Blockchain, Not Banks
For years, centralized banks have held all the cards when it comes to financial options. In today’s world, cryptocurrency and cryptoassets are offering a viable alternative to traditional government-issued currencies and banking systems. Free from the constraints of these traditional banking institutions, cryptocurrency offers entrance to a global market where value is truly in the hands of the people. When you deposit funds into a centralized bank, you are trusting that bank to hold your money for you. Blockchain technology has brought with it the capability to allow people to store their value in cryptocurrency, with access to a transparent, decentralized ledger. Financial sovereignty has never before been available on such a massive level.
Why Financial Independence Matters
Cryptocurrency promises the freedom to transact globally, without government interaction. Governmental organizations are created with a goal in mind, and are meant to serve the people. When an organization meets the goal they set out to achieve, or the original problem has been solved, it can sometimes force regulation and legislation in an attempt to stay relevant. These organizations (and the people running them) fear progress, for if their organization is no longer needed they lose the power they hold. In an attempt to maintain relevancy and control, financial institutions all over the globe have been scrambling for ways to prevent people from purchasing and conducting business using cryptocurrency. From blocking credit card purchases of cryptocurrency, to outright refusing the business of blockchain-based companies and projects, current financial systems are doing everything they can to slow the growth of cryptocurrency adoption.
Apart from the obvious charges and fees associated with banks, there are many reasons why it is important to have access to a currency not controlled by a single government, held outside of a central banking institution. The primary benefit cryptocurrency users experience is total control and ownership over their wealth. When depositing your funds into a central bank, you are handing control of your funds to someone else. This means that you no longer have complete control over your financial assets, and your wealth could be subjected to any number of new financial regulations, inflationary effects, or even account freezes. Centralized systems are also much more prone to hacks, meaning your wealth is not as secure as it may seem. There is, of course, the “flip side” to financial sovereignty through cryptocurrency; when holding your cryptocurrency in a private wallet, freedom comes with the responsibility of being truly accountable for your own value. Lose a wallet and its private key and those funds are now lost forever. Get taken for a ride by a scammer and you have no bank to file a claim with. There is a serious increase in responsibility, but many cryptocurrency believers find that to be a minimal downside for the benefits provided.
Own your assets, even when trading
The freedom offered by cryptocurrency ownership is diminished when taking a look at the current landscape of cryptocurrency exchanges. By far, centralized exchanges are dominating daily trade volume and are quickly becoming multi-million dollar corporations. When trading on one of these centralized exchanges, you must first deposit the assets you wish to trade into a wallet hosted by the exchange. Since you are not holding the private keys to this wallet, you are injecting trust back into what is meant to be a trustless system and opening yourself up to some of the same issues associated with traditional centralized banking systems. As evidenced by the constant attacks on these centralized exchanges and millions of dollars stolen, there is a clear need for decentralization in cryptocurrency exchanges. DEXs (decentralized exchanges) do exist, but are facing a lack of volume and the liquidity needed to entice traders into using their platforms.
With this in mind, Totle set out to create the worlds first DEX aggregation platform in an effort to provide a decentralized, liquid and anonymous option for traders wishing to trade directly from their private wallets. Totle was founded on the belief that every individual deserves equal access to anonymous exchange of currencies, and should not be forced to relinquish control of their assets in order to trade.
Declaration of Currency Independence
As a way to reaffirm their commitment to the core principles of cryptocurrency, Team McAfee published the Declaration of Currency Independence on May 25th, 2018. Inviting cryptocurrency supporters across the globe to read and sign the Declaration, this acted as a way for people to show their support of the cryptocurrency movement. Citing some historical dangers of centralized organizations controlling currency, this Declaration gives details on how corruption and manipulation is prevalent in these kinds of currency systems.
The Declaration does a great job of showcasing the importance of true wealth ownership and argues that corruption and manipulation is far too prevalent in current financial systems:
“When entities acquire the power to artificially create Value with the stroke of a pen, bribery and collusion become a trivial matter for those with that power. Those with access to this power naturally develop a bubble of judicial protection, accelerating disparity of wealth.”
Rather than declaring independence from state-controlled fiat currency, the Declaration of Currency Independence is declaring that these controlled currencies are rendered obsolete by the advent of crypto assets. The world is changing how it stores and transfers value, and governments need to embrace and help further progress rather than try to slow progress and desperately cling to power and control. A government is meant to serve its people, and should not be a roadblock for technological advancements even if these advancements threaten that governments complete control of legal tender. Cryptocurrency puts financial power back into the hands of the people and is larger than any single organization could ever be.
