Last updated on May 18, 2020
The Benefits of Cryptocurrency
I’m not a fan of the Federal Reserve.
They’ve printed trillions of dollars in the past few years and never once asked for my consent.
Since most Americans went to public school, they have no clue how monetary policy impacts them.
The initial concern is inflation.
Today I can buy a burrito for $8, but a burrito might cost me $10 next year.
And the truth is, I don’t care what a burrito costs — $5 or $100 — what I care about is percentages.
If I make $20/ hour, then an $8 burrito costs me 40% of what I earn each hour. If the burrito costs $10, and I still make $20/ hour, then it costs me 50% of what I earn each hour.
Quantitative easing, corporate bailouts and economy “stimulus” packages are strategies to rob the American people (raising taxes is too obvious).
Cryptocurrency is a way to give the power of money back to the people.
Most Americans trust our elected officials to do the right thing (another outcome of public school indoctrination).
The reality is, however, that politicians do not take a morality test before entering office. If they did, they would fail. The people are not their priority because bribes from lobbyists, campaign “donations” from multinationals, and the Wall Street revolving door keep them distracted with wealth and career opportunities.
But corruption in politics is nothing new.
For example, in Venezuela the government destroyed the value of its national currency and then prohibited its citizens from exchanging their bolivars for a stable currency (that wouldn’t erode in value overnight).
Government officials said the law was for “the safety and security of the people.”
All governments, not just the United States, fuck over their citizens by pretending to protect them.
The only thing saving Venezuelans from starving to death is the adoption of cryptocurrency.
There is no question the Federal Reserve is eroding the value of the dollar. It didn’t have to be this way, but humans are flawed and so this small group of people have wrecked havoc on billions around the world.
And they don’t even blink an eye.
Cryptocurrency cuts out the immoral and power-hungry humans. Cryptocurrency is not issued by a financial institution nor is it regulated by a national government.
There was a time when people traded sticks for corn to survive and didn’t ask the government for permission.
Cryptocurrency gives back the power of money to the people.
Cryptocurrency is Progressive
Speaking of sticks and corn, all currencies are a reflection of perceived value.
For example, in 1940’s Germany, after the government destroyed the national currency, Germans adopted cigarettes as their currency. According to Coins Weekly, one ration of bread = 10 cigarettes; one quilt cover = 125 cigarettes and one chicken = 30 cigarettes.
So whether it’s a stick, an ear of corn, a box of cigarettes or a dollar, the free market uses the law of scarcity to determine value in the marketplace.
The problems began when a small group of American men in the 1970’s decided the natural law of scarcity didn’t give the global elites enough power over the people.
So they took the dollar off the gold standard and the rest of the world followed suit.
Today, a small group of men determine how much your burrito costs (socialism).
But your wages? Corporations decide that and government stays out of the way (capitalism).
There are thousands of cryptocurrencies and none of them are backed by anything. They are worth only what the free market determines them to be worth.
The difference with cryptocurrency is that we cut out the small group of men in power that determine its value.
Digital assets are the next phase of money. We went from sticks, to corn, to gold, to paper money.
Cryptocurrency is just a currency, but one that makes more sense in the global, interconnected and technologically advanced world we live in today.
Related Reading: The Untold History of Student Loans
Cryptocurrency Transaction Time
An obvious benefit to cryptocurrency is transaction time.
A couple months ago I loaned my friend in London $2,000.
It took SEVEN DAYS to reduce the number in my bank account by $2,000, and increase the number in her bank account by $2,000.
Fuck off if you believe this is “for our safety.”
That same friend will get my text immediately. I can FaceTime her and talk in real time. If I send her an email, she receives it within seconds. But if I want to help her out in a moment of need, I have to pay $40+ in wire fees and she has to wait seven days to get it.
Cryptocurrency cuts out the middle man. It leverages technology to give the power back to the people. It is my money and I have every right to send it to my friend. We have the technology to make my transfer happen instantaneously, but the small group of men controlling us don’t want to give up their power.
The person behind Bitcoin, Satoshi Nakamoto, said “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
Next time I’ll be wiring my friend bitcoin.
No paperwork, no fees, no arbitrary delays, no middleman, nothing.
I shouldn’t have to ask permission and pay fees and wade through paperwork to send my own money to someone I love.
I hope you agree that this small group of men can just fuck off.
Related Reading: How Blockchain Will Change the World
Cryptocurrency for the Unbankables
The government wants to strip you of your freedom and encourage you to depend on the state for survival.
No one bites the hand that feeds them, right?
For this reason, you should think of banks as the unofficial branch of government. They are the “cops” enforcing the government’s agenda. Think about it: Banks always get bailed out, their executives never go to jail, and the Wall Street revolving door never stops swinging.
Meanwhile, 55 million Americans don’t have a bank account. Poor citizens are dependent citizens. Enslaved citizens.
This cozy relationship between banks and government is the same all over the world.
But some countries have taken back their freedom, using cryptocurrency.
For example, in Afghanistan a woman is not allowed to open a bank account. That country’s cultural paradigm dictates that women are not worthy enough to handle finances.
But Afghan women fought back. A company called Digital Citizen Fund encourages Afghan girls to think independently, work creatively, and they will be paid in bitcoin, no bank account necessary (they also provide the women with internet access, which is unheard of in Afghanistan).
Afghan women are fighting for their social and financial freedoms, and their suppressors don’t even realize it, thanks to cryptocurrency.
Freedom fighters all over the world are standing up to oppressive governments using cryptocurrency:
- Sub-Saharan Africa
- Sending or converting money is prohibitively expensive. The local governments offer no solution so firms such as Bitpesa, LocalBitcoin and Paxful give the power of money back to the workers, using cryptocurrency.
- 233 million Indians, 40% of the population, do not have a bank account. In 2016, the Indian government withdrew 86% of the nation’s currency from circulation which only exacerbated the problem. It’s no wonder how popular Bitcoin is in India.
Whether you like it or not, money buys you freedom. So it makes perfect sense that governments around the world do nothing to help its citizens become wealthy.
Cryptocurrency, which decentralizes power, is the solution.
Related Reading: What Did Occupy Wall Street Accomplish?
The Benefits of Cryptocurrency
For everything that is good about cryptocurrency, the technology can just as easily be used for bad.
In China, for example, the government is gearing up to digitize its currency. Given China’s communist history, what are the chances their digital national currency is designed to liberate the people?
(That was a joke.)
There are fears that governments around the world could adopt cryptocurrency, which is built on blockchain technology, and use it to further control the people. For example, the process of filing taxes could be totally automated using blockchain and absolutely no one could get away without paying taxes anymore!
But why would government officials do this? They are the ones hiding and laundering the most money, not us.
Besides, the benefits of cryptocurrency really do outweigh the cons:
- Transaction time
- Transaction costs
- A solution for the unbankables
- No middleman “safeguarding” your assets
- Extremely safe and secure
- Globalized money for a global world
The last one, decentralization, is by far the biggest and most important. The Federal Reserve today, after pumping trillions and trillions of dollars into the American economy, have given no fucks as to the consequences.
Our quality of life is deteriorating and no one wants to talk about it.
My suspicion is because people don’t know who to blame.
Who Owns the Federal Reserve?
To wrap up the burrito example, let’s look at the percentage changes in housing, college and cars to really show the impact:
In 1950, the average income was $3,300. The average car cost $1,510, the average house cost $7,354, and annual tuition was $600. In percentages:
- Car to income: 45%
- House to income: 222%
- Tuition to income: 18%
In 2014, the average income was $51,017, average car was $31,252, the average house was $188,900 and annual tuition is $25,000.
- Car to income: 61%
- House to income: 370%
- Tuition to income: 49%
These percentages have nothing to do with inflation. Nothing to do with taxes. The Federal Reserve is eroding the value of fiat money and hoping you don’t notice.
Well, we noticed. The question is what are we going to do about it?
And oh yeah, who owns the Federal Reserve?