Importance of Cryptocurrency and Why It’s Good For The World
Last updated on June 8th, 2023 at 03:23 pm
Cryptocurrency advocates have varying opinions as to why a crypto, like Bitcoin, is important. However, most times these opinions are rooted in some distrust of the monetary system.
Cryptocurrency is important due to its design being diametrically opposed to the current monetary system. Cryptocurrency is decentralized which makes it difficult to manipulate. The currency monetary system is centralized via Central Banks, allowing for greater manipulation of the money supply.
While many people find cryptocurrency when they are searching for a means of making money, once they’re here, that often becomes just one of the reasons why they stay.
We’re going to review many of the most important points touted by cryptocurrency supporters including why they believe that cryptocurrency is ultimately good for the world.
Table of Contents:
The Importance of Cryptocurrency
As we mentioned, people often make their way to the cryptocurrency space in an attempt to make a quick buck. And while making money can certainly happen, most times, these investors have a lottery mentality when it comes to crypto.
These are the people who lose big, usually lose it all, and move on to some other type of money making scheme.
I will be the first to admit, I was drawn to cryptocurrency because I was looking to make money. If you want to read about my crypto journey, check out the About Us page.
But, like many people here, once I started down the crypto rabbit hole, I began to see things, the world, and our country in particular, in a different and often unflattering light.
So as I increased my knowledge of the space and the various cryptocurrencies inside of it, a theme began to form. I began to see how most of these cryptos are very unlike our current money system.
Moreover, the evidence began to mount as to how the average person, like you and I, are locked out of the most lucrative parts of this system. Something that everyone had a chance to see during the Game Stop incident. This showed the world the ties between the government and Wall Street.
As a matter of fact, seeing all of this helped me to realized that these cryptos could actually replace the system and ultimately create a much better world for the majority of the global population.
Libratarian Ideals
One of the first things I noticed was that many of us here in the crypto space hold many Libertarian views.
Some of the most prominent views include the idea of a smaller government, personal autonomy, a sound money and a vibrant, free market based economy.
For anyone actively involved in the world today, especially if you are raising children, things can be scary. If you want to hear me speak more about this as I highlight my views, check out the video I’ve placed here.
But since, in my opinion, the election cycle of 2019, the downward trajectory of the United States has accelerated. Even if you are only paying partial attention to the news or social media, you can see the degradation of society.
Some of the most notable things include the ostracizing of half of the U.S. population depending upon your political views. This played out in city after city across the U.S. with protests, fires and more.
Then the slow and steady changes to our economy. Which have eroded the standing of the U.S. dollar as the world currency.
Heck, you can experience these issues just by going to the store. Empty shelves and prices going through the roof. Nevermind gas prices…
So let’s bring this rant back on topic…
Defenders of the space see cryptocurrency as the fundamental means for affecting change in many, if not all of these areas.
Money The Root of All Evil
While this is a phrase you may have heard before, directed at the love of money from the Bible, that is not exactly what we are meaning here.
In this case, we mean that money is at the root of what governments and groups like the World Economic Forum (WEF) and the International Monetary Fund (IMF) do to influence the world by affecting changes in the money supply.
By using money as a weapon, they can destroy all aspects of the global economy.
This entire issue, with inflation being at 40 year highs, was completely created by the banks and those who control and influence them.
One of my favorite people in this space who does an amazing job of highlighting this is Mark Moss. He breaks this down in the video I have placed here, give it a watch.
Right now you may be thinking, this sounds like you’re talking about conspiracy theories…
Are they really theories?
Right To Privacy
One of our greatest freedoms, one that most people take for granted, is our right to privacy. This is something that has slowly been eroded away in our society.
Our loss of privacy is often couched in the idea that we must give up some of our privacy in order to be safe. This was the mantra after 9/11.
This ushered in things like the Department of Homeland Security, the Patriot Act and private courts providing the government the ability to surveil people with a minimal threshold of necessary evidence.
I know, sounds a bit over the top right?
Well, consider that in less than 20 years this has transitioned into the censorship of millions of people.
Social media platforms have been enlisted to censor people with certain political views for example.
Moreover, doctors, researchers and medical professionals have been censored, ridiculed, and lost their livelihoods for daring to oppose the narrative on COVID.
Sadly, this can morph into even more insidious actions.
Money Used As a Weapon
But, even more recently, we’ve seen how the Canadian government handled the issue with the truckers protest.
Prime Minister Trudeau issued himself emergency powers. With these emergency powers he utilized the military and police against the peacefully protesting truckers, as well as the businesses and people who supported them.
But he took things a step further, he used money as a weapon.
He used his emergency powers to identify protesters and anyone who gave them money to help support the cause. Many of these people had their bank accounts frozen, effectively leaving them penniless.
However, this is not the only time money has been used as a weapon.
Governments use it everyday against other governments.
This is done by way of the imposition of economic sanctions.
These sanctions prevent countries from using the Swift System. This is the banking system the world uses to move money. The ultimate effect of these sanctions is to prevent these countries from conducting international commerce.
Unfortunately, these sanctions almost always disproportionately affect the citizens of the country sanctioned more than the government itself.
Sanctioning officials would argue that this is exactly what is intended, to give the citizens a reason to rise up against their government. Yet, these same officials would decry such actions being taken against them.
How do cryptocurrencies fit in?
How Cryptocurrency Can Help
While much of this sounds like doom and gloom, there is hope. This hope comes in the form of cryptocurrency.
In short, cryptocurrency, Bitcoin in particular, was developed to disrupt the current banking system and provide people with a means of transacting peer-to-peer.
So, how can this help with the issues we highlighted above?
Frankly, that depends on the issue you are trying to address.
While in general, a cryptocurrency like Bitcoin can address each of those issues, it is more effective at being the answer for some than for others.
You see, Bitcoin was meant to be a peer-to-peer money. So, people could transact with each other without the need for a trusted third party, such as a bank.
To accomplish this, Bitcoin has an open ledger, this means anyone can see all the transactions on the Bitcoin blockchain at any time. This makes it easy for one person to verify that money was sent to another person, as well as how much BTC any wallet has in it.
All you need is the wallet address.
This makes Bitcoin pseudonymous. So basically, no one knows what wallet belongs to who unless they are told or it is tracked back to a person by a blockchain monitoring company like Chainalysis.
So these attributes make a crypto like Bitcoin great as a store of value, or good currency for transactions, but it does little to protect the users privacy.
Bitcoin is currently being used to disrupt the monetary influence of groups like the IMF in the country El Salvador. Read more about that here.
So, unfortunately, in theory, once the owner of a wallet address is identified, the person can still be adversely affected by whatever or whomever they are trying to avoid. This was another thing we saw play out in Canada during the trucker protest.
Privacy Coins
But as we mentioned, there are many different types of cryptocurrency. Another type of cryptocurrency that can be used to offset the issues we highlighted above are privacy coins.
A privacy coin is exactly like the name suggests, a coin that can be used while maintaining the user’s privacy. Currently, the most popular privacy coin is Monero (XMR).
In theory, using a coin like XMR would shield the information around the transaction being conducted, making it an anonymous transaction.
Because of this, many governments have been working on regulations to ban the use of privacy coins.
The United States has taken this a step further, offering a reward to anyone who can hack Monero and other privacy coins.
As you can see, cryptocurrency has the ability to limit the power of governments around the world.
Frankly, Privacy Coins are an important part of the cryptocurrency ecosystem. Moreover, I believe that Privacy Coins will be crucial to our future and the future of money.
If you are still unsure about exactly what Privacy Coins are, start your journey to learn about them here.
Why Cryptocurrency Is Good For The World
Even if you have differing opinions from those we’ve highlighted above, you likely still know that things are not really right with the world. We contend that cryptocurrency can make the world better.
Cryptocurrency is good for the world because it gives people the ability to protect themselves financially and personally. Through their use and adoption, crypto emparts the ability to maintain and increase wealth while protecting personal autonomy by operating outside of the current financial system.
While every person is unique, and we all live in various communities around the country, these things we’ve mentioned will affect us, and our families differently.
I hope that we can at least agree that every person deserves the right to be free, the right to privacy, the right to maintain the wealth they have, and the right to be able to pass all of that on to their children and grandchildren.
One of the best ways to do that is through the adoption of cryptocurrency.
The changes the world requires will not be seen overnight, but with persistence, they will be seen.
The beginnings of this are already happening. Today, you can use cryptocurrency to purchase goods and services, build up wealth in an IRA and to hedge against the dollar collapse by many companies.
Join us in our discussion about how crypto is being used today right here.
Future Improvements
What are some other direct ways cryptocurrency can help make the world a better place?
A great question indeed… so let’s ponder a few…
Reduce/Eliminate Fraud
Using cryptocurrency vs the current banking system can help to reduce and ultimately eliminate fraud.
This idea goes against the government narrative that Bitcoin and other cryptocurrencies are used only on the dark web for all kinds of illegal things. Unfortunately for them, nothing could be further from the truth.
In fact, according to a 2021 report from Chainalysis, 2.1% (approximately $21.4 Billion) of cryptocurrency transactions were for illegal activities.
In contrast, according to the United Nations (UN), it’s estimated that between 2-5% ($1.6-$4 Trillion) of money transactions are involved in money laundering and other illegal activities.
The number of fraud related crypto transactions is this low in large part to most cryptocurrency blockchains being open for review by anyone.
Strengthen Ecommerce
The global economy, as it exists today, does not make it easy to conduct international commerce. International payments are slow and permission is needed to send money between parties who live in different countries.
So as an example, your bank could prevent you from buying necessary software for your business because you are buying it from a seller in a country the bank deems a risk.
But more than that, there are over a billion people who cannot even participate in the world economy. According to the World Bank, over 1.7 billion people can’t get access to a bank account.
Cryptocurrency eliminates this.
An Uphill Battle
Some of you reading this article right now are probably thinking, there is no way that governments and banks will allow cryptocurrency to up-end the current monetary system.
And honestly, you are right, the current system will not just let go of its power without a fight.
However, the more people understand how they are being controlled by the system, the more they will want to leave it.
Cryptocurrency and banks each have their pros & cons. We break all of those down here, consider giving it a read.
At the end of the day, a decentralized system, one controlled by its users, is going to be better than a centralized system, one controlled by a central bank or government.
Questions Related To The Importance of Crypto
What are the differences between cryptos?
Each cryptocurrency is unique. They are developed and designed for different purposes. Read About Crypto Differences Here.
Is cryptocurrency real money?
For cryptocurrency to be used to pay for goods and services it must be considered money. Check Out Our Discussion About This Here.
Disclaimer
The information provided here is for INFORMATIONAL & EDUCATIONAL PURPOSES ONLY!
View our complete disclaimer on our Disclaimer Page
