The modern government-run financial system employs a staggering amount of national debt. The United States’s national debt is fast approaching $18 trillion, with no sign of stopping. This debt, while incurred by the government, ends up being the responsibility of the public to pay it off, or else risk collective financial suicide.
However, instead of shouldering this massive burden and having economic progress crushed under its weight, there exists a way to use cryptocurrency to achieve the opposite effect for people: give them equity . Currency control stifles business and innovation
Establishing by dictat a common, controlled currency for a nation has the effect of economically isolating that area from the rest of the world. By placing restrictions around the medium of exchange in an arbitrary geographic area, businesses with parties outside of that area is made much more difficult.
Cross-border transactions require at a minimum that a currency exchange has to take place, which may be subjected to capital controls, money laundering laws, etc.
Navigating the banking systems, legal restrictions, exchange rates and so on can make doing business internationally much more difficult than with cryptocurrency, where any transaction to anywhere in the world is the same as any other. Inflation steals value from people’s savings
A feature of central banking for government (a curse for the people) is the ability to inflate currency to pay off debts. Citizens holding the currency are forced to watch it devalued, as their life savings are diminished with each new unit printed.
While in countries without strict capital controls it is possible to invest in other currencies or stockpile commodities such as gold, legal tender laws still apply. Therefore, a certain portion of finances must remain liquid in the country’s devaluing currency in order to cover day-to-day expenses, disproportionately affecting the nation’s poor.
With high inflation, […]
