If we look past scams, regulatory problems, and greedy speculation, we can find libertarian ideas in the crypto space that aim to benefit mankind. It’s not just about making money.
The cryptocurrency seeks to challenge the status quo of centralized banking and traditional financial institutions. Cryptocurrencies aim to provide individuals with financial sovereignty, enabling them to control their own assets and transactions without reliance on intermediaries. Goodbye to greedy banks.
One of the crypto industry’s most noble aspirations is to foster financial inclusion and empowerment on a global scale. By leveraging blockchain technology, it strives to provide access to financial services to the unbanked and underbanked populations, creating opportunities for economic growth and reducing poverty.
The world needs a touch of privacy. Cash is quickly dying, and not all transactions need to be shared with government bodies. Remember, just because something is hidden does not mean it’s illegal. The pseudonymous nature of cryptocurrency transactions provides a degree of anonymity that aligns with libertarian values of privacy and individual autonomy. Unlike traditional financial systems, where personal information is often tied to transactions, cryptocurrencies allow users to conduct business without revealing their identity. It’s saddening to hear about scams and hacks because the innate purpose of blockchain technology is to limit human interactions and therefore avoid fraud and corruption. Unfortunately, people will still be people, and not even technology can stop them from doing the wrong thing. Fraud is fraud, even if it’s done on a blockchain. Blaming crypto for fraudulent behavior is like blaming cash for buying and selling drugs. I digress.
This desire for transparency extends to the corporate world, where blockchain technology can be employed for supply chain tracking, ensuring authenticity and ethical sourcing. For example, our beloved coffee beans can be tracked from the source to the cup by using blockchain technology.
Foremost cryptocurrency developers and blockchain enthusiasts are driven by a relentless pursuit of innovation. Not all cryptocurrencies are a decentralized libertarian dream, but within the crypto community, the pursuit of freedom is highly regarded. Don’t forget that Bitcoin is a freedom project.
While critics have raised concerns about the volatility of cryptocurrencies, the industry is longing for stability, even if that means allowing giant financial players from traditional finance to enter the space. The libertarian dream of a financial market free from oppressive governments or big-time market manipulators will not come easy because some people yearn for power over the people and use blockchain technology as a tool. For example, Central bank digital currencies are feared within the crypto community, particularly in countries with oppressive governments. Sometimes our fears are valid, sometimes they are conspiracy theories. Being aware of the dangers of digital currencies that are controlled by the government is wise. I hope to see a future where cryptocurrencies coexist harmoniously with fiat currencies, contributing to global financial stability rather than posing a threat.
While the crypto industry and libertarian ideals have shared common ground, it is essential to recognize that this relationship is not without tension. Some libertarians have embraced cryptocurrencies as a means of achieving financial freedom, while others remain skeptical due to concerns about its potential for illicit activities. Additionally, the crypto industry has evolved in ways that have challenged its initial libertarian ethos. The rise of centralized exchanges and the increasing regulatory scrutiny have prompted debates within the community about the balance between individual freedom and the need for oversight. Can we trust people?
I will end by giving a prime example of why the underlying premise of freedom is needed in the financial system. As of August 2023, Turkey’s inflation rate was at 58.95%, and the Turkish lira lost over 50% of its value against the US dollar. The Turkish population is turning against the failing traditional financial system and finding rescue in the crypto industry. The percentage of crypto investors among the Turkish population aged 18 to 60 has increased by 12% in the last 18 months, rising from 40% in November 2021 to 52% in May 2023. When half of the population in Turkey is rescuing their life savings by investing in Bitcoin and Ethereum, the libertarian values of crypto are clearly needed.
The crypto industry is clearly not merely a playground for speculators. Crypto adoption is driven by necessity.