Misleading Video Regarding Crypto Adoption In South Africa
Someone sent me a video that was on Twitter this evening showing kids in South Africa buying groceries with Bitcoin. I did a double take as it is not happening like people think it is. Trust me this is not a normal every day occurrence as the majority of people have no clue about Crypto. A small kid with a cell phone wouldn't last 5 minutes in a township as it would be stolen. That is why I did a double take as this looked so fake and it is so far from reality it is scary.
Video link used by Bitcoin Magazine on twitter. Looking at this you would think everyone is using Crypto to purchase food etc and is just another day in South Africa.
This video was staged as it is part of Bitcoin Ekasi a charity foundation looking for more donations. This foundation has 40 kids who are being sponsored through Crypto to learn how to surf. This was more of a click bait video as what kid in poverty has a phone? The majority have little to no education and we are led to believe they are also Crypto savvy? This is a desperate story as everyone wants mass adoption.
Look the initiative is great but I think this is just far to misleading as the majority of people most likely have heard of Crypto, but have no clue what it is let alone have any. When we see stats saying South Africa has 4.2 million (5-8%) involved in Crypto that is probably where the country is. The difference is the people that own Crypto have money and it is not the poor. This will not be changing anytime soon either as that is the reality. Those involved are most likely in Crypto as an investment and also to hide what they have from the taxman.
Most South African's have a cell/mobile phone on pay as you go so the phone is used to make and receive calls. Using data is expensive and the masses do not have excess money for such luxuries. Many are struggling to make ends meet and now they are investing in Crypto? This is not happening as the only ones in Crypto are the ones who have money.
Where Crypto is being used in the right way is by the illegal immigrants purely out of necessity. They send money back to their families and this is their easiest and cheapest option. The Zimbabweans that are here working are tech savvy compared to the average South African as they have a better education system.
This story by Bitcoin Magazine is a cheap stunt and is uncalled for as they should tell the full story and not a clip to misrepresent the truth. We all would like to see mass adoption with kids buying stuff at their local shops with Crypto but this is many years away still.
Unfortunately the poor will be the last ones to be involved with Crypto as they need cash just to survive. There will be no investing by the masses as 90% of the wealth is owned by 10% of the population. Stories like the video just come across as being desperate and Crypto is not desperate.
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Yes it is staged but the kids are really participating and learning they and the merchants are willingly accepting it knowing they can change it for rands by Ekasi if needed it’s the same model from bitcoin beach yes it’s staged for social media, can you name anything that’s not staged for social media
Is Apple Pay and discovery bank who keep advertising their authoritarian backed payment systems not staged to keep the normies in their walled gardens?
The 13% of South Africans into bitcoin and shitcoins the vast majority don’t even own it it’s just a promissory note on luno, valr and these other shitcoin casinos so can we even say there’s adoption when they playing with paper derivatives of bitcoin?
Yes poor people will be the last to get it but that’s not a function of bitcoin that’s a function of fiat having given them no chance! Once bitcoin is now generally accepted there will always be upside in deflationary terms. It then becomes a fair game where it’s all about your labour and not your ability to rent seek from others
As for crypto the vast majority of people will end up rekt and that helps with social mobility once they figure out they’ve been scammed and move to bitcoin
I just see an ecosystem playing out as it should!