Why people are against bitcoin?
We all know why central banks are so against bitcoin & all other altcoins, those of you who dont know, its because people are rejecting the printed notes made by banks and are adopting these cryptocurrencies
So why are these people accepting e-currency ?
The concept of globalization turned reality because of internet, now people from one country can easily communicate with another people living anywhere on earth. A long time ago, I remember how we used to buy those calling cards and make phone calls to my relative living in a foreign country, back in those days a normal ISD calls were very expensive, even calling cards were very expensive, now with bandwidth price making calls are as good as just free.
With this easily communication, international business import/export also become very easy, I even sold some products abroad just from sitting home and everything was very easy, the only hardest part was to find that first buyer.
However, there was some issues regarding payment, my foreign buyer had to make payments through banks, and those banks really deduct a big percentage of my revenue as their tax. Indeed it was very sad, that tax part. But for that measures have been taken by the government, one cant just get customs clearance without proof of payment where banking channel must be used, but with cryptocurrency this hassle just gets eliminated, but as I mentioned government wont give up without a fight.
We all know one of the reason behind the middle east tension is because a group of people (i'm not blaming anyone here) wants to take control of the other half of the world by establishing a central bank and control the money supply from there, but then whats the point of all those war if people are just being more accepting to cryptocurrency and reject notes printed by central banks.
Terrorism Funding..Really?
I have heard about this every now and then, they are saying its very flexible to fund terrorist activities through bitcoin, but really? do they mean to say there was no terrorism before bitcoin was first launched?
Not really, there were many terror attacks before anyone ever heard of the name bitcoin, then how is it suddenly that terrorism is happening due to bitcoin?
Actually no, bitcoin or cryptocurrency is more like open source, its actually more easy to track who is sending money to whom, in other words just check any Steemit account's wallet, its completely open source and you can check anybody making any sort of transaction, whereas if you are making fund transfers using banking channels, its more secretive there, well police and other defense agency can get data from banks but when it comes to cryptocurrency, wallets are just open.
Migration and Expatriate
Many African & Asian nations are still very under-developed, many find it hard to find decent jobs which would give them enough to feed their families, and because of that many people move abroad with the hope of doing a job which will give them more monetary value than working at their hometown.
These people leaves their family love and goes to a different place full of strangers and does all types of odd jobs and that too at a wage which is much lower than the actual market wage, they live their life with no luxury so that anyhow they can continue working and keep sending money back home. I did went abroad for different purposes, and whenever I checked in a hotel, I saw the house keeping people, the ones cleaning toilets and doing other dirty works are the ones who are people that came from a poor. No no this is not a post about racism of something
The point is, these people who are actually very poor, and probably the only provider for their family, facing lots of mental pressures, doing those extremely difficult tasks for the sake of their family, but then what happens when they want to make a transaction to their family? If they goes through a legal channel there are all types of tax involved, then again theres also currency exchange rate fluctuations - mainly most foreign transactions are done using $US - Right now I feel a bit lazy to collect source but when making a transaction through western union, almost 30% of the total amount is deducted as different types of taxes and service charge.. not sure if the current rate 30% or if it has went up or down, but if you are curious just do a small research.
The example: I go to a foreign country, wash their toilets, I miss my family, and when I earn $100, I spend some on my living and then send the savings for my family, but there are those whom I have to give a share, who are they to take my money, lol yes they are the service provider and they are the governments who spend a lot on winning election and now they have to recover their investment back. During election politicians ask our vote with the promise of developing our living standards but once they election is done they are more busy in making our life miserables.
The Alternative Route
The other option is the hundi way, the illegal money laundering. This is done by people who provides the same service as wire transfers but they does it illegally and dont have to go through tax, thats why their service charge is also lower than banks or western union. Last week I was checking an article about the world's top 10 wanted Dons, and surprising these people are all billionaires, and most of their wealth was made by providing Hundi service.
Bitcoin is not helping terror fundings, more like bitcoin is helping to stop terrorism.
How?
Bitcoin is a borderless money. It does not belong to any one specific government or a group of people. Therefore its almost impossible to charge taxes. Moreover the money can travel anywhere in the world with few clicks on the keyboard. And because of the vast acceptance, its very easily to convert it into fiat money. Usually the cost is very low. Lower than banks, lower than hundi. Just some small training is required how to use bitcoin to the older generations who have not heard about it yet, but the next generation children will learn it automatically just like how we learned about paper money. Those poor people who left home to earn and feed their family are already benefiting a lot from this system.
Disadvantages?
Yes there are some disadvantages, one is the need for training, and the other is the market price. The boom and bubble of the exchange rate of bitcoin is a problem, bitcoin was $5000 and then suddenly China announces some amendments about their law and the price falls to $3000. So its a big loss if someone purchased bitcoin at $5000 and send it to their home but by the time the receiver went to cash it the price fell. But nowadays, most of us can actually predict this changes in price/exchange rate, so I wouldn't call it a disadvantages.
Printing money
Government prints money which are backed by gold in their reserves. But where are the gold? Have we ever seen any of those golds? What if government actually has gold worth $1 Trillion but have printed money of $10 Trillion? We never get to check those..do we?
Bitcoin is the real democracy
What is the definition of democracy? Is the world really a democracy? Oh well this post is not about that subject.
But we all can agree bitcoin is a real democracy:
- By the people - miners using their equipments and electricity.
- For the people - us people who have accepted this as a valid currency and have already started trading, buying and selling products and doing other businesses.
- From the people - the developers behind bitcoin and other cryptocurrency are not government people, they are normal people who just have more knowledge about computers and programming.
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