The LGBTQ community faces regarding their sexual orientation or gender identity, the community needs more representation and support than ever before. Here we look at LGBTQ and cryptocurrency.
Technology brings together different communities in ways that were impossible in the past decades. The ability to unite in economic actions that benefit both individuals and the community is among the methods of support resulting from technology.
As with everyone in this business, cryptocurrency provides unparalleled opportunities for LGBTQ causes and enterprises. The question is, how?
An LGBTQ-Specific Cryptocurrency
A profusion of the major business organization has made use of both cryptocurrency and blockchain technology. However, the new wave of LGBTQ cryptocurrencies has revealed that there is firm support among the community as a whole.
Since 2018, various LGBTQ- themed cryptocurrencies have appeared and have been traded on different platforms worldwide. There is an opportunity to buy and sell on important trading platforms and occasional bitcoin exchanges devoted to hosting different currencies available to the public.
The LGBTQ Token was said to be the first inclusive cryptocurrency to surface on the market, devoted to empowering LGBTQ regardless of country and customary currency. A non-profit organization founded the Token in Hong Kong, and it has generated the first wave among the community and its allies.
Since then, different businesses have acknowledged the LGBTQ Token and other currencies that emphasize LGBTQ inclusion.
LGBTQ Crypto Explorers are Investing Somewhere Else
Most LGBTQ crypto investors point out that the nature of trading in cryptocurrency is friendlier than in other environments. Whether it’s about someone’s sexual orientation or gender identity, only a few report cases of negative comments that are common in most online investment platforms.
Various LGBTQ individuals have made considerable investments of their own in growing the crypto industry. An example of such investors is the CEO of cryptocurrency and blockchain-focused BitBull Capital, Joe DiPasquale. His investments enabled him to focus supplementary investments into StartOut- a non-profit group that boosts LGBTQ business people in the world of technology.
Cryptocurrency Equalize Investment
Cryptocurrency is an online thing, meaning the chances of discrimination due to someone’s sexual orientation and gender identity are limited. Compared to other financial organizations where prejudice can exclude someone from acting, the cryptocurrency market equalizes everything.
Cryptocurrency offers freedom to investors without the pain of dealing with customary infrastructure – something that leads to discrimination against LGBTQ individuals. With many financial barriers for LGBTQ people, the crypto market paves the way for anyone to get into action, regardless of their budget or sexual orientation.
How Cryptocurrency Is Fueling Social Activism Around The World
Cryptocurrency is changing the stand, and activists are putting their hands on it as a force for good.
As of now, cryptocurrency is new to most people. As Bitcoin continues to make headlines, most people are wondering if they can use cryptocurrency. To most people, it’s an impalpable concept that does not seem to have practical use.
Ironically, cryptocurrency is making huge steps in activism. Recently, technology is being used to help in fighting inequality, injustice, and social issues globally. Blockchain and crypto are other technological tools in that field.
The benefit of cryptocurrency is that it creates opportunities for most marginalized communities and individuals. Since all control it, it’s affordable, and no single government or person can control it. Cryptocurrency is leveling the playing field for marginalized people who are shut out of traditional systems.
Lack of Traditional Currency Isn’t a Problem
One of the greatest setbacks for activist movements is the lack of funds. The majority of these movements start from the grassroots, meaning they fund whatever needs to be financed from their pockets. The only survival for these movements is if they generate enough funding or if well-wishers agree to work on pro bono. The affordability of cryptocurrency means you get more for less, and with fewer funds, you can go a long way.
This is of much importance in undeveloped countries where most poor people and rural residents cannot access traditional banking systems. It’s important to note that the poorest people all over the world may not possess documents to enable them to open a banking account. Still, they might have access to mobile phones and the internet, meaning they are eligible to participate in cryptocurrency exchange.
The Identity of Blockchain Can Save Lives
Although people are not punished by law in the U.S. and other nations because they are gay or are protesting against the government, there are many places where there isn’t such freedom. Activists risk being persecuted, jailed, discriminated against and even killed.
Fortunately, the nature of cryptocurrency is anonymous due to blockchain’s identity protection technology, thus minimizing the risks of being an activist. Blockchain enables one to support a cause with total discretion financially. The blockchain makes it possible for activists to do transactions without their identities being exposed. It’s possible to organize an event without being harassed or shut down.
Countries Where There is a High Use of Cryptocurrency
About a third of Nigerians say this is convenient for them. This is due to the high cost of transacting money across borders. Nigerians transact money using mobile phones, which has led businesses in the country to add crypto plugins to their phone payment options. This makes it easier for Nigerians to use cryptocurrency in their daily lives.
Vietnam and the Philippines
These two countries have registered the highest use of cryptocurrency. The Philippines Central Bank has approved various crypto exchanges as remittance and transfer companies in the country.
Other countries with the highest use of cryptocurrency are Peru, Brazil, Colombia, Argentina, Mexico, and Chile. Switzerland has the highest adoption rate in Europe alongside Greece, standing at 11% each. European and Anglo countries rank behind in cryptocurrency adoption.
Finally, Japan and Denmark have the fewest people owning or using cryptocurrency. Only 4% of the population has experience with crypto products.
Not every aspect of life is moving at the same pace. For individuals seeking non-discriminating financial investments, the cryptocurrency market is the way to go. Here you get a non-judgmental atmosphere where all people are treated the same.