Image by Satheesh Sankaran from Pixabay
Well, I can understand flowers coming into picture flavouring love, that’s common but flowers are brought into context by India’s Central Bank; Reserve Bank of India’s (RBI) governor, Shaktikanta Das to disfavour crypto. Definitely, he seems not just crypto ignorant but also unromantic!! Ha.
According to Shaktikanta Das, the underlying value of private crypto currencies is less than a tulip. Ouch, the sharp pain in my heart to hear this nonsense. Anyway…
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Again RBI's cheif talks rubbish about crypto and says something about crypto being a threat to India's financial stability - LoL
As usual this official harps like other heads of major Government institutions of the world do, that private currencies threaten the financial stability of the country, ouch such big accusations!!
However, this is boring again. Can the Indian FInance Ministry officials tell us how cryptos like Bitcoin or Ethereum threaten the macro-economic stability of a country if their underlying value is not worth much!!
This is what is confusing Indian investors and troubling us about the actual official stance of the Indian Government relating to crypto. Although they plan to tax the crypto class harshly(yes, that 30% flat tax), they don’t want to give cryptos a decent recognition.
Image Source There cannot be a comparison between INR fiat currency and crypto surely, with fiat being super centralised!!
Of course, the Indian Government’s ego shows, when they say that the country’s Indian rupee that has official sanction of the Government is superior to crypto currencies. This is why the Indian Government is going to launch the digital rupee sometime this year.
All this is cool, because digital rupee will improve efficiency, reduce costs of printing etc, but even if that centralised stable coin is issued using Blockchain technology, it is not a crypto currency.
It’s very weird that as an Indian I feel that crypto is my religion, faith, work, worship and life.
Image by Gerd Altmann from Pixabay
There are fascinating things to learn and try out in the world of crypto like DEFI besides several other things. There is the crazy crypto price action which in truth is exciting.
Image by Miloslav Hamřík from Pixabay
Then you have the potential value of the crypto, based on its use in the Blockchain as a Utility token.
Biggest of all, is the underlying philosophy as we crypto enthusiasts want to own wealth in our wallets which is under our control. We want our financial wealth to be maintained independently by us and not subject to the control of Governments/banks.
Fiat currency’s value is dependent on the Government's management of economy and finances, but crypto currencies value is determined by the value provided by the Blockchain on which they circulate.
It gives one freedom from Government control and I want this space as cryptos are censorship resistant.
It really amuses me how this frustrates all Governments of the World as their reactions have been paranoid and extreme.
Image by Gerd Altmann from Pixabay
More than all this, crypto and Blockchain is an opportunity for all of us to learn and explore new exciting things as we understand about the drawbacks of traditional finance that’s centralised being controlled by powerful entities like the Government and Big banks. These powerful entities make money out of common man’s deposits and serve the interests of the rich influential giant Corporates to keep them stay rich.
This asset class can truly change our lives and thought processes as it revolutionizes the way things are, aspiring to make us the crypto community to hold wealth, be empowered to own assets, take charge of things etc.
It’s not just about holding cryptos in private wallets, it’s also about taking active part in the sustenance of a protocol through staking, Governance voting and being a part of something exciting and of value.
Image by Pete Linforth from Pixabay
Also, novel aspects keep emerging in the crypto world that empowers us all; artist, writers, gamers, musicians, investors and passionate crypto enthusiasts, as NFT or non fungible token gives content creators ownership of content. This makes things easier for everyone, when it comes to payment for their original work without copyright issues.
Then DAOs, with the crypto community coming together collecting and pooling crypto to fund a social cause and get some tokens in return for their contribution.
Image by WorldSpectrum from Pixabay
For me crypto is a currency of substance while fiat is just a piece of paper whose value is backed by trust in the Government. This does not make sense to me because I don’t trust my Government, which means I just need to accept fiat because it’s Government backed currency through which the Government holds power over us and subjugates us.
Oh, I hate that.
Also cryptos are so cool, they are like a new age currency with too many features. Fiat currencies are rigid, I can’t break them into decibels but we all know we can break crypto currencies into decibels.
Right, cryptos go by the Satoshi measurement system and 1 BTC can be broken down into smaller units of Sats units like 0.5 BTC, 0.00489000 BTC or 0.00000032 BTC. See it’s so flexible.
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What’s more, when we send or do any crypto transactions, we can verify its status in Blockchain by entering it’s transaction hash. How cool is that!! In fiat transactions, there is no such beauty and charm.
That’s why I find that cryptos are amazing!! There is always a lot more about crypto I have always need to understand.
To the chief of RBI, Shaktikanta Das just one thing - Compare the value of 1 Rupee(INR) and 1 BTC and judge which is more superior!!
I feel as intelligent, capable beings with minds of our own, we don’t need this much interference from the government in our affairs, advising us not to invest in cryptos, ha.
We don’t need to base our financial investment decisions, trusting the judgement or verdict of this Government who is trying to influence us on matters even relating to which asset class we can invest with their policies.
We have the right to have ownership over our wealth with the required privacy for a dignified life. We don’t want this Government control and brainwashing of our ideals, we are for freedom and decentralization.
This is why I love crypto and its part of my belief, faith, worship, hope and everything.
[Image Source](Image by Gerd Altmann from Pixabay)
Through crypto, I can be part of a Blockchain ecosystem that's so diverse and enriching. I have the opportunity to create wealth through my decisions after all my crypto research studies. More than all this, I love writing about crypto on Blockchain platforms like Hive, where people judge my writing for what it really is without analysing my past qualifications and past dismal performances.
My article on how DEFI protocol AAVE works. Crypto has given me lots to learn and write about...
This gives me hope and dignity.
Definitely, can’t beat that, the value of crypto is immerse!!
Thankyou for reading!!
