has no middlemen involved, and gives you the ability to be your own bank.
Within 5 minutes, we downloaded BRD Wallet to Erica’s phone. She wrote down the seed, clicked on receive and off the Bitcoin went from my wallet to hers. A few seconds later her phone went *Bing* and my ₿0.00141 tip arrived. The smile and reaction of Erica and Elizabeth were priceless.
To us, it was very important that Erica and Elizabeth realized that Bitcoin is still a very new form of money and that they should only start accepting it for tips, not for actual payments. For a family with low disposable income, volatility is extremely dangerous. At the same time learning about a form of money where they don’t need a bank account or don’t need to hide their cash under their bed is hugely beneficial.
So what were the learnings we made from this encounter with Erica and Elizabeth?
- People in the developing world are extremely eager to learn.
- They understand the benefits of cryptocurrency faster than most western people.
- The excitement of receiving money immediately rather than waiting for a credit card transaction makes a huge difference to these people.
- Credit card fees have a major effect on the overall disposable income for people like Erika and Elizabeth.
PS. If you would like to bring some joy to Erica and Elizabeth please feel free to tip them in BTC as well. Here is the proof of my transaction to them.
Their ₿ address is: 1GLmGY7UZAe6vGprKdQCC5s4ayFdpmuMoM