A world of “talent is everywhere, opportunity is not,” The existing fiat currency system perpetuates the gap between those who have access to resources and those who do not. Even democratic societies with their flaws enjoy stable currency, freedom, rule of the law, etc. This creates an environment that is rich in opportunities. A person’s beginnings do not have to determine where they will end up.
Lyn Aden, Bitcoin activist and best-selling author, is a great example of how democratic societies can overcome obstacles to take full advantage of their opportunities. Despite experiencing homelessness for several yearsShe worked hard to make her name in the financial world. It is not her story alone. Many refugees have fled persecution or war, but they’ve found new ways to innovate and adapt to life in a foreign land. They contribute significantly to their adopted community.
Jan Koum is the co-founder of WhatsApp, as an example. grew up without electricity in UkraineAfter immigrating, he worked in grocery stores for several years before he finally achieved success. Max Levchin, PayPal’s co-founder has tweeted How he found his success in America, after fleeing persecution in Russia. “My family and I, and thousands of Soviet Jews like us, came to the US as refugees in ’91, running from a regime that persecuted us because of who we were,”. Mai Lee Chang is another amazing success story of an immigrant. She was born to Vietnamese parents in a Thai Refugee Camp and knew only one English Word — “restroom” Chang has faced many challenges since she began her education in the U.S. now an engineer contributing to NASA’s journey to Mars.
The situation under an authoritarian system is very different, as a person’s future is determined by the circumstances of their birth. Typically, in such places if you’re not born into a family with connections to corrupt officials—in other words, if you’re not a rich kid—your ability to innovate and your entrepreneurial spirit will be systematically suppressed. In these regimes the system of fiat is not based on merit but is rigged to favor such “crony children”. The systems, in other words, are built on corruption, nepotism and family connections.
When there were no smartphones or internet, people living in hostile environments accepted that they would be forced to work for dictators. Bitcoin has evolved into more than just technology. Today it is a tool that allows financial empowerment, without compromise to moral values. Bitcoin is a powerful way to overcome many concrete obstacles erected in the past by oppressive government.
It is a great experience to be able to speak with someone who has lived it. Swan Htet Aung Swan, an AI-entrepreneur in Myanmar (formerly Burma) demonstrates the power of Bitcoin to help those who are starting out without family or money. Swan, who founded his AI firm in 2016, saw it grow quickly. By 2020, the startup was valued at over $1 billion. generating annual revenue of over $300,000.
Swan, who highlighted the importance of Bitcoin for preserving financial well-being, recalled an important moment following the coup in February 2021. He converted the cash of his company into Bitcoins and USDT four days after it was taken over by military forces. This decision was made just two weeks before banks in Myanmar began limiting withdrawals For individuals and companies, this allowed him to control the assets of his business. His decision to leave the USD in banks led to him losing a large portion of his company’s assets. The Myanmar’s military junta implemented a new extreme monetary policy to preserve USD to fund its war machine. Myanmar Central Bank’s policy of April 3rd, 2022 forced Swan to convert his USD into Myanmar Kyat at a rate 30% lower than the market.
This new policy mandated The following are some examples of how to use “Residents within the country must repatriate foreign currency earnings obtained from abroad to Myanmar. These earnings are to be sold and exchanged for Myanmar Kyat within one working day through banks holding Authorized Dealer (AD) licenses by opening a foreign currency account in Myanmar.”
It may be difficult for people living in nations with more equitable and just legal systems to grasp such oppressive economic policies. Myanmar has had a long history of financial institutions that have used their power to oppress its citizens. A notorious example happened In 1987, the demonetization of 25, 35 and 75 Kyat banknotes was a sudden event. This effectively erased 80% overnight.
After a few years, the number of people who have been able to access this service has increased. Myanmar’s violent military coup in 2021Burmese soldiers used intimidation tactics, such as freezing accounts, to suppress the opposition. This tactic is part of the government’s fiat-based financial system. Unfortunately, such abusive policies are often effective in places such as Myanmar, where people are preoccupied with ensuring their physical survival, securing food for their table, and keeping a roof over their heads – leaving them with little energy or no interest to challenge or fight against injustices.
Prior to 2010, Myanmar had A lower rate of mobile phone ownership than North Korea and dictator Than ShweBy spreading the propaganda that internet is only for adult video, the regime dissuaded internet usage. In 2016, the situation had dramatically changed, with social media, cheap smartphones and SIM cards becoming widely available to most of the population.
Swan was originally from Myanmar and came to San Francisco for the GenAI hosted by AWS to gain experience. He intended to go back to Myanmar. While he was on transit, however, the Burmese army activated a forced conscription lawHis life was forever changed. Swan’s decision to remain in the U.S. was influenced by this law as well the financial instability brought about by the Central Bank and widespread social-economic injustice. Now he hopes to get an O1-Visa To continue working and rebuilding his dream, in a place where innovation and development are encouraged. Although the U.S. is not without its inequalities or domestic problems, foreigners often view the U.S. as the ideal place to follow their dreams. They believe that innovation and hard work can bring success.
Swan, in a chat for this piece, recalled his early startup days in Yangon – Myanmar’s most populous city. Swan and two friends launched an AI software firm in 2016, at a moment when Myanmar began to undergo significant reforms, as well as gradually reintegrate into the world community following over a half-century of isolation.
“Human labor is cheaper in Myanmar than subscribing to software,” Swan says “It makes sense for business owners to hire staff at a salary of $100 a month and assign them multiple tasks, whether they’re inside or outside the scope of the job, unlike a chatbot for customer service.” In places with limited electricity and no democracy, sweatshops and low labor costs are always going to be more competitive than AI.
Swan shared his early startup struggles. “We spent pretty much all of 2016 just developing the product because we didn’t get a single customer. I had a side job and lived with my parents in a rented apartment while the other two co-founders left to pursue other full-time opportunities.”
Swan, who is fluent in Burmese, English, and both, said that social restrictions were a problem for him when raising money, especially because Myanmar was a new market. Swan also faced a social obstacle: He had not worked outside of Myanmar and had a Yangon-based university degree. Swan, unlike the privileged “crony children”, did not come from a wealthy background. His start-up was unable to attract investors, despite signing contracts with more than 1,000 partners including Samsung, Unilever and Carlsberg.
A protocol-based system of fundraising like Bitcoin would allow entrepreneurs from the developing world to scale their businesses regardless of whether or not they are wealthy.
Bitcoin is often misconstrued in developed countries as a form of investment or as a technology that harms the environment. But it’s essentially a way to get money and gain access to global capital markets for those in developing nations who have been trapped by an unfair currency system, which benefits only privileged “crony children.” The talented people in developing countries don’t get to participate in the global Bitcoin debate. They are trying desperately to escape the economic cycle. The Bitcoin standard allows individuals to access financial freedom and opportunities, which ultimately contributes to an equalized and prosperous world community.
Win Ko Ko is the author of this guest post. Opinions are solely their own, and may not reflect the views of BTC Inc.
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Source: bitcoinmagazine.com
