Harshvardhan, (“Hash”), an alumni of the MIT Bitcoin Club and an organizer for the MIT Freedom Tech ExpoIn an interview, he told me about a friend who works as a social worker for the government of Nepal. This person was there during the recent protests in the country doesn’t Like Bitcoin.
“There’s a lot of people with left-leaning ideology who still think bitcoin is a capitalistic tool, and they’re not very comfortable with it yet,” Hash, a simple explanation
Since we talked, I have been thinking about the point that he raised.
Although I used to be more political Liberal in the past, a number of people still fear that I would write about Bitcoins for a living. It seems like they believe I am a fanatic right-winger who cares only about money.
It’s easy to understand why people might believe that, even though it isn’t true. Bitcoin is synonymous in America with Trump’s administration. Most of the news about Bitcoin that the public sees in mainstream media reports on the price fluctuation.
Put another way, if you’re not intentionally searching for stories about how Bitcoin facilitates financial inclusion, the freedom to transact, and protection from inflation/currency debasement, then you aren’t likely to find them, which means that the average person hardly — if ever — gets exposure to the human rights side of the Bitcoin story.
If you want to give some ideas or examples below for friends who are on the left-wing political spectrum and dislike Bitcoin because of it, then I have included them.
Financial Inclusion
Kibera in Kenya is currently experiencing one of the most compelling stories on how Bitcoin can enable financial inclusion.
Kibera, the largest settlement of informal settlements in Africa is now a thriving community thanks to all the work done by volunteers. Afribit Kibera As a result of what the Kibera Community is doing to teach members about Bitcoin and how it can be used, Kenya’s most vulnerable and poorest people are now able to save for the very first time.
BBC’s recent program highlighted Afribit-Kibera and the good work they are doing.
Many of Kibera’s residents are refugees who have fled other African nations. They are not eligible for national identification cards.
Residents of these countries cannot access the Internet without an ID. M-PesaKenya has a widespread digital payment system.
Bitcoin is a great way to buy bitcoins. Lightning Wallet TandoThe app is a Kenyan-made application that allows payment and settlement of bitcoins in Kenyan Shillings. This allows members of this community to participate in digital economies, since neither requires Know Your Customer (KYC) checks. Yes, I understand that some Lightning wallets for custodial users require different levels of KYC. noncustodial Lightning wallets do not.
Transacting with Freedom
We in the West tend to take our ability to use digital payment services like PayPal, CashApp or Revolut for granted. This means that we don’t often think about what would happen if those accounts or bank accounts were to be frozen.
When they stand up against those in power, many activists and dissidents are denied access to their account. It is now common for dictators to close the accounts of people or groups that are critical of their authority.
This is most evident when the Putin regime shut down the bank accounts of opposition leader Alexei Navalny’s Anti-Corruption Foundation.
We also witnessed a debanking wave in the United States during the Biden Administration. The Biden administration saw a wave of debanking in the United States. Operation Choke Point 2.0The Biden administration has de-banked several Bitcoin and cryptocurrency companies for seemingly no other reason than they are politically unpopular.
This proves that, while the banking system and fintech companies are technically still private institutions, it only takes a certain amount of pressure from the powers that be — even democratically-elected officials — to stop people and companies from being able to transact.
She has written a book. Broken MoneyLyn Aden emphasizes the importance of Bitcoin as it relates to this issue.
She claims that “self-custodial financial services force governments to actually charge people with a crime before they can use pressure to freeze their accounts.”
Alden also added that Bitcoins are bigger than the political ideologies in this respect.
“[Bitcoin] is not a ‘right or left’ issue, because one merely needs to imagine their least-favorite politician winning the next election, or two or three elections from now,” She writes
Free from inflation
The capped Bitcoin supply is not understood by many who do not know Bitcoin. There will always be only 21 million Bitcoin.
The fiat money, with its unlimited supply, is in stark contrast to a perfectly finite amount of currency. Fiat currency can be printed indefinitely, devaluing the time and labour of users.
The inflation rate in the United States has been particularly high. The U.S. currency is essentially the prettiest of all fiat currencies.
The devaluation of other currencies is more rapid, and the worst cases have been in places like Venezuela, Lebanon, Argentina” Turkey.
Sabina Wathhira, founder of Tando in Kenya and one of her co-founders, emphasizes this when she teaches Kenyan university students bitcoin. She says that Bitcoin is a currency free of inflation.
In a country where there is a currency that has been inflating at levels as high as 14% annually since the mid-2000s.
Bitcoins are neutral in terms of politics
Bitcoin’s open protocol is not controlled by any one individual or institution. It is therefore inherently non-political.
Bitcoin is not just for the wealthy. It’s also a great way to promote financial inclusion. Liberal politicians often support this issue.
If your political views are closer to the liberal ideology, you should check out work by The Progressive Bitcoiner Jason Maier is a nonprofit organization A Progressive’s Case for Bitcoin.
If you’re a Bitcoin proponent but aren’t politically active, check out the Human Rights Foundation website to find out more. Financial Freedom division Subscribe to the newsletter Financial Freedom newsletter.
Bitcoin is a tool for all human beings — those across the spectrum of the political right and left — and it’s high time that this message becomes more widespread.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
