Why is Cryptocurrency so popular in South America and the Caribbean?
Let’s start where every other article with this title starts, because…, it’s good background.
- 50% of Latin America is “unbanked” (without an account or access to a bank).
- Even fewer Latin Americans have access to a credit card.
- 60% or more do have access to a smartphone or computer.
- A large number of Latin American families have members in other countries who want to send money.
(World Bank, 2014)
They’ll touch on volatility, inflation, and corruption, all of which are important. But I believe it’s adopting so quickly for an entirely different reason.
Cryptocurrency represents something akin to Quantum Progress for Latin America.
What is Quantum Progress?
It’s when an entire population can skip from outdated or non-existent technology to state-of-the-art systems overnight.
For example, the continent of Africa has little to no access to the internet for lack of infrastructure. Instead of having to go through the exciting but torturous beep-boop-bleeping of a dial-up modem, or the life-altering speeds of DSL, many young Africans will benefit from a breakthrough project funded by Alphabet, Inc., called Loon.
It works with mobile carriers to extend coverage via hot-air balloons and recently provided ‘loons to Puerto Rico delivering connectivity during disaster relief efforts.
Other historical moments of quantum progress?
- mastering fire
- the wheel
- fireworks/gun-powder
- accounting
- electricity
- double-ledger accounting
- the steam engine
- triple-ledger accounting (distributed ledger technology) [don’t believe me? read this]
- CRISPR gene editing
Why isn’t the telephone on that list?
Because, for years people who needed to communicate quickly did so by telegraph as early as 1792. The telephone was the next logical step and Alexander Graham Bell wasn’t granted his patent until 1875. And the mobile phone was the extension of the laptop. So, yeah, not ALL technology qualifies as quantum progress. And some technologies are quantum one place and common another.
Is quantum progress just like magic?
While, “any sufficiently advanced technology is indistinguishable from magic,” (according to Arthur C. Clarke), quantum progress seems to happen overnight and fits your life like a glove. In fact, done correctly, quantum progress will be a nearly seamless and invisible transition.
It’s like waking up one day as a goldfish and not ever noticing the water you’re in. It just works for you.
Most people in Latin America don’t feel as though they’re missing out by using cash and steering clear of banks. It doesn’t seem strange to them to use their phones and computers for advanced financial needs since their phones and computers help them with other advanced tasks and functions in other areas of their lives.
There are several exchanges currently operating in Latin America although their reliability and scope are questionable. Try buying (and trading in) Bitcoin from Suriname, South America. Maya Parbhoe found it was next to impossible and decided to pursue the creation of an exchange that would solve problems instead of exacerbating them.
Convinced that users would prefer a trustworthy, reliable and secure platform with a modern, professional user interface (UI), Maya spoke to her team at Icarus (the parent corporation of OuroX) who’ve been coding for finance for years. It was a no-brainer. The white paper her team put together is impressive and thorough without being daunting (i.e. I understood it on the first read). You can take a look at that here.
When I try to imagine how life in Latin America will change because of cryptocurrency I get kind of stuck. There are some things that will never change; the incredible food, dance, art, architecture, self-expression, passion, music made with accordions and maracas… none of that will change. And then there’s the poverty, the lack of access to business loans, the lack of logistics infrastructure for the region. All of this can be massively impacted by blockchain technology, cryptocurrency and visionary teams like Maya’s.
I’m curious what you think about this quantum progress idea. Can you think of other examples that illustrate, or qualities that comprise, quantum progress? Hit me in the comments or DMs. And, if you can prove I’m dead wrong I definitely have to hear from you.
