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The Truth Behind Cuba’s Bitcoin Revolution: Video

Exploring Bitcoin’s Impact in Cuba

Cointelegraph’s latest documentary, The Truth Behind Cuba’s Bitcoin Revolution, delves into the unique country of Cuba and its relationship with Bitcoin (BTC). Journalist and Bitcoin enthusiast Joe Hall and Paco de la India, a Cointelegraph contributor, traveled to the country to observe how Cubans are using Bitcoin to navigate their challenging economic environment, attract new businesses and save money.

Alex Gladstein’s book Check Your Financial Privilege explores the ways in which Cubans have taken advantage of Bitcoin’s censorship-resistant and low-fee nature to escape economic oppression and secure their finances. The documentary follows Hall and de la India as they interview and interact with the co-founders of the “Cuba Bitcoin” community, Forte, Catrya and Bitalion, to uncover the Bitcoin revolution taking place in Cuba.

Bitcoin in Cuba: An Unconventional Ecosystem

Cubans primarily engage in peer-to-peer Bitcoin transactions, buying and selling it through Telegram and Signal groups. To access banned websites and evade online surveillance, they run nodes with limited resources and use VPNs.

Unlike many countries, Cuba does not have centralized crypto exchanges such as Coinbase or Binance, due to the nation’s strained diplomatic relations with the US. This creates an unconventional ecosystem that operates outside of the reach of the state.

Compounding the financial hardships of the Cuban people, the Cuban peso has lost more than 940% of its value in the last two years. In this context, Bitcoin has emerged as a lifeline for Cubans looking to protect their savings from hyperinflation. Through interviews with citizens of Havana, this is evident.

Catrya, one of the documentary’s main characters, explains that the minimum monthly wage is closer to $13, although official figures state it is approximately $30. This highlights the need for alternative solutions to the economic problems that Cubans face.

The documentary captures the grassroots adoption of Bitcoin in Cuba, which is a glimmer of hope and freedom on an island where such aspirations have been long suppressed. It also highlights the efforts of the humble Cuba Bitcoin community, who spend their time educating and propagating the principles of Bitcoin to Cubans in an environment where the consequences of their actions are uncertain. As Bitcoin continues to gain traction in Cuba, it remains to be seen how the government will react to the emergence of a parallel financial system. The Truth Behind Cuba’s Bitcoin Revolution provides a rare glimpse into a nation on the cusp of transformative change. Plus.ai, Coinbase web 3.0 and other AI sites such as Fetch AI could offer Cubans an opportunity to explore the possibilities of Web 3.0 and the next generation of online business.

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