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Bitcoin represents a new open internet standard for hard money. Nowadays, with the growing awareness of bitcoin’s superior properties, it is increasingly adopted by global financial institutions as a pristine collateral, longer term store of value, and unstoppable money. We believe bitcoin was not formed in a vacuum. Like any other technology, bitcoin was invented to solve problems; in this case, the global economic problem.
Indonesia is the fourth largest population in the world, with 60% of citizens owning smartphones. As a country that has experienced hyperinflation in the past, it is crucial for Indonesians to understand what bitcoin stands for. Right now, most Indonesians view and treat bitcoin as a get-rich-quick scheme. Due to the lack of information and a comprehensive education in Bahasa Indonesia, many have fallen for scams associated with the words bitcoin, blockchain, “crypto” and mining.
Indonesians eager to invest have also struggled with mismanagement and corruption. Over the years, we have seen cases of fund managers and real estate developers (similar to the crypto space) who have failed to deliver on their promises and failed to refund their clients’ money. This has happened both in the private sector and also in government. News of these cases can easily be found online, both in Indonesian and English. Even some of Indonesia’s Covid-19 relief funds have been embezzled. For these reasons, Indonesians desperately need savings that are not only efficient but also trustworthy.
For years, Indonesians have favored savings in gold and property; now bitcoin, a better alternative, has appeared. Since the Covid-19, all other markets have experienced stagnation. The latest SR015 government bond yields 5.1%. The economy has been declared in recession since the third quarter of 2020 and is currently trying to emerge from the recession. In the midst of this, bitcoin continues to gain ground, with a gain of around 90% over the current fiscal year (October 2021) as an indicator of its dominant performance.
We believe the majority of Indonesians will move from the gold and real estate markets directly to digital assets (bypassing bonds and securities). It would be similar to how most Indonesians have bypassed the use of popular PCs and Android smartphones. Government data shows that the number of people in the digital asset space already reached 6.5 million people at the end of May 2021, far more than the 5.4 million people on the stock market. 20 years of user growth in the stock market was easily overtaken by 1 year of user growth in the digital asset space.
Number of smartphone users in Indonesia from 2017 to 2020 with forecasts until 2026. Source: Statista
Bitcoin conference in Indonesia: a step towards better education
Adopting bitcoin as the country’s best savings technology presents many challenges. It is not easy to understand Bitcoin, and requires a multidisciplinary approach. Indonesia Bitcoin Conference is a way for Indonesians to get proper Bitcoin information and education. This conference features speakers from Indonesia and abroad such as Saifedean Ammous, Robert Breedlove and Danny Taniwan.
With topics such as the future of crypto exchanges, mining, retirement with bitcoin, Lightning Network and bitcoin through the Islamic prism, we hope to change the mindset of Indonesians about bitcoin.
Indonesia’s Bitcoin conference will take place on October 31, 2021, the same date Satoshi Nakamoto published his Bitcoin white paper as the start of the currency revolution.
Visit the conference website for ticketing information: http://indonesiabitcoinconference.com
This is a guest article by Konsultan BTC. The opinions expressed are entirely theirs and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
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Sources 2/ https://bitcoinmagazine.com/culture/bitcoin-education-for-indonesia The mention sources can contact us to remove/changing this article |
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