Cryptocurrency's Benefits Have Potential to Advance Black America
Photo Credit: Getty Images

Cryptocurrency's Benefits Have Potential to Advance Black America

The digital revolution is upon us and the future of money as we know it could potentially involve a transition to digital currency. Cryptocurrency, the internet-based asset designed to act as a medium of exchange, is a fairly new concept we’ve been introduced to in recent years. It offers an alternative method of payment online that can be used to purchase goods and services. As the demand for virtual money increases, the Black community has an opportunity to get ahead and take advantage of its potential benefits.

According to Investopedia, Bitcoin, a decentralized form of cryptocurrency without the use of a central bank between online users, is unique. Bitcoin helped usher new radical forms of digital money that can operate outside of corporations and the government. Its popularity rose in 2017 starting a trend of people buying bitcoin.

Black Enterprise reported that author Isaiah Jackson published a book last July called “Bitcoin & Black America,” which delves into how Bitcoin and cryptocurrency have the potential to advance the Black community as they’ve been notoriously underserved and underrepresented by many major financial institutions.

While he analyzes the pros of cryptocurrency for Black America, Jackson also notes that African Americans have a very negative perception of the internet-based medium. With his book, Jackson hopes to change this discernment by encouraging the Black community to take advantage of this new technology.

“If you want to be viable as a community you have to have some sort of technological expansion to ensure that survival. I think this is one way to do it, not just from a price standpoint (buying bitcoin) but also from a technological standpoint — building the products that we’ll use in the future. That’s what I mean by the black community not missing it this time around,” Jackson told Anthony Pompliano on the Off The Chain podcast.

He also added that one of Black people’s biggest challenges is a combination of a lack of understanding and access to resources.

To Jackson’s point, discovering new technologies and becoming proficient in their understanding is an example of how the Black community can stay ahead of the curve.