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Opportunities For Bitcoin Remittance in West Africa

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Africa stands at the cusp of a financial revolution as Ecowas region financial ministers and central bank governors advanced plans to launch the single currency initiative, known as the ECO. The Economic Community of West African States (ECOWAS) promises to reshape the economic landscape of 15 nations with the introduction of ECO. Amidst the buzz of this unified currency, a digital contender—Bitcoin—emerges from the shadows, offering unprecedented solutions to the continent’s remittance woes. Could Bitcoin hold the key to a more inclusive, cost-effective, and resilient financial future for Africa? Not even a question over here, but an experience. As the ECO currency initiative progresses, Bitcoin emerges as a compelling alternative, offering unique solutions to longstanding financial challenges in Africa.

Image Source : Democracy Africa

Exploring some factual narratives, In a statement by Mr Wale Edun ( Nigeria’s Finance minister ) and his colleagues in the region, “The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.” One must be curious about the implementation plans towards actualizing this vision. Pathetically, one of the primary hurdles for the ECO currency is regulatory complexity. Harmonizing monetary policies and regulations across 15 diverse countries is a monumental task. Each member country has its own economic conditions, fiscal policies, and political landscapes, which could complicate the implementation and governance of a unified currency. Regulatory discrepancies may lead to uneven adoption and effectiveness of the ECO currency, potentially undermining its goal of regional economic integration.

Interestingly, the success of the ECO currency will depend heavily on the existing technological infrastructure in member countries. Many regions within ECOWAS still lack reliable internet connectivity and advanced financial technologies. These infrastructural gaps, if not addressed, stand to hinder the effective implementation and operation of the ECO currency, limiting its accessibility and usability for the general population. Bitcoin has already passed these stages in the region with its proven technological efficiency on its core operating layer, and its dynamics even in the face of redundant or no internet connectivity, through Bitcoin based solutions in the region in comparison to ECO, create an added advantage coupled with a glaring display of resilience and efficiency.

ECOWAS countries exhibit significant economic disparities, from resource-rich nations like Nigeria to smaller, less economically developed countries like Guinea-Bissau. A one-size-fits-all monetary policy may not address the unique economic challenges faced by each member country. Disparities like this could lead to imbalances and tensions within the union, potentially destabilizing the ECO currency and the regional economy. Bitcoin however has an advantage in terms of breaking regional bias while offering global acceptance and open trade options.

ECO intends to enhance financial inclusion by providing access to financial services for the unbanked population. But ECO being a proposed regional currency dependent on traditional finance systems interoperably in the ECOWAS controlled countries, implies ECO will subconsciously inherit indigenous problems such as having a substantial portion of the population unbanked due to limited access to traditional banking services. Won’t this leave this currency at the mercy of a democratized digital alternative ? That’s definitely a question: “utility and efficiency” will do justice to overtime as things keep unfolding. Bitcoin provides an alternative means of accessing financial services without the need for a bank account. By offering a decentralized and accessible financial system, Bitcoin empowers individuals and small businesses, fostering economic growth and seamless financial operations.

Looking further by comparing the “costs for remittance services among different regions, by breaking down the cost into two components: fee and foreign exchange (FX) margin. Within each region, as displayed below, it differentiates between digital and non-digital remittances. It shows fees account for a large portion of the costs for remittance services. Moreover, costs for non-digital services are consistently higher than those for digital services regardless of the region where the money is being sent to.”

Image Source : World Bank

As the only decentralized digital currency, Bitcoin offers a revolutionary solution to the high costs associated with traditional remittance services. Migrant workers sending money home to their families often incur significant fees as shown above, eroding the value of their hard-earned money. Bitcoin transactions, however, are drastically reducing these costs by eliminating intermediaries and offering direct peer-to-peer transfers. This cost efficiency is particularly beneficial in Africa, where remittance flows are a critical source of income for many families.

Facilitating seamless cross-border transactions with Bitcoin is a crucial advantage in the ECOWAS region, where intra-regional trade is encouraged. Unlike the ECO currency, which will still require some level of governmental oversight and regulation, Bitcoin operates independently of national borders. This independence allows for fluid and efficient transactions between businesses and individuals across different countries, promoting regional trade and economic integration. The continuous adoption of Bitcoin will drive growth economically by attracting investments into the fintech and remittance sector while creating new job opportunities and payment rails. The innovative edge of Bitcoin and blockchain technology will spur continuous technological advancements and economic diversification. By embracing these technologies, African countries will progressively position themselves at the forefront of the global digital economy, fostering a culture of innovation and entrepreneurship.

Blockchain technology and the cryptographic algorithms which underpins Bitcoin offers a level of transparency and security that can enhance trust in financial transactions. The immutable nature of blockchain records ensures that transactions are secure and verifiable, reducing the risk of fraud and corruption. This transparency is critical for remittance services, ensuring that funds are transferred securely and efficiently. Additionally, responding to the remittance question on the Mara livedesk in Nashville, Femi Lounge of the Human Rights Foundation stated: “the decentralized nature of Bitcoin provides a financial system less susceptible to centralized failures or manipulations. In Africa, we have 46 currencies, one of the big problems is settlement.The last hope of importers and exporters in Nigeria and Sub-Saharan Africa in general is Bitcoin and USDt.”

Image Source : BitcoinMagazine

The implementation of the ECO currency in West Africa is unnecessary if Bitcoin is fully adopted. Bitcoin’s peer-to-peer networks and exchange rails offer superior efficiency and utility compared to the proposed ECO currency. By leveraging Bitcoin’s strengths, West African countries can bypass the need for a new regional currency and create a robust, inclusive financial system. This adoption would address regulatory challenges, enhance technological infrastructure, and improve financial literacy, ensuring a smooth transition to a modernized financial ecosystem. The potential to reduce remittance costs, enhance financial inclusion, and facilitate cross-border transactions makes it a powerful tool for economic development in Africa. The future of Africa’s financial system lies in embracing innovative solutions that address its unique challenges. By leveraging the strengths of Bitcoin, Africa will create a reliable, inclusive, and forward-thinking financial ecosystem that supports sustainable economic growth and development.

This is a guest post by Heritage Falodun. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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“PickleBit”: Proof of Workforce, Fold, and Pickle Pop Partner on Pickleball Tournament, Offer Bitcoin Prize Pool

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The Santa Monica-based non-profit Proof of Workforce Foundation has partnered with Bitcoin financial services company Fold and Pickle Pop to organize a Bitcoin-themed Pickleball tournament, offering a $5,000 prize pool for entrants and winners.

The tournament is slated to be held on October 18 in Santa Monica, California during the Peer to Pier Bitcoin Festival. Featuring both a semi-pro and amateur division, the winner of each division will receive their payouts in bitcoin. Entrants will also have the opportunity to win Bitcoin hardware wallet devices provided by CoinKite.

“This will be an incredible event, bringing together two talented and high growth communities, Bitcoiners and Pickleballers, to support creative re-use of commercial space on the 3rd street promenade”, said Proof of Workforce Founder and Santa Monica firefighter Dom Bei.

Earlier this year, Bei’s Foundation partnered with the City of Santa Monica to launch the Santa Monica Bitcoin Office, making it the first U.S. city to do so.

“The Santa Monica Bitcoin Office is already bringing communities and revenue opportunities to key areas of our economic revitalization strategy, and has done so at zero cost to the city”, said City of Santa Monica Vice Mayor Lana Negrete. “This is exciting and an example of collaborative and innovative ideas to reimagine retail on 3rd Street.”

Brian Harrington, Senior Marketing Manager at Fold, added:

“I’ve loved seeing the Bitcoin community grow in Southern California over the years and what the city of Santa Monica is doing with it is amazing.”

Participants can register for the tournament on the PickleBit tournament website, where they will also receive bitcoin rewards for signing up and playing in the tournament.



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Un Ode de l’Provocateur du Bitcoin

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Out of the ashes emerged a snarling rodent dubbed Max Punk.

Open conflict, Whales besting Bored-Apes, the social layer manifest.

Bitcoin leaders sent to prison, then freed by massive strike waves.

HODL’ers fighting in the streets, power cuts, three-day work weeks, Maxi’s battling for Hashrates, governments brought down, Central Banks crying.

The Banksters powerless.

The Orange-Pilled class – loud, stacked and toxic.

L’ Provocateur don’t stand downwind from sh%#tcoins.

Max Punk smells of victory not of FOMO.

An Orange sky at night traverses’ seas of fiat to El Salvador dreams, not NFT nightmares.

Un Bukele ami très explosif.

Promoting Bitcoin thru absurdist and provocative actions,

a means of enacting monetary change.

Proof of ‘work[ers]’ never strike.

God won’t save the dollar, the regime.

Fiat makes you a moron, a potential Elon-bomb.

L’ Provocateur don’t stand downwind from sh%#tcoins.

Max Punk smells of victory not of FOMO.

An Orange sky at night traverses’ seas of fiat to El Salvador dreams, not NFT nightmares.

Un Bukele ami très explosif.

Orange shoes and garb only taunts the volcanos.

Consuming sats, not the FUD.

And there ain’t no future ‘cept with Bitcoin.

…In your dreaming Laser eyes!

This is a guest post by Enza Coin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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Bitcoiners and Wobblies: Labor Day Edition

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Recently, I’ve been reading about the foundations of the American Labor Movement. Specifically, the birth of the Industrial Workers of the World and a group called the Wobblies, a nickname given to IWW Members. At its peak, the IWW had over 150,000 members in 1917, with global memberships and significant power and influence. While the IWW was a socialist leaning organization in theory, many of its core values were intertwined into the DNA of the American Labor movement, and was undeniably pivotal to the development of organized labor and a strong working class following the industrial revolution. The parallels between some of the IWW’s origins and ideologies and Bitcoin are significant, and shall be demonstrated with quotes rather than boring you to death with in depth history.

All quotes are attributed to the book “Wobblies: A Graphic History of The Industrial Workers of the World (Buhle/Schulman.

Origins and Genesis

“No one can say exactly where the inspiration for the IWW came from. The origins are too numerous both in the U.S. and abroad…”

Similarly, the nickname of the Wobblies, has no clear origin. Naturally, some of the mythology around Bitcoin comes to mind, and while Bitcoin’s origins are clearly documented via white paper and email communications, its creator or creators is or are shrouded in mystery. As Bitcoin caught gained popularity, its growth was decentralized and organic. In another parallel, while the IWW and American Labor Movement had prior inspirations, it was a pioneer in the sense of organizing labor across ethnic, gender, religious and other demographic differences.

“After the Civil War, massive industry grew up faster than anyone could have imagined, with previously unthinkable wealth accruing to the bankers but with millions of desperately poor working people, employed at low wages or unemployed in the frequent economic recessions”

From the financial crisis, to post-covid wealth accumulation within the ranks of billionaires, to a current AI, robotics and self-automation boom underway, this story is all too familiar. However, recessions have been all but outlawed, replaced by government intervention, currently placing systems as large as Pensions and Social Security on the equivilant of government welfare and dependence.

Wobblies and Bitcoiners

“The Wobbly, male or female, Asian or Occidental, black, brown, red or white, was only an ordinary human being in physique”

We feel the same about Bitcoiners. We have all met some of the most inspiring people in our lives in this space. It is both the character, grit and determination that allows individuals to discover and understand Bitcoin, as well as the character building journey a Bitcoiner must take to fully grasp Bitcoin and share it with a world that rounds out what many of us believe is the most talented and motivated communities in the world.

“Their story was collaborative, collective, not reliant on any one hero or heroine-as heroic (or tragic) as individual Wobblies lives might be.”

Kill your heroes. Death to Ego. Bitcoin doesn’t need any of us.

Solidarity: A movement greater than the individual

“The world of the Wobblies was one realized in its best moments by solidarity across race, ethnic, gender and nationality lines”

The beauty of Bitcoin is it requires no trust between those who transact with each other. And in doing such, Bitcoin allows humans to deconstruct the daily head to toe analysis we perform on each other daily; an analysis that instinctually calls out our differences, with roots in paranoia and fear. While blind solidarity amongst Bitcoiners is the antithesis of “dont trust, verify,” there is a strong natural bond between Bitcoiners. I believe the future of Bitcoin, when facing its largest tests ahead, will very much depend upon a deepened solidarity between those who subscribe to Bitcoin’s Genesis, core values, and blind commitment to being honest, true and trustless.

AFL vs. Knights of Labor

“The earliest mass movement for an eight hour workday during 1885-86, highlighted the different roles of two kinds of labor movements. The American Federation of Labor, founded in 1883, sought to organize skilled workers (almost entirely white and male) only…whereas the Knights of Labor, founded in 1869 as a secret society..extended its membership to almost all workers (except Chinese), including African-Americans and women.”

The AFL and its exclusive country club brand of membership outlasted the ultimate demise of the Knights of Labor and still exists today as the AFL-CIO. In reading about the different philosophies of the AFL and Knights of Labor it brings up parallels within the Bitcoin community, frequently heard criticisms of Bitcoin Maxi’s, as well as Bitcoin v. Crypto. I leave you the reader to draw your own thoughts here, as parallels are in their nature loose affiliations at best.

The Movement

“In the industrially advanced United States, the working class had been prepared ready to assume control of society and to replace “politics” and the “State” with a government of direct rule. As Marx had pointed out about the Paris Commune (and Lenin would repeat for the Soviets), the existing government apparatus could not be infiltrated and taken over piece-meal; it had to be dissolved and repalced by a truly democratic, modern form of government”

There are two camps of thought in Bitcoin, one that calls for a full collapse of the current financial system, and migration to a Bitcoin Standard, and another that insists Bitcoin can co-exist with and even surpass the current financial system without the latters’ collapse. While money is not identical to government in this parallel, the amount in which money is entrenched in the legacy financial system, is prodigious, and this always sparks interesting debate between Bitcoiners.

“For the IWW..the familiar problem of the socialist movement being notoriously small in the US could be solved in a new way. ‘Educating’ workers into becoming socialists, through newspapers, speeches and election campaigns, was too passive and not very successful. Workers needed to educate themselves, in and through their own actions and self-organization.”

Some opposing parallels here. Immediately, I think of a core value of Bitcoiners, which is that, no one can walk this path for you. Proof of Work can not be sidestepped or bypassed. No individual or group can cheat the quest for knowledge, both about Bitcoin and the system it sits poised to replace. The Bitcoin journeys of individuals and membership-based orgs, absent continuous learning and education, often end up in loss or disappointment. Those who do the work, find that their knowledge of money blossoms, and few if any have ever turned back after coming to deeply understand Bitcoin.

Simultaneously, my mind shifts to the oligarchy’s attempts at no less than a 10 year negative media blitz on all things Bitcoin. It slowed the train but it did not work. The other day, I randomly asked people at the 3rd Street promenade in Santa Monica, to share their thoughts on Bitcoin. Overwhelmingly positive, and having some foundation in accuracy. The movement to dissuade people from finding Bitcoin was a delay of the inevitable at best. Because nothing can stop an idea whose time has come.

Conclusions

On this labor day, I gaze upon the deeply polarized two party political system of the dominant world power today. And as I see labor unions align with one party, at the expense of creating division within their ranks, I see a labor movement that has drifted from its original foundation. While the IWW rose and fell, its pinnacle represented an unwavering movement, a solidarity and commitment to the worker above everything else. And there is power in that. I see parallels today in Bitcoin.

The core principles of Bitcoin transcend our differences and are worth fighting for. At Proof of Workforce, our method of fighting for these values is through education-based Bitcoin adoption for workers, unions, pension funds and municipalities. And in doing so, we are sharing not just bitcoin the asset, or Bitcoin the Network, we are communicating the Genesis of Bitcoin and its values, so that they may not be lost in the progression of time.

Finally, Bitcoin is a natural evolution of the labor movement, sharing many similarities and parallels. However, unlike the labor movement, the worker can rely on Bitcoin, absent any allegiance to any political party, leader or oligarchy. And in this sense, Bitcoin and its system of values stands to be adopted by unions all over the world. And in doing so, unions around the world can become re-aligned to their Genesis Story. A story where solidarity comes above all, a story where workers come together to hold onto the very productive property dependent upon their labor. A story where, as many workers stand to be phased out of relevance due to automation and AI, the unions representing them look forward and claim ownership of the most accessible and promising productive property available to them today; Bitcoin.

This is a guest post by Dom Bei. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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