Cryptocurrencies are the financial story of the decade, taking stock markets by storm – but there isn’t an obvious connection between them and the LGBT community.
However, LGBT people continue to be marginalised throughout the world, and a coin dedicated to LGBT consumerism and activism is, according to Inc, one way to help bring about equality. Cryptocurrency enjoys a somewhat enigmatic reputation as a technological mystery that’s shaking up markets; its true impact is far more important than that, and with the release of LGBT altcoins, it can present a true way forward for the world LGBT community in terms of improving purchasing parity and combating prejudiced regimes.
Coin legitimacy
It’s important to note how cryptocurrencies work and the legitimacy currently afforded to them. Like any other financial asset, the trading of coins is subject to the same tax controls concerning capital gains and other revenues. This is as true of huge products like Bitcoin, or new LGBT coins like GayCoin and LGBT+Coin. Coins are absolutely legitimate. Indeed, the Hornet notes that one of the primary appeals of an LGBT cryptocurrency is the ability for LGBT people to move their purchases to the coin and away from old currency entirely; hitting businesses in the pockets where they have anti-progressive policies or don’t cater to the community.
Providing respite
In many societies, LGBT people face repression, discrimination, harassment and persecution. This can have an impact on their ability to access simple utilities and make purchases that those from other, societally accepted communities are able to benefit. Decrypt.co highlights the dangers of using social media and private messaging in certain regions of the world, such as Iran and Chechnya, where the police and religious authorities will use apps to entrap LGBT members of society. Using cryptocurrency, which is based on the absolutely secure blockchain technology, allows a far greater level of assurance – and helps to boost activism.
Cryptocurrency activism
If simply being a member of the LGBT community puts you at risk in some countries, then being an active participant in pressure groups and civil society only heightens that risk. Blockchain based communications help civil rights activists and LGBT advocates to stay safe from the threats of governmental and societal based pressure. The system of protected purchase that it enables takes it to the next level. LGBT Token, one gay-oriented cryptocurrency, states that their technology has actively saved lives. LGBT supporters and activists in oppressed countries can donate their money to organisations, or receive support from them, without ever risking detection by state authorities and the resulting prosecution or persecution.
For that reason, LGBT digital coins may have more of an impact than anyone considered previously. Derision has been poured on coins that seem to fill only a niche void; however, in the case of LGBT activists, that’s an incredibly important gap to bridge. As LGBT cryptocurrencies increase in both number and diversity, this will give hope to marginalised people the world over.
