The widespread adoption of cryptocurrencies has fueled debate about their ability to bridge economic inequality and promote social justice. While some believe cryptocurrencies can reduce wealth distribution and provide financial empowerment to small communities, others question its ability to achieve these goals. So, let’s look at how blockchain technology can help promote social justice and explore how it can help transform the economic space.
When I first heard that two parts of blockchain and cryptocurrency were transacting with privacy and anonymity, I thought why would anyone care about anonymity if they weren’t trying to create one? I understand the value of having complete control over your assets, but I have a hard time understanding how cryptocurrencies differ from traditional currencies. Furthermore, I am wary of the empty words used to describe cryptocurrencies: What is the “currency of the future”? Will cryptocurrencies really “revolutionize financial freedom”?
My question was answered in 2020.
What I like to call the global human rights movement, 2020 was the year that people from different countries took to the streets to demand change.
Most of these protests asked what they thought was wrong, and most were the same:
- conflict between citizens and the state
- protester suppression
- and supporters using crypto to fund their respective movements.
The crisis hit Nigeria in September 2020, when people across the country took to the streets to protest against police brutality. Many Nigerians, myself included, have experienced police violence and other brutality. In the words of Speaker Femi Gbagabiamila, “People are more afraid of encountering the police than of encountering criminals.”
The protests began online in 2016, when Nigerians began Write articles and protest against police brutality under the hashtag #EndSARS. There have been many demonstrations in different cities – in Osun in 2018, and in Lagos, Ibadan and Abuja in 2019 – but September 2020 will be the first nationwide demonstration against police brutality. Funding for the global #EndSARS protests has come from donors within and outside Nigeria, with some funds being used to provide medical and legal aid to victims injured in an attack by Amnesty International, which blamed the problem on militants. government”.
Amnesty International said these attacks on peaceful protesters “provide protection for police to use lethal force against peaceful protests”. The committee also found that detainees were mistreated and denied or denied regular access to lawyers. Less than a week after the donation pipeline opened (the organization raised $9,000), one of the previous organizations – the Feminist Alliance – announced their bank account and gift link. “Our fight to end police brutality is now under attack! Our bank accounts have been suspended and Flutterwave’s donation link has been closed. The lives of our members are also at risk! #SARSMustEnd” they wrote via their Twitter account.
how did crypto help?
Days after their account was closed, the Feminist Coalition (FemCo) announced that they had received encrypted accounts and could continue to accept donations. initially used SendCash, a service that made it easy to exchange Bitcoin to Naira and vice versa, but quickly switched to BTCPay. According to their Twitter account, the reason is that the automated cryptocurrency payment program is “their safest option based on past days.” (A few days ago their accounts were blocked and their lives were threatened).
Unlike Sendcash, which is searchable by anyone, BTCPay offers anonymity. Therefore, the risk of blocking or identifying users is almost zero. Alex Gladstein, chief strategist at the Human Rights Foundation, explained that programs like BTCPay “protect the sender’s location and allow governments to easily understand what naira’s Bitcoin is being used by protesters.”
The automated platform means that all you have to do is share your Bitcoin wallet link and donations can be seamlessly transferred from a crypto wallet to another via peer-to-peer and other transfer methods. Essentially, BTCPay allows FemCo to collect, receive and distribute protest donations anonymously and privately. With the help of a Nigerian cryptocurrency exchange, they shared how to open an account on their platform and send Bitcoin to FemCo, and their investment was returned. Bitcoin and the ability to send cryptocurrencies do not reduce the problems (Nigerians still experience police and violence), but they demonstrate the power of traditional economic systems and how cryptocurrencies can eliminate them.
Cryptocurrency and blockchain technology are still in their early stages, but the signs are looking good. As the kids say, “It’s day one.” The next time someone tells you they don’t understand the importance of cryptocurrency, tell them that. You’ll save time and clarity, and get better teaching scores.