Bitcoin can be a retreat from inequality

 Bitcoin can be a retreat from inequality

While the current system contributes to increasing inequality, Bitcoin works to benefit from everyone equally and enhance fair competition.

This is the editorial of Andrew Higurington, a contributor to the Bitcoin magazine.

Since Nixon's shock of 1971, inequality in wealth has increased to levels that have not been seen more than a century ago. The dollar is no longer refundable, but instead it was not only supported by faith. Without the backed currency restrictions, those in the Authority have been given the opportunity to create the largest amount of the Fiat currency as they wish, with a slim or non -existent result. It is scheduled to lose faith due to ill -treatment, the currency Fiat was governed from the beginning.

Bitcoin seeks to treat inequality in the coin Fiat. Bitcoin is not central, consuming, without permission and limited; The central authorities are not allowed to take advantage of the theft of the assets of their owners through inflation. Moreover, access from those who need them more, and providing financial services to those who are unable to access traditional banking services

Tale of Two Cities

Understanding in America has risen to unexpected heights in recent decades, with an increase in income and the net value of those who grow in high income arches.

Since 1981 he entered the highest 5 %

Families with high income only gained wealth

According to the data of the Pew Research Center, the net value and the profits of the higher income people increased above those of the normal factor. From 1981 to 2018, the best 5 % of income people outperformed each other income segment. In addition, from 1983 to 2013, the average net home value increased only in the higher income slice.

As the elites continue to see their profits and their net height, the normal factor is struggling to feed his family because of the increasingly processed economy. It is fed up with offensive monetary policy, the wages have not increased in the purchase of force since 1971.

Richard Cantilon was first discovered in the eighteenth century, the unequal expansion of the currency in an inconsistent manner that benefits those closest to the source. This creates the theft of purchasing power from those in low income arches, directly in the hands of the elite. Only using their currency can do this. With supercoin's superior cash, you will finally replace FIAT as a standard exchange of exchange. With the increase in Bitcoin's adoption, and makes FIAT less important, printing the new currency by nation -states will impede their ability to manipulate the purchase of the working class.

Thanks to the decentralization in Bitcoin, for the first time in human history, the currency expansion will not benefit in an inconsistent manner from any governmental or central authority. The currency expansion will now become a company, as it takes advantage of the participating companies and individuals who are able to secure the network in a profitable way. More importantly, unlike excessive printing of work, the bitcoin coin from block bonuses will not only benefit from those closest to creating a digital currency, such as miners and exchanges, but also bitcoin owners themselves by increasing scarcity and network security. This lack of manipulation by the central authority allows reduce inequality.

Not running your model bank

According to the Financial Integration Center, approximately 1.7 billion people are not accompanied. Increasingly, research provides evidence of improving mobile money services in financial diseases in developing countries. According to this study conducted by Tavneet Suri and William Jack, it is estimated that about 194,000 Kenyan families were raised from poverty with the expansion of the mobile money service known as M-Pesa. The study indicates an increase in financial flexibility, savings and professional selection - especially for women - as the largest improvements provided by mobile money services.

Bitcoin provides all mobile money services opportunities such as M-PESA with much lower fees and easy access. Those who use it as a way to store wealth can do this without any minimal calculation and transaction fees. In February 2022, the Kenyan who live abroad sent more than $ 300 million. According to the World Bank, the average cost of sending transfers to Kenya is 9.54 % as of 2020. If Kenyans abroad use bitcoin instead of traditional transfers services, millions of US dollars will be provided monthly.

Besides financial benefits, Bitcoin can easily access as a little smartphone requires start. As the World Bank mentioned, about 1.1 billion people worldwide have no legal identity. Without identifying a recognized government, these people are unable to reach the traditional financing system. Even without identifying, these people are still able to access the Bitcoin network. Bitcoin provides modern financial services for those who