For a long time, financial freedom depended on government-regulated policies and organizations at the risk of being redundant, and monetary policies often failed to mend broken infrastructure. Certainly, we have shifted to a more viable and promising alternative, cryptocurrencies.
Crypto takes the power accumulated with the government and a handful of bankers and industrialists and redistributes it to the people. With its bandwidth, it gives hope to democratize this financial system.
How are cryptocurrencies helping in economic freedom?
Economic freedom does not only depend on earning the bare minimum to meet your basic finances. It depends on having a financial safety net to fall back on during a crisis. According to the World Bank report, one-third of the world’s adults do not have formal financial services. This problem increased after the Covid-19 pandemic.
Crypto economics can help reduce this gap. But how can digital currency be a way to economic freedom? Let’s see.
Since crypto technology is decentralized, it has no government control at all. It operates on open markets without strict rules and regulations. Anyone can start trading without any intervention or delays. This helps achieve trade and investment freedom, resulting in income equality.
Nearly 3 billion people had no financial backup when Covid-19 hit the world. During these times, the crypto network comes into play when the present economy fails to help its people.
The global network of crypto is accessible to all nationalities, races, and income levels. Anyone having an internet connection can create a wallet, start purchasing digital currencies, and start creating wealth through cryptos. With time, your income gets compounded. This becomes a great step for fair play.
Stability and protection, unlike conventional banking system
When it comes to financial security, banks have always played a significant role in handling money. But it’s no surprise that, often, when a bank comes into huge debt or goes bankrupt, customers have to bear the consequences.
Moreover, low rates of interest, fewer investment benefits, and high inflation are some of the reasons cryptocurrencies are becoming highly accepted. It is a more suitable alternative to invest money that gives higher returns and saves you from inflation.
Owning rights and Defi
While it is clear why crypto is necessary for financial equality, it does not stop right there. With the growth in crypto innovations like staking and decentralized finance, cryptos allow you to invest in assets and earn interest off your assets. Anyone can earn interest by staking some tokens. You won’t even have to pay any brokerage or tax charges, which makes it easier to trade.
Investing in long-term assets and property is done for investing your hard-earned money into something that increases its value over time. But with changing government controls and monetary policies, nobody knows when your assets will be seized. Cryptocurrencies help you overcome this. With crypto investment in the picture, you can stay safe while investing in real estate without any external interference.
We are all Satoshi
Andrs Gyrfi, a crypto enthusiast, came up with this amazing idea to create a face-mirroring hooded sculpture. His take behind the art is to make people believe that the identity behind bitcoin’s creator is irrelevant.
“It is an efficient, fair, and transparent database that eliminates distrust between people and can make the world a better place in many areas, from food supply, to aid delivery.”
One can argue the advantages and problems with cryptocurrencies, but no one can deny that cryptocurrencies are the way to the future and we can all take part in this journey toward economic liberty.