We’re currently taking action to bring Bitcoins into the pockets of Indonesia’s massive unbanked and underbanked population, starting with the Bitcoins in Bali project. Bali’s infrastructure in which the villages are organized is unique relative to the rest of the developed world. The challenge this poses calls for entirely creative solutions.
Indonesia occupies the fourth largest seat in the world in terms of population. Out of its 250 million inhabitants, roughly 190 to 200 million do not have access to bank accounts. The reason this massive subset of individuals are excluded from the formal financial services industry is due to costliness, accounting headaches and liabilities. Banks intentionally exclude this group by imposing high minimum deposits and costly transaction fees. In the face of this, demand for financial services is overwhelmingly high.
How do we aim to solve this problem?
Cryptocurrency – particularly Bitcoin – and its applications are in its infancy, yet already we’re materializing keys enabled by the technology that have the potential to unlock a limitless number of doors. One such door it opens is banking to Indonesia’s poverty-level individuals – the micro-finance segment.
Follow along on our journey as we hash the key for Bali.
We are building a crypto economy in Bali.
We need your help!
Get the ball rolling by sending us an email at firstname.lastname@example.org.
Here is how you can Get Involved:
- COME TO BALI !!!, and join us for our weekly meetings every Tuesday night, 5pm at Hubud. (We can help you get settled here.)
- Subscribe to our YouTube Channel.
- Join the conversation by joining our Facebook group Bitcoins in Bali
- Talk to us by hashtagging #bitcoinsinbali on Twitter
- Attend Bitcoin 101 and send your friends.
- Buy some Bitcoin using the Hubud Bitcoin Machine. (video)
- Support our local Bitcoin merchants. (Airbitz Directory)
If you decide to stay for a while, why not get involved in helping build the community itself. We need your help! Please drop us a line at GetInvolved@bitcoinsinbali.org.
We currently seek:
- Community Outreach Volunteers
- Bitcoin Enthusiasts
- Bitcoin Developer
- Web Developer (with an interest in learning Bitcoin)
- Podcast/Audio Production
- Video Editing & Production
- Bahasa Indonesia Translation
- “Bali Bitcoin Month” Event Coordinator
- Social Media Expert
Bitcoin represents a new monetary system that works in a fair way. It’s the world’s first money that works because everyone knows how much of it exists. It cannot be debased. It cannot be printed. It cannot be created out of thin air. It is a public good that works according to rules that everyone can see.
The potential benefits to humanity are incredible!
- Financial tools for 2 Billion unbanked people
- Low cost money movement & remittance
- An end to “The rich get richer & the poor get poorer”
- Fair money for everyone
- A return to global market mechanisms that help us all cooperate
However, this potential cannot be realized until it is adopted on a wide scale and people can earn it and spend it.
We are trying to solve that practical problem here in Bali by creating a Bitcoin economy.