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New York high school teacher launches crypto community project CCP, advocating for blockchain technology and cryptocurrency.

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New York high school teacher launches crypto community project CCP, advocating for blockchain technology and cryptocurrency.

"No bank account" has always been one of the pain points that the blockchain industry aims to change. However, it is surprising to discover that nearly one million people in New York City, one of the global financial hubs, are disconnected from the banking system. Seizing this opportunity, a high school teacher has launched a cryptocurrency community project dedicated to promoting widespread knowledge about cryptocurrencies.

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According to a report from the New York City Comptroller, an estimated 825,000 adults in New York City do not have basic bank accounts. In neighborhoods like the Bronx's Mott Haven and Melrose, over half of the residents are classified as unbanked.

Source: comptroller

Blockchain Technology as an Alternative to Traditional Financial Systems

Carlos Acevedo, a high school English teacher in the Bronx, launched the CCP Crypto Community Project, a grassroots initiative connecting young people in the crypto community to further understand cryptocurrencies and blockchain technology.

In early August, Acevedo held a two-day workshop for his 12 alumni students, featuring industry experts from Electric Coin Company, exchange Gemini, and payment service provider Flexa to discuss their respective fields with the students.

Acevedo sees this initiative not only as advocating for cryptocurrencies for the next generation. He stated:

Given the lack of banking services for many residents, I hope to promote a Zcash-based economy in the Bronx to alleviate some of the economic exploitation happening here.

South Bronx is an area with a median household income slightly above $28,000. Like many low-income areas, traditional banks are scarce, with only one branch for every 20,000 people. Overall, the area has the highest proportion of unbanked population in New York City.

Therefore, financial services available to residents often operate outside the traditional banking system. Some companies offer check cashing, payday loans, and remittances, but often with high fees.

Rosario, a student from Thailand, also attended the workshop and retweeted a tweet from U.S. President Trump criticizing China's interest rate cuts, stating:

Fiat currency continues to face manipulation, inflation, and be controlled by a few select individuals, which is why cryptocurrency seems so dangerous because that power will return to the people.

Genesis of the Crypto Community Project

Reports indicate that Acevedo discovered cryptocurrencies as early as 2014 and began introducing the idea to students during lunch breaks, finding them receptive to the concepts. A joke became popular among the students:

Teacher, when are you giving me a Bitcoin?

Acevedo mentioned that when his students graduated, signifying he could legally interact with them as adults, he gave them a certain amount of the privacy-focused coin Zcash.

But why Zcash and not Bitcoin? Acevedo explained:

In this community, security and privacy are actually very important. If someone knows your Bitcoin wallet address, they would know how much assets you have, putting yourself at risk. Tokens like Zcash, which focus on privacy, can mitigate that risk.

In conclusion, Acevedo believes that poverty means a lack of funds and financial services, and cryptocurrencies are a means to alleviate both situations.

Further Reading

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  • Global insurance group Allianz is developing its own token ecosystem