Why Bitcoin Matters for Freedom

The linked Time magazine article speaks to one of the many benefits of bitcoin over government backed currency. Although bitcoin greatest strength is a fixed supply, it can also be used for censorship resistance in corrupt or authoritarian regimes.

Unlike government currencies which allow unlimited printing, which primarily goes to the rich and people connected to the government while stealing from everyday savers. This system rewards the rich with free currency and the poor with more debt. Bitcoin being money (having a limited supply) does not have these downfalls, and rewards savers instead.

This article shows how bitcoin is being used by Venezuelans to escape hyperinflation and monetary controls stoping them from accessing their currency. It shows how this could be used to protect citizens from authoritarian regimes.

Article source: http://time.com/5486673/bitcoin-venezuela-authoritarian/

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