Time Magazine Reports Why Bitcoin Matters For Freedom
By Luke Flowers – Crypto Speculator
Buying Bitcoin has had a bad reputation in some ways that has overshadowed the real potential of the blockchain industry, particularly when we think about the liberating possibilities it has. In an article written by Time Magazine, it looks at how a Bitcoin investment could aid financially to exchange funds without the restrictions of a third party.
When we look at the currency hyperinflation situation in Venezuela, it has become one of the world’s worst refugee crises. They live under authoritarianism and are unable to change the policies that have ruined their economy. With their leaders not held accountable, the people live in fear with no hope to fight back.
Venezuelans have started to adopt and experiment with Bitcoin investing in which some trials have been able to avoid the hyperinflation and strict controls over their current finance situation. New laws in Venezuela are forcing people to go through local banks for international transactions and banks are required to disclose data on how the customer uses its money.
In reaction to the new laws, Venezuelans have begun to receive Bitcoin from contacts abroad with small fees and in a matter of minutes. This route allows no government censorship and gives the people control of their money. Buying crypto could be the answer for other countries experiencing restrictive financial regimes. Cash is one of the most anonymous ways to use money but can be impractical due to theft. Going cashless with banks could be the way forward but it still has the implications of the government surveillance.
50% of the world’s population live under an authoritarian ruler, Bitcoin has the power to make a difference to four billion people who cannot trust those who govern them or their banking system. Providing education on how to buy Bitcoin, where to exchange cryptocurrency and developing the system, Bitcoin and other crypto could be their way to financial freedom!