Bitcoin is Changing the World

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1:30 minutes
Watch Video
1:30 minutes

Use Bitcoin to be Your Own Bank If you have family in Mexico but you live in Chicago, how would you send them money? Most people in this situation rely on a wire transfer. This method of value exchange takes time and charges a hefty fee but it gets the job done. You could use a bank transfer but again, it takes time and costs money to initiate such a move. What if you live in Venezuela? What if the regime controlling your country has devalued your currency so badly that you can’t even buy food with it. Enter Bitcoin. The advantages of Bitcoin result from the creation of a global transaction network, independent of governments, policies, and restrictions. Private, peer-to-peer (p2p) barter is a human right. History has shown us that intervention from centralized power structures is not to be trusted. When the bureaucracy controls the money system, like in Venezuela, inefficiencies can lead to disasters where a currency can lose most of its value and become worthless. Decentralized Value Transactions Bitcoin transactions are powered by computers spread all over the world. These computers are called nodes and the people running them are called miners. They contribute to the network security and operations. If one country loses electricity or access to the internet, Bitcoin stays operational. The same thing happens if a country decides to ban Bitcoin, the decentralized network perseveres. All of this security exists without help from governments. Bitcoin is a monetary system that for the first time in human history, allows every individual an opportunity to trade on a global scale. Say Goodbye to Banks Remember the Lehman Brothers investment firm going bankrupt? A fiat financial crisis leads to not only companies being shut down but the value of the currency being called into question. An even stronger example of this happened in Cyprus. When banks over leveraged themselves in the housing market, it led to austerity measures being implemented across the country. Greece faced a similar catastrophe. When centralized institutions control the finance system, bad investments can sink a nation’s economy. People generally don’t like banks, and certainly not a financial crisis. What about you? Are you comfortable with trusting the banks with your money? Banks are the cause of serious financial crisis but their importance in the global market is undeniable. People without access to bank accounts are at a serious disadvantage. Over 2 billion people worldwide still lack the ability to open account. In this situation, people are left to beg for a bank account or else get shut out from using digital transactions, such as a debit card. Bitcoin allows everyone to be their own bank. You never have to ask permission to use it or wait on holidays for transfers to be conducted. You never get charged unreasonable fees, and your money is never used to gamble with on the stock market. No one can audit you, lock you out of your account, or touch your financial wealth. A Tool to Fight Totalitarianism While we are scratching the surface of Bitcoin for beginners, its global use is what makes it so exciting. Before the invention of Bitcoin, subverting the state took shape in the form of large-scale protests and violent crackdowns. With Bitcoin, if you don’t want to support a particular government, stop using their money. It’s not violent and it doesn’t hurt anybody. Using Bitcoin provides an option to not be a part of a system you don’t agree with. It’s peaceful and more subversive than any other form of protest. If governments didn’t control our money, maybe the people would have more control over the government's decisions.

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