I have coffee in Starbucks or Vienna everyday which cost me around 3-5$. And so do most of my friends here in US. This world has 7.8 billion people now. Out of them, about 3 billion people live below the poverty line which is around 3$. Every time I buy coffee, I never think about this. The realization that despite of all the wealth and innovation happening in this world, almost half of the population are unbanked, have no access to internet, world market, late alone credit card. I don’t envision that Bitcoin will solve the problem of poverty. But Bitcoin showed how currency can exist outside the realm of political and economic power which systemize the wealth hierarchy, define the line between poor and rich. Bitcoin has proven that a currency can be created out of the interest of people’s desire to trade between each other, definitely it happened because of the advent of computer, internet, open source software, you name it. I know it’s been speculated now as asset, get rich quick scheme (frankly I am also holding and speculating). Most general people are scared of the volatility, but I am talking about the core ideas that Satoshi Nakamoto had when he combined the idea of cryptocurrency and supply-demand economics for creating a digital currency for the world. Bitcoin movement is more than just money or a new innovation, it has the power of shifting the world. And that’s why I am a believer in a decentralized currency and frankly I don’t know how it will unravel in future and frankly nobody knows. Bitcoin will probably never be a currency, but it has shown the possibility. But it’s revolutionary to think that, every region in the world in future will have their own local cryptocurrency, born outside of politics and manipulation and the unbanked of the world have access to the economy. Well, there will always probably be politics, greed, manipulation; after all, we are sometimes just bunch of animals trying to beat each other for our own gains!! lol.. but I am looking at the big picture. I don’t envision a utopia but definitely I can see a better world. Also do you know what’s happening in Venezuela, everybody in Venezuela is buying Bitcoin because of the corruption of the government and the inflation. The problem is that it’s not that government is bad, ultimately we the people put officials there. It’s just that power and institutionalization corrupts mind and stagnates. We need a balance of the both, we need education, we need democracy, we need distribution of wealth and power. And as everyone says, it always depends on “Where is the money?” And Bitcoin showed but may be will be proven indirectly by many crypto currency movements over the future years, that money can exist outside of what we used to call money. And it’s mind boggling but we are living through the history that the future will talk about.
The political implications of bitcoin