Picture Sita, an ambitious young woman from a progressive village on the outskirts of Bangalore. She operates a small home-based tailoring shop, just making ends meet. Banks? A distant dream. They require documentation she lacks, security she can’t provide. She can’t get credit other than from predatory lenders who charge her exorbitant interest rates. This is the reality for millions. Are we creating a future where Sita joins in the leapfrogging development, or one that leaves her even further behind?

Adam Back, a name synonymous with Bitcoin's origins, throws out a bold prediction: Bitcoin to $500,000 by 2025, eventually a million. Today, he’s a credible voice, having been in the room when Bitcoin was little more than a glimmer. He even got sent an early version of the Bitcoin whitepaper. In pursuit of these huge numbers, are we asking ourselves what is most important and who really benefits?

Bitcoin's Promise, A Gated Community?

Bitcoin, in theory, is revolutionary. A truly decentralized, borderless currency, immune to the whims of central bankers. An antidote to that distrust, at least, Back himself would argue. It presents a lifeline to individuals or communities that have long been excluded from traditional finance. Let's be real. The reality is far more complex.

Consider Sita again. Does she have a smartphone? Reliable internet access? The digital literacy to understand and use these complicated cryptocurrency exchanges? Probably not. It turns out that the same technology enabling the existence of Bitcoin makes it inaccessibly complicated. It’s a digital divide that reflects and compounds current inequities. It’s not enough that they have access to technology. It’s about providing equitable access to education, resources, and the privilege of understanding an intricate financial system.

We hear all the stories, all the headlines about Bitcoin millionaires, the early adopters who hit their lottery ticket. What does this mean for the billions who are still underbanked or unbanked, living in a long-lasting financial invisibility? That is an extraordinarily narrow definition of success. Are we celebrating a revolution that only benefits the privileged few? It seems like creating a gilded cage, offering liberty with the caveat of a key that too many lack.

Forgotten Voices, Silenced By Complexity?

Just the other day, I was on the phone with a group of women in a self-help group in rural Karnataka. Top of their minds were the crypto-education workshops we’d conducted in their communities, demonstrating how Bitcoin could help them escape predatory local loan sharks. Their enthusiasm quickly turned to frustration. The jargon was overwhelming. The security concerns were daunting. They imagined that they were being asked to accomplish this task while barefoot and without equipment, on an unplanned, technical mountain climb.

One woman, Lakshmi, said, "It sounds good, but it's not for us. It's for the educated, the rich." Her words stung. Is Bitcoin forever fated to remain a plaything of the well-connected, further entrenching the inequities it purports to eliminate? Otherwise we risk creating a system that allows the rich to accumulate even more great fortunes. In the process, those who need help the most will be stranded, bewildered and adrift, buried under a baffling avalanche of black box math and gobbledygook.

Lakshmi’s voice and those of millions like her must continue to carry the day. It’s time to get past the mania and get real about opening up Bitcoin to all Americans.

Power Dynamics, Who Controls The Future?

Bitcoin's decentralized nature is its core strength. Even in this more decentralized system, power dynamics are at play. Who controls the development roadmap? Who owns the largest Bitcoin holdings? Are race- and equity-informed decisions being made to benefit the whole community … Or are they being swayed by the agendas of the few and powerful?

While Satoshi’s anonymity, as Back makes the argument below, is critical for decentralization, it leaves a vacuum. A vacuum that is all too often filled with misleading information and propaganda, funded by billionaires and corporations. We don’t mean to suggest by any means that these actors are conspiring to do harm. Yet, we must question their motives and make sure that their development actually keeps Bitcoin decentralized and democratic.

So, is Bitcoin still a genuinely open-source ecosystem, or is it being gradually co-opted by the elite? Whether we are building that future, or just replacing one type of centralized control with another, remains to be seen. Let’s not underestimate the fight we have ahead of us to defend Bitcoin’s original vision of a truly peer-to-peer, permissionless system. Otherwise, aren't we just recreating the same power structures we're trying to escape?

Just about every day we are hearing stories of Bitcoin being used in scams and to fund illicit activities. We do have to remain vigilant, though, and inform the public at large on ways they can keep themselves safe.

The Bitcoin community has a responsibility to ensure that its technology benefits everyone, not just a select few. Here are some concrete steps we can take:

We believe bitcoin can be an incredible force for good, improving the state of the world. It has the potential to empower women and marginalized communities, foster greater financial inclusion, and build a more equitable global economy. Only if we make it so. Let's not let this opportunity slip away. So, let’s work together to build a Bitcoin development ecosystem that works for all. We’ll work to uplift Sita, Lakshmi, and all the other voices that haven’t been given a platform. Together, let’s make a Bitcoin a future by the people, for the people.

  • Develop user-friendly wallets and interfaces: Simplify the user experience to make Bitcoin more accessible to non-technical users.
  • Provide educational resources in multiple languages: Translate educational materials into languages spoken in developing countries.
  • Support initiatives that promote financial literacy: Empower individuals with the knowledge and skills they need to make informed decisions about Bitcoin.
  • Advocate for policies that promote inclusivity: Encourage governments and organizations to adopt policies that make Bitcoin more accessible to marginalized communities.
  • Focus on real-world use cases: Develop applications of Bitcoin that address the specific needs of people in developing countries, such as microfinance and remittances.

We need to demand transparency! We need to demand accountability!

Bitcoin has the potential to be a powerful force for good in the world. It can empower individuals, promote financial inclusion, and create a more equitable global economy. But only if we make it so. Let's not let this opportunity slip away. Let's work together to build a Bitcoin ecosystem that truly benefits everyone, including Sita and Lakshmi, and all those whose voices are too often forgotten. Let's build a future where Bitcoin is for the people.