BITCOIN WILL TURN THE WORLD UPSIDE DOWN! H/t @selfbankt
The single major issue I find when discussing bitcoin with other people in Europe is that they don’t see it as a revolution. To them, it’s just another electronic payment system like Paypal, Visa, Mastercard, or USA’s Venmo. Even for remittances, they think wire transfers and Western Union can cover all that.
Why add yet another system to their wallet?
The problem is that we see bitcoin through a supposedly stable economy. We think that the dollar and the euro are stable, our fiat lives seem stable, the economists seem to know what they’re doing to keep inflation down etc. In truth, where bitcoin shines is in the countries with problematic economies. You didn’t have to try much to convince Lebanon to use bitcoin, their economy crashed already. Turkey basically declared war on bitcoin and yet people use it, because it’s unconfiscatable by the tyrannical government and it’s censorship resistant. Argentina loves bitcoin, Nigeria has the biggest P2P bitcoin traffic in the world. We’re talking about countries where people are uneducated, they have no bank accounts, internet is spotty, smartphones are a precious commodity, and yet, bitcoin still thrives.
Much like the depths of Africa that have adopted cellular technology before even getting a proper water piping system down as an infrastructure, there are some technologies that are simply too important to ignore. People need a personal communication device that works pretty much anywhere and enables them to contact anyone else at any given time. In much the same way, people need a monetary system that cannot be taken from them, that stores their wealth over time, and that is fair, laid out by code and mathematics instead of bankers and dictators.
As a European, I worry that in the coming decades we will suddenly find ourselves in a different power dynamic in the world. We won’t be on top, and the world might seem upside down.