Reaching Everyone, Pt. I: The Need For Sound Money Outside of the Wealthiest Territories

In developed nations, the widespread adoption of Bitcoin may not seem all that urgent to many. Indeed, it would be reasonable to say that its need at the individual level hasn’t yet widely manifested itself. While everyone’s excited about Lightning Network transactions overtaking existing fiat gateways for buying coffee or paying for bus tickets, the fact is that if some critical security flaw caused the irreversible collapse of the Bitcoin network overnight, we’d survive. Life would go on. The legacy financial infrastructure is relatively stable in many nations — at least in the short-term. Where cryptocurrency can shine brightest is in areas where economic and/or political actions of governments are failing.

Indeed interest and use of Bitcoin and cryptocurrency generally appears to be on the rise in regions where individuals are desperately in need of forms of wealth and value transfer that cannot be confiscated, debased or censored by authoritarian governments, local mafias or cartels. This has traditionally been difficult.. The state printing press is a machine that, left unchecked, can recklessly and often surreptitiously add to the existing monetary supply in such a way as to cause hyperinflation, a disaster we’ve seen unfold in the Weimar Republic in the 20s and the latter stages of the Roman Empire, and in Venezuela, Iran and Zimbabwe at present. As for commodity monies, they have been subject to confiscation and dilution in the past — consider Executive Order 6102 in the US, where the government coerced citizens into turning over bullion and coins.

Original source
https://hackernoon.com/reaching-everyone-pt-i-the-need-for-sound-money-outside-of-the-wealthiest-territories-f9a27e1f6488?source=rss----3a8144eabfe3---4

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