How bitcoin strenghtens democracy
Bitcoin is beyond an investment asset, it’s an undeniable political revolution.
En français ici
Everyone consider bitcion like a trending yet risky investment. By writing this post I would like to share my vision about cryptocurrencyies as a vector for both freedom and democracy.
I have started with bitcoin since 2011. I love sciences, mathematics, computer science and economics, thus bitcoin was a good fit for me. I read many books about blockchain protocol, the software code and I finaly bought GPU for mining bitcoins during few months. When I decided to study about monetary history and banking system, I figure out that bitcoin was more a political revolution than a technical revolution. Let’s me go throuth the explanation.
Banking system isn’t democratic
In our democracies, we are surrounded by choice ! If you don’t like your job, then you can change it, or create an other. If you don’t like your boy/girlfriend you can leave him/her. Same thing goes for your house, car, clothes, etc. You believe Fox New broadcasts fake news, then share your belief by creating your own channel to spreed your vision over internet. We live in a world full of alternatives.
Since the 2008 crisis, you don’t have anymore trust in banking system, you wanted to change bank system and use an other money, can you do it ? Of course no.
Only few people at the FED decide the futur of our economic. They decide without any advise from people, mostly in private. Have you already vote for the inflation rate of your money ? We have an incredible choice for useless things, regarding our money, “the blood of economic” said Adam Smith, is completly outside the democratic process. This banking system is 2000 years old! Only the gouvernment is allowed to coin money, and its people has to use it. Coin money give power and healthy to manufacturer and the law try to protecte this privilege. For example, in french (where I’m living) : If you coin money, you face 30 years in prison and 450 000€ fine. If you rape a women, it faces 5 years in prison and 75 000€ fine. Gouvernment preferes you harass women instead of its profitable business.
Finally a monetary freedom
Why I’m speaking to you about bitcoin ? Because bitcoin is backed by a blockain. The blockchain is a decentralized ledger, that means that the money is managed exclusively by its users. The monetary system inside a blockchain is wroten directly in its code. Everyone can see the money policies. Each cryptocurrency has its blockchain. So if you don’t like bitcoin, litecoin, etc, you can just run your blockchain with your policies and you create your money. Like you create your job or you create your new clothe brand.
Besides, the monetary policies are coded into the software which run the blockchain. If you want to change the policies inside the blockchain, then active users have to upgrade the software. People decides, if they want to use the new monetary policies, and they can go to an other money if they don’t like new policies. Cryptocurrencies bring us the monetary freedom, the liberty to chose our money. It was an important lack in the past, like in each crisis. We had a weak money, and we were not able to change or to alter our money.
Few month ago, an important event happened in history. There was a discution about block size in bitcoin blockchain. On one side people wanted to keep the same size, on the other side people wanted to raise block size. This event was important because it was the first time in history where money users discuss democraticaly and make choice about their money. As a result, only few users have upgraded software to raise block size, thus bitcoin kept the same size block.
This first approach show that, the futur of bitcoin was decided democraticaly by its users, no secretly by a gouvernment or a bank. This is a revolution.
