The independent Bitcoin knowledge facilitator, author of the beginner's book (L)earn Bitcoin and host of the Anita Posch Show on her crypto background, women in the blockchain scene and Bitcoin in developing countries in conversation with Crypto Valley Journal.
Developing countries are in the midst of an economic revolution. While Bitcoin & Co. are often dubbed as financial speculation in other parts of the world, a clear trend towards everyday trade is emerging in the Third World. Small and medium-sized enterprises as well as individuals in Third World countries are responsible for this trend. The example of the African, but also the South American continent impressively shows how developing countries can profit from cryptocurrencies. But also in Western countries cryptocurrencies offer substantial opportunities for financial inclusion of all people. A conversation with Anita Posch.
CVJ.CH: How did you first dive into the crypto world? Where does your background lie?
I've been in the internet and e-commerce business since 1999. Have programmed websites myself, managed large e-commerce projects and started an online marketplace for sustainable design products and for co-working spaces as a freelancer. In 2016, I took some time off to figure out what to do next. The topic of e-commerce and online marketing as a self-employed business consultant had become too narrow for me and I didn't see any room in it for a larger societal and social contribution on my part.
In April 2017, I listened to a talk by Shermin Voshmgir about Bitcoin and blockchains. I was fascinated by her presentation of the technology and the possibilities, and I saw the parallels to the development of the internet 30 years ago. The possibilities that Bitcoin offers in the area of social change and promotion of human rights worldwide are why I am so committed to Bitcoin knowledge sharing. From then on, I have studied the subject intensively, never stopped learning, and consider myself lucky to be involved in this exciting industry.
Do you describe yourself as a bitcoin maximalist and if so, why?
I prefer to call myself a Bitcoin monogamist. I am only interested in Bitcoin, but I know that there will always be other cryptocurrencies. In my podcast, my book, and in my talks, I clearly highlight the fundamental benefits of Bitcoin. I leave it up to people to decide which cryptos they want to use.
Why Bitcoin? It is the most decentralized of all cryptocurrencies. The technical requirements to run a network node are so low that it can be done even in the global south or in areas with poor internet reception. It is the only cryptocurrency without a leader, without an organization, Bitcoin cannot be influenced by anyone. It is the only cryptocurrency that can become the basis for a global reserve currency as a neutral instrument while protecting our privacy. This is in complete contrast to digital central bank currencies (CBDC), which is not only a continuation of the traditional monetary system, but also enables dystopian forms of surveillance of our everyday life by the state.
How do you see women represented in the scene?
As with all topics related to computer science, mathematics, finance and politics, women are unfortunately underrepresented. This is not Bitcoin's fault, but in my opinion is due to societal structures and job descriptions that further perpetuate existing hierarchies. Bitcoin is the ideal tool to break financial hierarchies because it is equally accessible to all regardless of gender, skin color, and status. Bitcoin is the greatest opportunity for women and others disadvantaged in the current system to catch up with wealth disparities and not be disadvantaged in access.
Where do you see the application possibilities of the Lightning protocol?
The Lightning network extends Bitcoin from digital gold as a pure investment object to fast and secure digital money. It enables person-to-person payments to be made globally, without intermediary restrictions, and far more cost-effectively than with current centralized services. One large area of application is home remittances, which account for 25% of GDP in El Salvador, for example. The cost of this has so far had to be borne by the poorest population, as they are the main recipients of remittances.
1.7 billion people have and will never have a bank account because they can't afford it or don't have papers. Of these, the majority, 56%, are women. With Lightning, micro-credits can be used at near-zero cost, giving these people the ability to save, apply for loans, and more for the first time.
Based on Lightning, completely new possibilities for earning money via the Internet are emerging. Until now, it was not possible to build business models based on micro amounts due to the high costs of payment service providers. With Lightning, amounts under CHF 0.004 (10 Satoshis) can be sent worldwide. Bitcoin can already be earned on Zebedee, a gaming app, and podcast listeners and YouTube fans can send bitcoin directly to their favorite content creators. This is the basis for replacing exploitative business models like those of Facebook and Co., where revenue is generated from more sensation, excitement, clicks and advertising.
Can you tell us more about Bitcoin in El Salvador?
El Salvador is the first country in the world to introduce Bitcoin as legal tender. The country does not have its own national currency; for the past 20 years, the U.S. dollar has been used as payment. As a result, its 6.5 million inhabitants have been hit hard by monetary expansion and inflation in the US. Only 35% of the population has a bank account, 4 million times the government Bitcoin wallet called Chivo has been downloaded and installed to date. This means that 60% of the population now has something like an account through Chivo. President Bukele obviously saw an opportunity to bring new money and innovation into the country through Bitcoin, which he has been successful with so far. Assuming the long-term appreciation of Bitcoin, the country will be successful with it, provided the Bitcoin application by the government is well managed. Problematically, the source code for the Chivo wallet is not public, which contradicts Bitcoin's philosophy that everything is verifiable, and the state could theoretically access its citizens' Bitcoin at any time.
In which languages is your book available and why?
I wrote my book (L)earn Bitcoin, the best beginner book according to the Honey Badger Podcast, in English because Bitcoin is a globally usable technology. German because it is my first language and Spanish because in Latin American countries like Mexico, Argentina or Venezuela the adoption of Bitcoin is the fastest. In 2022, the book will be translated into Portuguese, Italian, and an African language.
What upcoming developments are you most looking forward to?
Bitcoin is hard money that protects against inflation in the long run, and it is the best form of investment in the last 10 years. The Lightning network, Layer 3 technologies, and sidechains that interact with stablecoins will establish Bitcoin as a payment network in the coming years. With "Bitcoin for Fairness", an initiative I founded, I want to emphasize that Bitcoin is the fairest of all financial networks. I will be traveling to local Bitcoin communities in Africa and Latin America in 2022 to share my knowledge and build bridges to the international Bitcoin community. I look forward to seeing more and more people who are disadvantaged in the current system use Bitcoin to create long-term value.
Anita Posch is an independent Bitcoin knowledge facilitator, author of the beginner's book (L)earn Bitcoin, host of the Anita Posch Show and founder of the non-profit educational initiative "Bitcoin for Fairness". Her work with Bitcoin has been covered by publications including the "What Bitcoin Did" podcast, ARD and Bavarian TV. In early 2020, she was the first Bitcoiner to visit Zimbabwe to research the country's monetary situation as well as Bitcoin adoption and report on the findings in her podcast. The goal was to bridge the gap between people living under authoritarian regimes and the rest of the world through interviews and show how Bitcoin can improve their lives and financial freedom.
