Association with crypto required for everybody irrespective of their Government’s anti-crypto stances!!
Government against people to own their own wealth and keep it in non-custodial wallets
Future is looking uncertain these days, especially for crypto enthusiasts of countries like India because of the Indian Government’s anti-crypto attitude. The problem for me with this Government’s anti-crypto attitude, is that I find it arbitrary. I feel the reason they don’t want us to hold crypto is because they don’t want us to have control over ownership of our own money/wealth.
They want us to stick to the traditional way of holding money, that is, keep fiat currency that the Reserve Bank Of India prints in centralised bank accounts. Obviously I find that uncool!!
Value of fiat currency is illusionary, there are real risks of fiat currency devaluation!!
The problem with my country's fiat currency is, the fundamentals backing its value are all related to the Indian Government's management of the country's financial system, economy etc. I don’t follow much economic news, but I know India’s potential to perform well economically is bleak.
There is the problem of fiscal deficit, inflation, fiat currency devaluation etc. Also, the uncertainty with banks holding our money, instead of us holding our own money in our private wallets.
Indian Government does not value one’s right to financial privacy
Image by Larisa Koshkina from Pixabay
Inside me, like everybody else, there is anger against the Indian Government, as they are corrupt, they profit out of our tax money, they use our tax money but give no accounts of how it's used. Government is certainly never been transparent but expect transparent disclosure of our asset holdings, for taxation purposes. I certainly think this is a gross violation of our right to have financial privacy!!
Catching hold of crypto currency as it cannot be controlled by Governments
One way the Government has power over its people is through the current financial system that they manage, without enough accountability. When people don’t trust the Government, they have no reason to trust the currency that it controls.
Crypto currency can not be controlled by the Government, it can only be regulated, this means printing and issuance of crypto is not controlled by the Government.
All this happens generally in a trustless manner either by employing Proof of Work(POW) mechanism or Proof Of Stake(POS) mechanism. Here, one appreciates that the issuance of most crypto currencies is not done by one powerful entity that’s controlled by the Government.
New opportunities of financial benefits with crypto
Nowadays, we can earn interest on our crypto assets as well, which is cool thanks to DEFI. This is significant, because there is no need to depend on banks then, is there?...HA!!
Now, all this empowers individuals to be free of Government control which is damn cool.
Power to overcome censorship from Government authorities - Case study of WikiLeaks
Check out this news, it says Wikileaks, a Non- profit organisation that publishes news leaked by anonymous sources and whistle blowers, started by Australian activist, Julian Paul Assange gets its donations through its supporters who send them crypto. So cool!!
This NPO gets crypto donations in various cryptos - Bitcoin, Bitcoin Cash, Litecoin, Ethereum, ZCash, Monero. Wikileaks even received a donation of 1 Crypto Kitties NFT!!
This is a great example of why crypto is important, it is censorship resistant because when Government authorities blocked popular payment channels through which Wikileaks can receive fiat currency payment donations via payment gateways like Mastercard, visa, AmEx etc, Wikileaks survived through donations given with crypto!!
So, Wikileaks keeps exposing news that reveal corrupt practises of the Government at their website, without the Government able to choke its funding as crypto payments can happen peer to peer.
Need to Hodl cryptos even if Governments may arbitrarily ban or restrict its access to CItizens
This is why, even if my country, India curbs one’s freedom to associate with crypto, I feel one should not give up and give in to this arbitrary Government control. One should be prepared to find ways of associating with crypto through indirect decentralised ways like peer to peer ways of purchasing crypto and perhaps DEFi, leveraging the technology of VPN. Ofcourse, it’s easier said than done, I know it’s going to be hard. It’s not convenient, using holdhold (https://hodlhodl.com/) or localbitcoins to purchase and sell BItcoins, but we must be open to explore those ways in dire circumstances.
Ultimately, what I feel is cryptocurrencies is a asset class, that’s not just for wealth appreciation and investments, it’s ultimately for freedom to own our wealth and get liberated from getting controlled by powerful entities like Governments and banks. Cryptos are a superior currency this way.
Good day
