Apr 18, 2019 07:00 UTC
Apr 18, 2019 at 07:00 UTC
Bitcoin is Finally Fulfilling Satoshi’s Original Vision
Satoshi Nakamoto, the pseudo-anonymous creator of Bitcoin wanted a system of a cashless peer-to-peer network which was decentralized and made use of Distributed Ledger Technology to ensure privacy and transparency. Satoshi was not a big fan of the centralized system of the bank and financial institutes which held a monopoly over people’s money, favored the rich and powerful, while the poor suffered throughout.
Satoshi did not create Bitcoin out of the blue, but it was strategically planned with the help of leads from the field of cryptography and DLT. It was launched in 2009 after one of the worst recession that hit the world market. The vision behind Bitcoin was to create a censorship-resistant form of economy to help the underdeveloped and developing nations to get past their financial crisis brought upon them by the inefficiency and monopoly of banks and governments.
However, as Bitcoin rose the popularity charts and its price peaked new heights every other month, the vision of Satoshi got lost in the pricing drama and people forgot that Bitcoin was not really meant for millennials as an attractive form of investment but as a tool for financial freedom.
In the last year or so, Bitcoin is finally doing what it was invented for, helping financially troubled nations to get out of their distress and rebuild their ruined economy brought upon them by the inefficient banking and economic policies. Be it Latin American nations of Brazil and Mexico or African nations like Kenya, Bitcoin has given these countries a new lease of life.
Among all the nations that have been revived by Bitcoin, Venezuela stands out as an epitome of an example of how government policies and banking system can cripple a nation and almost bring it on the verge of a civil war.
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Bitcoin Helped Venezuela When All Other Doors Seemed Shut
Venezuela used to be among the richer countries of the world, all thanks to its rich oil and diamond reserves. However, when the prices of oil barrels were cut in half in 2014, the country started to show signs of crumbling, as they were heavily dependent on their oil exports. Add the political unrest and bad economic policies, Venezuela started crumbling due to hyperinflation and political unrest.
The condition became worse by the day and the country’s fiat currency value started a downfall. The government tried to contain the issue by printing more currency notes, but I guess they did not realize that it does not work that way. Soon, the fiat currency became worthless and it was not even worth the paper it was printed on. People started dumping fiat on streets and crime became the only way for people to get some food. The situation was getting out of hand as the US put sanctions on the trade out of the country made the condition even worst.
The president tried to revive the economy through a bank issued cryptocurrency in the form of Petro which the authorities claimed would be backed by country’s oil reserves. However, the inefficiency of the government turned the crypto project into a disaster, as there was no blueprint on how the cryptocurrency works. As a result, the United States put sanctions on the newly created Petro as well.
When all doors seemed shut, Bitcoin came out as the real savior for the nation and at the present moment, Venezuelan crypto exchanges account for more Bitcoin trades then the traditional ones. Not only that, but the country is also creating new Bitcoin trading volume records. This clearly suggests that citizens of Venezuela have realized that Bitcoin is their savior and they are happy to make use of Bitcoin than any other form of currency for their needs.
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Bitcoin was created to help people get out of the shadow of banking systems which has failed us over the years and brought upon us trillions of dollars worth of debt. There is no going back from that and even after so many recessions and financial setbacks, Banks haven’t even tried making even fundamental changes to their system. It has continued for centuries. People are not gonna choose Bitcoin just because it is against the establishment, but mainly because it’s more efficient and better than any other form of the economic system that we have.
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