Why black people like me are still not sold on digital currency — yet

Call me a Debbie Downer, but I’m not really feeling the digital currency craze. Because former President Donald Trump won the election results in 2016, Treasury Secretary Steven Mnuchin dragged his feet on putting abolitionist Harriet Tubman on the $20 bill. And if you’ve ever talked with me for any length of time, you know how strongly I admire two people: Langston Hughes and Harriet Tubman. I almost got expelled from undergrad defending the Harlem Renaissance writer and lost a contract job going to bat for the abolitionist. I wanted that $20 bill in my hands so badly that I bought a Tubman ink stamper in the meantime.

But the way digital currency is gaining in popularity, I already knew that we were up against an hourglass on enjoying having a Tubman Twenty anyway. In all fairness, I rarely if ever keep more than $5 on me. Unfortunately this is due to an incident in which I watched two men snatch my mother’s purse. There’s no stop payment on cash. And in first grade, our new home was robbed — twice. Again, all the cash was taken. That left a lasting impression on my kindergarten eyes until adulthood and made me want to be more secure with my money.

I’m still old-school enough to keep a check register and watch my money like it’s an eagle who just spotted a rabbit. I always know what my balance is. However, damn near everything I buy is via credit card, debit card, ACH transfers, and transfer methods like PayPal and Zelle. In restaurants and cafes, there’s a 99% chance I’ll download the company’s official app for store deals and purchases. So you would think I’d be down for digital currency, right? Not exactly, but I’m trying. As with cash, my concern is being able to trace and track all of my funds. And seeing more black people getting involved in the financial side of it is helping tremendously.

The who’s who in black culture delving into digital currency

Tavonia Evans, a blockchain and cryptocurrency expert, was the first African-American person who I spotted using digital currency. But she wasn’t just using it; she went as far as to create a $Guap Coin — “guap” as in the slang term for money. Self-identified as the “cryptocurrency for the culture,” I’m intrigued by how the New Yorker-turned-Atlanta resident Evans is using Guap Friday to bring awareness to digital currency, in addition to teaching about blockchains in her classroom. The official Guap multicurrency and bitcoin wallet “was created to economically empower people of the Global African Diaspora.”

And when The Weeknd announced his blockchain deal with Nifty Gateway, I paid attention. The Super Bowl LV halftime show headliner released new music and limited edition art from Strange Loop Studios on Sat., April 3. The products were only available to purchase through Gemini currency or bank account.

Recommended Read: “The Weeknd announces his first NFT drop with new music, limited art”

However, I hesitated once again when I heard news of artists getting ripped off from people selling their work on blockchain websites. How are they doing it? It turns out you don’t have to prove who you are in order to sell work in these avenues, which means the actual artist can look like a copycat if the copycat manages to sell their work before anyone knows the difference.

This is one of many reasons why I shy away from posting anything that has not been registered with the Library of Congress and think many creatives should, too. As mentioned on a co-written blog for J. Paye & Associates, “Instagram does not claim any ownership rights to content that you post on the site. You do grant them a non-exclusive, royalty free and transferable license to use any picture posted on Instagram.” And so far I have not seen ways to recoup your funds or dispute transactions between cryptocurrency sellers and buyers if something goes awry.

Recommended Read: “When NFTs work against artists”

But it’d be next to impossible to not notice the popularity of cryptocurrency. One of my go-to payment platforms (i.e. PayPal) already accepted it, and now Visa is allowing people to pay off debt with it. But the way to my heart has and always will be adding a historical connection to finance-related topics. Just as I paid attention to Killer Mike partnering with Greenwood for “modern banking for the culture,” I’m now paying attention to actor-humanitarian Hill Harper’s release of The Black Wall Street mobile app.

Recommended Read: “Killer Mike’s digital mobile bank closes $40 million of Series A funding”

On the official site for The Black Wall Street, “the world’s first black-owned digital wallet,” the goal of the app is to invest in bitcoin and ethereum to build wealth; learn how to send and receive cash and crypto with other members; and (my personal favorite) get information on personal finances. The Digital Financial Revolution Tour​ starts on Friday, April 30, and is scheduled to stop in 33 locations, including my hometown Chicago on May 21. If you’re interested in more information, click here to sign up.

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Source: https://medium.com/blacktechlogy/hill-harper-introduces-worlds-first-black-owned-digital-wallet-the-black-wall-street-e25cc6455d41?source=rss——-8—————–cryptocurrency