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Why Does Bitcoin Matter for Freedom?

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Why Does Bitcoin Matter for Freedom

Photo by Alesia Kozik from Pexels

In the border areas of Venezuela, we see many suffering stories coming to the country about how to feed their families. You can find years of inflation that seemed to have projected over the top one million per cent that appeared to come up as a turned bolivares that converted into scrap paper. More than 3 million people from the nation have fled since 2014. As per an estimate, around 5500 people are now going for an exit that has gone good every day. As per the UN, we can see the departure witnessed in places like Syria and other states witnessing severe refugee crises. As the people of this country live under the sheet authority, there is no other way to reform the policies that seem to have damaged their economy. They seemed to have kept their rulers to remain accountable by using a fair election campaign for change that comes without any fear or despair. As we see them standing in long lines for their rationed groceries and medicines, their lives are simply hitting them hard. The solution for them comes in the form world of cryptocurrencies, and we will check this in this post; for details, you can visit the site for more info here.

Venezuelans embark with innovation

Today, we can find Venezuelans are now adopting and toying around Bitcoin only to counter the issues like hyperinflation and stringent financial regulations. We see emotions like greed, fraud and speculations found in Bitcoin and its technology of Blockchain fall under authoritarian governments. Bitcoin remains a unique financial tool and comes with a censorship-resistant exchange medium. For example, we can find several remittances that are not coming under the domestic and ravaging economy in the country. They are now taking money into their control and can manage it worldwide. We can see them forcing the government to check the local banks for any other transaction that would demand the banks to disclose the information and how individuals can find the use of the money. As per experts, we see several crypto research groups working like an open money initiative. It can help in transferring the money with wire transfers coming from the US and many more people who claim higher results of 56 per cent as it passes from other dollars to other people for short weeks. Most recently, we can find several banks are now coming under direct pressure from the government that can help prevent the clients with the help of IP addresses from their online accounts.

We know innovations always come at an edge. Thus to counter the bureaucracy, a small minority of people from this country started relying on Bitcoin from their relatives abroad. It can help by adding a possible option to send out any text message you can find in your family that tends to ask for Bitcoin and even receive it within a few minutes for any small fee. Governments cannot ban Bitcoin as it is not routed through any bank or using any third party. Instead, it comes using the P2P method using your phone wallet. They are using their bank accounts based in other countries where they travel, withdraw their money and return to their place with it. In Zimbabwe, we can find endless amounts of cash not inflated over savings that can help add up with nothing. In Venezuela, you can find people using Bitcoin with any value. In countries like Zimbabwe, government agencies print loads of cash and then inflate the citizens’ savings into nothing. However, their successors will not be able to print more Bitcoin.

Bitcoin and Freedom

As we check the users of Bitcoin, we see Venezuela is not the only nation where you can use the crypto to escape its value. In China and Russia, people are now finding other ways to transact in Bitcoin as both countries have remained hostile toward crypto coming into the market. The decentralizing technologies can easily counter force. If you go beyond Bitcoin, there are no encrypted communication-based browsers and applications that can help move ahead with privacy security cryptos in the market. By developing the option, you need to pay attention to the darker side of any emerging technology. Several intellectuals feel that the Bitcoin world will soon use AI and Big Data to make the decentralized technologies work for Bitcoin. In many ways, Bitcoin can help give away the option to liberate from the old system that moves around the fiat economy.

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