Bitcoin for Billions is Charles Stack’s latest initiative

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Stack has been a Bitcoin advocate for several years, having first bought a small amount of cryptocurrency when he opened his Coinbase account in 2016 (he never sold any).

This has to do with his advocacy for blockchain and his support for the now dormant Blockland initiative. He recently led dozens of presentations on Bitcoin and the Lightning Network. Both remained at the heart of his concerns during the pandemic.

It was the recent Miami Bitcoin 2021 conference that inspired the launch of Bitcoin for Billions. Its slogan is “Bitcoin for billions, not for billionaires”.

That in itself is a reflection of Bitcoin’s creation of something “by the people and for the people,” said David Croft, attorney at Meyers Roman Friedberg and Lewis whose practice is largely cryptocurrency-centric. Croft has sold a Bitcoin mining business in recent years, and his clients include crypto exchanges and companies looking to use Bitcoin and other blockchain-based technologies.

“Bitcoin was never meant to be something only the rich could afford or understand,” Croft said. “But there’s a learning curve to understanding that. If (Stack’s) mission is to educate people about Bitcoin, and make it faster and more accessible, I totally agree. are noble intentions. “

What Stack does is not without precedent. But he sees his efforts playing into this global mission to bring Bitcoin into the mainstream.

“Bitcoin offers us a unique, world-changing economic empowerment opportunity,” Stack said. “It became very clear at this conference. So I decided to really focus on this in my own way. We are trying to provide people around the world with the tools and information they need to adopt Bitcoin in order to be successful. improve their lives. “

It is no small task. But like most cryptocurrency proponents, Bitcoin has captured Stack’s imagination.

“Once you understand technology on a level other than trivial, it doesn’t have to be deeply technical. There is a practical element. There will be a-ha moments. But once you get into it. below that level of magic, once you understand what’s going on, you can start to see what happens if it reaches a large scale, ”Stack said.“ What he does is deliver the opportunity to transform all the people in the world who don’t have banks – the unbanked become banked overnight. Thus, they can participate in the global financial system. And that’s a lot of people. “

Stack referred to the collection of immigrant communities in Greater Cleveland and the use of Bitcoin in remittances, where people send money to others in their home country. Stack is personally willing to discuss the use of cryptocurrency with these groups to help them do just that.

Of course, this is apparently just one of the many compelling use cases for Bitcoin. Some proponents suggest that Bitcoin may not be widely adopted as a currency by other governments like El Salvador, but instead could consider wider use as a store of value to hold reserves in the asset – like what some countries are doing with gold.

So why focus on Bitcoin? What about the plethora of other coin alternatives on the market today?

Stack believes that Bitcoin is the only crypto that is useful from a monetary perspective. And Ethereum, the # 2 cryptocurrency, holds more promise as a platform for software developers than as a tradable currency. All other altcoins – like Dogecoin, Litecoin, Stellar, etc. – are, from a monetary point of view, indeed garbage, he said.

“None of the other altcoins will have the success that Bitcoin has or will have,” Stack said.

Of course, not everyone is so bullish on Bitcoin. There are critics who believe that blockchain is more fashionable than anything else and that cryptocurrencies will never spread. Its volatility precisely raises questions about its potential as a good store of value. Stack is aware of these criticisms and tends to dismiss them. He works on thoughtful and intellectual responses to them. A page on their website will address these views and many other common questions and critiques.

The site will eventually include detailed “playbooks” that Stack is in the process of developing. These so-called roadmaps could help boost Bitcoin usage and support.

Stack said he is working to recruit volunteers, from established investors to students, who want to participate in his efforts and other cooperative partnerships. Among the latter, some are in the works, but it is too early to discuss them publicly, he said.

As for any fundraising for his nonprofit, Stack said he is not considering doing so at this time.

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