Its time to cut the crap. Humanity is on its way to decentralization. The choice is yours to become antiquity in the museum of fiat corruption, or a fast crypto Lamborghini fueled by blockchain on its way to peer to peer financial empowerment.
Lets no longer deny the future of money. It will be digital, it will be apps, it will be borderless and neutral. And it will be humanities biggest escape from the capitalist abyss of pyramidal driven greed destruction. Nakamoto will be proven to be the 21 century Houdini showing the escape route from the financial chains of banks and middlemen slavery. He introduced the technological way that will eventually free most of humanity from the parasitical power of cartels. And if you don’t grasp it yet fully, its OK.
Buckle up for these 3 biggest transformational changes crypto, bitcoin and cryptocurrencies will bring us on the long run.
1. Removing the single point of failure
It is difficult to explain these changes fully with 1st paradigm terminology, lets say the world we live in right now. We need to take a peek beyond the horizon of full decentralization, imagine how this world looks like and take ourselves by the hand. I believe the current movement of decentralization is the biggest disruptive force after Keynesian economics introducing lack and competitive capitalist dynamics, the coming of age of the Internet and Fidel Castro.
How would the new economic landscape look when the new ‘system’ starts deleting unnecessary middlemen which the only function was to suck out some part of the money flow, simply because the system facilitated them to do so and the punishment was less than the reward? The amount of increased efficiency combined with the enormous savings of bribe money is just almost too big to grasp. it would delete hunger in Africa in a week.
The Blockchain’s most powerful asset; the validation of transactions and the introduction of smart contracts, will slowly but surely DEET out the cancer of corruption. This degenerative extortionist behaviour could thrive and grow freely because of the initial design of our money system and its most dramatic flaw: the single point of failure. The single human on top of the pyramid that fully understood, and grasped the monstrosity of the power attributed to his or her position, passed on through centuries of lineages of centralized power in the hands of just a few. Boy, what a feeling that must be. Napoleon embodied it, Hitler pushed the limit of it, the Bush family almost lost it and the Rothshields master it. And it's about to end there. The parasite of corruption has been eaten away the core foundations of institutions once serving the people because they were founded on trust from the community.
Most banks, governments and big corporations are becoming the 9/11 of imploding trust as we speak. On their ground zero of exploitative centralization, innovative trustless networks will grow and thrive.
And this is already happening for 10 years now. Single points of failure are being replaced with the flawless beauty of a trustless network of validating nodes and smart contracts. This is why the new economy is an economy of trust built on trustless technology. No more kings, noblemen, priests, bankers even presidents or other corruptible men in power to offer their ‘protection’, tell us to pay our taxes and suffer in tribute to the glory of the nation and the story of lack. In blocks we will trust, technology we will serve, peer to peer we will trade.
The people that have sucked out the most money will be disrupted the most since they will have to let go of their unfair cash-cow. A technological karmic punishment for those who stuck their straw deep into the money flows to suck out as much as they could. They know damn well what they are doing.
2. Redistribution of money: banking the unbanked
In the West, money works. We can send and receive money on our phones, we enjoy the possibility to spend more than we have by swiping some plastic card and we take the commission for granted. It is so ingrained in our system that banks are rendering us their service that we are happy to pay that small price. A cup of coffee for every 100 dollars exchanged. And we have no choice. At least, until very recently, we didn't.
We have been swimming around like blind goldfish in the fishbowl of the banking & financial institutional cartels and they have been fishing out the money from our pockets that they created for free
Are should I say stealing? The point here is, they do give us the service of being the third party validating our transactions, granting us mortgages and loans and storing our money for a reward less than fish food. So money works for us, the roughly 4 billion banked people in the world. But not for taxi-drivers in Buenos Aires, housecleaners in Venezuela or farmers in Angola. People in Argentina are losing half of the worth of their assets on a yearly basis, Venezuela introduced a complete new Bolivar Soberano tender in August 2018 leaving piles of the old Bolivar Fuerte rotten away in the streets. An attempt by the government to stop the economic migration of Venezuelans to neighbouring countries to get their basic needs like food and medicine sorted out.
For billions of people in the world, the money system doesn’t work, they are not even part of one.
In hyperinflation countries, crypto is a very welcome lifeboat currency.
When Venezuelans have found out that they can order packages of rice and dried food and medicine on Amazon and pay with bitcoin, they will order that and have it shipped to a delivery point right across the border. Its about saving their asses while the people in charge don’t give a Bolivar Soberano for their life's while protecting their accumulated wealth with lies and populist rhetoric, or socialist, or whatever dogma that suits them and the people used to believe in. These people don’t need more promises, they need hard cash that they can store, trade, transfer and accumulate without being it monitored, inflated, censored or even taken away from them. Crypto brings all of that and more.
The Kenyan Mpesa is a strong prelude and example of peer to peer transactions via smartphones. Sending money with a Text Message. Next step is to introduce easy ready to use phone-banking on decentralized platforms. Africa alone with 800 million phones in 2020 can have potentially 800 million banks in some decades. When millions of former unbanked financial refugees get educated and get their first bitcoin transaction done, be it with the localbitcoin over the counter trade, than this will change forever the power — money dynamics in the world. A complete microeconomic revolution of financial empowerment of farmers and former financial illiterate will jump speed the turning around of the money pyramid. It will shake out the money from the top and self-redistribute it into the wallets of all. The sound of money exiting the FIAT system into digital peer to peer banking will be heard all along from behind the Kalahari desert, the Rio Del Plata and the slums of Caracas. Borderless, neutral and censorship free.
3. Peer to peer money for the people; the ultimate consequence
The consequence of true peer to peer decentralized money and value exchange is: freedom. That’s what we all need right? Finally freed from the shackles of financial slavery and control.
But it will come with responsibility. That is the price to pay. Still, want it?
Millions of people will prefer Marc Zuckerberg to look over their financial shoulder, since they trust Facebook and again, money works for them. Since they use Facebook for an average of 2–4 hours a day, they might as well control their finances on the blue app. Facebook will make the Libra-app smarter than the existing apps from banks, it will be very easy to exchange currency value between friends, you can start earning by watching ads and get discounts when you pay your ads with the Libra, Facebook’s stablecoin. Facebook soon will be the biggest bank in the world. Yes, still a Bank since there is nothing decentralized about the Libra. Facebook will censor, freeze, control and earn from your money behaviour. And they will get hacked. But, you will be able to protect yourself for hacking, for a small portion of your monthly libra transactions. And here the commission models come in. Moreover, Facebook will attract millions of Africans to use the app since the Libra will cut remittance costs. And that's a good thing. Overall Facebook’s stablecoin will be a huge innovation in the field of digital banking. But the unbanked people that didn’t have an ID, were blacklisted by their government or earn too little to squeeze any money out will be not permissioned to use Facebook banking. So little will change there. At the end, Facebook Libra is a centralized coin that has to follow the centralized regulations like any other big bank. The laws that keep the middlemen in place. Facebook will also become one of the biggest if not THE biggest financial middleman on the planet.
The alternative: Truly decentralized peer to peer token transactions. You will become your bank, and there is no customer service. I believe smart contracts will be developed for wallet address recovery and the issue of crypto inheritance will also be solved at some point. But the responsibility thing is a biggy. Since we all got so used to entities owning our money and just granting us access to it on their terms, the new decentralized freedom will overwhelm many of us. But when I walk into a bank in Buenos Aires, withdraw 5000 pesos which is roughly a 100 dollars, and I get charged a 10 dollar ‘access fee’’, just to access my money, then I can't wait to fully exit this thievery system and celebrate financial freedom with my crypto peers.
I am a crypto educator. I write because I want my words to make a positive impact in the world. For this, I initiated the medium publication “Spirit of Crypto”. My passion is to bring tribe together and as a storyteller, I tell the story of a better world through the revolution of money and the movement of decentralization. I believe a change in our economic system is key for us humans to thrive.