Shifting the conversation on cryptocurrency and blockchain to focus on the good in the space
Cryptocurrency is a highly divisive topic no matter where you are in the world. There are those who love it, and those who hate it, but there often doesn’t seem to be a middle ground, aside from those that haven’t learned enough about it to make an informed opinion.
So, why is this? A lot of it comes down to the media coverage in the space. Negative headlines are more exciting and are likely to draw in more viewers. That’s why you’ve probably seen one or more of the following talking points in the news over the last year:
“Cryptocurrency is only used by scammers and criminals”
“It is an environmental catastrophe that will speed up climate change”
“It is run by a group of shadowy coders”
“It has no intrinsic value, and will undoubtedly lead to significant losses for investors when the bubble inevitably pops”
“It is not secure enough to reliably be used as a financial instrument”
“It has no purpose aside from being a speculative investment”
Unless you are engaged with the crypto and blockchain space on social media, it is likely that you won’t hear the counterarguments to any of these points. As the space continues to evolve, it is important that both sides of the story are shared so that individuals can make their own, informed opinions about cryptocurrency and blockchain, especially given the massive benefits the technology can have in improving life for the average person.
So, what do we do?
Communicating with friends and family
When communicating with friends, family, and coworkers, try to take a positive approach to advocacy that involves respectfully challenging them, but not shaming them. If there is one thing that has become abundantly clear in the past several years, as political divisions have only widened worldwide, is that cognitive dissonance is real, and that shaming or looking down upon someone for their view will only encourage them to dig in their heels and put up their walls.
Keep in mind that many truly don’t know the other side of the story, as they have been accustomed to the prevailing narratives shared in the media. As a successful advocate, your job is to recognize this and provide them with a positive alternative, not to shame them.
Lobbying to those in positions of power
While it may seem like a fool’s errand when those you're writing to are receiving millions of dollars in donations from those representing the other side of the issue, it truly does make a difference. There have been numerous examples where legislators have changed their mind on issues due to successful phone and email campaigns. When they see that an overwhelming number of individuals support a significant cause, they are all the more likely to further research it (or have their staffers further research it), and to support it. After all, politicians are accountable to their voters, and if a large percentage of voters don’t like something they are doing, it doesn’t bode well for them and their future election chances.
Engaging with non-profits and corporations
One of the most successful strategies for sharing the good of cryptocurrency and blockchain is to continue getting more established organizations on board. When it comes to non-profits, for example, the recent wave of new organizations accepting cryptocurrency donations didn’t really start until some of the larger, more established non-profits, such as UNICEF and Save the Children, saw the value in, and got on board with, accepting cryptocurrency donations.
If you work in an organization that can benefit from cryptocurrency and blockchain technology, such as a charity, you can find creative ways to explain to your team how it will positively impact the strategic direction of your organization. For advice on this, feel free to check out my previous blog post, Creating buy-in to accept crypto donations at your non-profit.
Support organizations spreading the word of good in the space
There are thousands of individuals, collectives, and organizations spreading word of the good being done in the space. It might seem like a small effort, but something as simple as following these organizations on social media, sharing their posts, and providing them with financial or other support, can go a long way in helping them continue to spread word of the good being done in the space. You can also provide your time to one of many amazing projects or DAOs doing good in the space.
Some of the positive talking points
Cryptocurrency is changing the way individuals give to charity
"If you're a public charity why not make all your accounting - at least the #Bitcoin side of it - completely public so that people don't have to trust you. They can just look at the #blockchain" - Michael Tozoni, Treasurer of Bitcoin100, From Bitcoin and the Future of Fundraising
As cryptocurrency achieves widespread adoption around the world, one of many positive spin-off effects is that more charities are accepting cryptocurrency donations, and more donors are choosing to contribute to important charitable causes by donating cryptocurrency.
The impressive growth in crypto giving can be quantified by the recent projections of The Giving Block, one of the largest facilitators of cryptocurrency donations, which is on pace to process over $100 Million in crypto donations this year and is projecting $1 Billion in donations to flow through their platform in 2022.
There are many positives to accepting cryptocurrency donations, including that it opens organizations up to a new and global donor base, it has the potential to save organizations in expensive donation processing fees, and it demonstrates to donors that the organization values transparency and innovation.
As a result, hundreds of charities are accepting cryptocurrency donations worldwide, including the likes of the American Cancer Society, Mental Health America, the Leukemia and Lymphoma Society, United Way Worldwide, CARE, Feeding America, and even some University endowments.
Blockchain-based solutions to humanitarian challenges are improving the world
“Beyond cryptocurrency contributions, what if blockchain technology could be used to make supply chains more efficient, transactions more transparent, and end world poverty through decentralized universal basic income as a form of unconditional cash vouchers? That would be a dream worth holding onto. Since our founding more than 100 years ago, Save the Children has reached more than 1 billion children. Perhaps the next Bitcoin billionaire can help us reach the next billion children.” - Ettore Rosetti, Senior Advisor, Save the Children
The open, transparent, reliable, and immutable nature of blockchain makes it a perfect fit to help solve many of the worlds most pressing challenges. As a result, we have seen many exciting projects emerge that look to support refugee populations, improve vital supply chains, improve health care, help vulnerable populations adapt to climate change, and deliver accessible financial services to unbanked or underbanked populations.
The exciting thing is that we have barely scratched the surface. As more talent enters the space, new and exciting use cases are being developed daily, and in the not-so-distant future, blockchain and cryptocurrency will play a prominent role in the social impact space.
There is incredible diversity in the space
“Our data shows that residents of more and more countries around the world are taking the dive into cryptocurrency or seeing existing adoption increase” – Chainalysis’ 2021 Global Crypto Adoption Index
A common belief is that the crypto space is dominated by young white males, most of whom are speculators looking to make a quick buck. While there is certainly plenty of room to grow to ensure the crypto space is as inclusive as possible, there are many positive indicators that the crypto and blockchain space is more diverse than many expect and is increasing its diversity at a rapid pace.
In Chainalysis’ Global Crypto Adoption Index highlighted above, the top ten countries for adoption include, in this order, Vietnam, India, Pakistan, Ukraine, Kenya, Nigeria, Venezuela, United States, Togo, and Argentina.
While one study found crypto ownership by males to be nearly twice as high as by females in the U.S., another study found that the number of women involved in the space is skyrocketing, with a 43% increase in the first quarter of 2020 alone.
There are dozens, if not hundreds of amazing groups, collectives, and projects working to promote diversity in the space through education, empowerment, and the facilitation of connections. I highlight some of these amazing organizations in a blog post here.
Blockchain and cryptocurrency can lead to a more sustainable world
“The UN believes that blockchain, the technology lying behind these online currencies, could be of great benefit to those fighting the climate crisis, and help bring about a more sustainable global economy.” - from Sustainability solution or climate calamity? The dangers and promise of cryptocurrency technology
There are many exciting projects that are working to make the world more sustainable and combat the adverse effects of climate change. In my blog post Crypto, blockchain, and the environment: the other side, I highlight some of the use cases for blockchain in combatting climate change including creating greater transparency and accountability in the corporate sector, the more efficient provision of financial services, and supporting vulnerable populations affected by climate change.
Here are a few examples of some of the blockchain-based projects building a more sustainable world:
The Celo Foundation has launched a Climate Collective aimed at tokenizing rainforests and carbon sequestering assets to help fight climate change.
Klima DAO is building a carbon-backed digital currency, with each token backed by one tonne of verified, tokenized carbon reduction or removal.
Etherisc is a project using the Ethereum blockchain, Chainlink Oracle network, and smart contracts, to provide cost-effective crop insurance to smallholder farmers in Africa, helping them adapt to increasing extreme weather due to climate change.
Fishcoin is a blockchain-based seafood traceability project, which “incentivizes supply chain stakeholders to share data from the point of harvest to the point of consumption.” This helps create a more open, transparent, and accountable seafood industry.
Blockchain and cryptocurrency can save the average person money by cutting out unnecessary intermediaries
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” – Vitalik Buterin, Founder, Ethereum.
Although we may not see this benefit at scale for quite some time, blockchain can and will lead to greater decentralization all over the world by cutting out intermediaries and giving more power directly to the average citizen. Here are some of the ways that we expect this to happen:
Decentralized payment platforms that cut out costly payment processing fees
Open-source social media platforms where users are no longer the product, and can earn crypto by contributing content
Decentralized freelance platforms where freelancers no longer must pay exorbitant fees to centralized freelance platforms.
Blockchain-based insurance protocols built with smart contracts that remove the need for bloated, publicly traded insurance companies.
Conclusion
We are still very much in the early stages of crypto and blockchain adoption. Chances are if you approached a random person on the street today and asked them about cryptocurrency, they would have a limited understanding of the technology, and the broader developments in the space. As such, most people are only aware of what they see in the media, where the headlines are usually driven by the not-so-good extremes.
Those in the space know that cryptocurrency and blockchain can and will have many positive impacts on the world and the livelihoods of communities. We must come together to spread the word of the good being done in the ecosystem, to ensure these impacts can truly be realized.
What are some other ways we can change the narrative on cryptocurrency and blockchain? Tweet us at @Crypto_Altruism, we’d love to hear from you!
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