A famous American speaker, Byron Katie, once said we are never in control. We just think we are when things go our way.
This quote is exactly true for our global financial system. We think we are making the transactions at will but there is more to this activity.
Let’s say you are to send money to your loved one in another country. Here’s how this seemingly simple but infringing process works:
- The powerful intermediaries (respective bank and the government) approve the transaction after identifying you
- They will make sure that you pay the maximum possible transaction fee
- You then have to wait a couple of days, if not more, for your transaction to complete
- The receiving country’s bank and the government will then slap you with their set of fees, less conversion rate, and taxes
The above sorry tale confirms something deeply disturbing: you’re a slave to the contemporary financial system and will be consistently blackmailed into paying heft fees and taxes; you have a gun on your head to pay what they are demanding.
The Dawn of Decentralization
Well, this economic extortion ain’t going to stay for long.
That’s cuz Blockchain-powered cryptocurrencies (with the soul of decentralization) have crashed the party – and the status quo ain’t happy!
Lucky for you, cryptocurrencies are the alternate solution to the ravening financial and banking systems of the world that have arrived to break the shackles of forced dependence on global monetary structures.
How is it different than the prevailing apparatus?
- Cryptocurrencies are accessible to everyone everywhere irrespective of your social minimum standards (just need an internet connection
- Cryptocurrencies are decentralized; no intervention of banks and governments in your financial transactions
- Cryptocurrency transactions are lightning fast – Bitcoin, for instance, merely takes ten minutes to complete the transaction
- Cryptocurrency transactions are very inexpensive; you hardly pay a few dollars
- Above all, cryptocurrencies offer robust blockchain-assured security
Although the concept of decentralization was already in the making, the prominence of cryptocurrencies made people crave it even more.
Carl Runefelt is a global crypto leader and social icon who has invested in more than 360 crypto startups. He is a strong proponent of a decentralized system that is free of institutional encroachment on our privacy.
While speaking on his YouTube channel, The Moon, he says, “Due to decentralization, Bitcoin is the only non-political money in the world. Remember guys your bank money can get frozen, your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else. I think that is revolutionary, and I am so happy to be part of Bitcoin, especially in times like these of massive global uncertainty.”
What Decentralization Offers?
The rallying cry for a decentralized economy has been increasing every year – probably one of the biggest reasons why cryptocurrency embrace is on the rise.
So what distinguishes a decentralized economy from a centralized one – one which you probably detest – and how it benefits us?
Let’s talk through it.
Removes the middleman:
So you’re transferring money to your loved one across the border and the next thing you know, you’re slapped with unjustified transaction fees – enough to give you conniption fits!
Cryptocurrencies, on the other hand, believe in convenience instead of robbing you of your merit money; it hardly charges any fee and even if it does, that’s hardly a few dollars.
In an interview, Carl Runefelt explained, “The best reason to invest in Bitcoin is the absence of physical institutions, which enable people to make transactions in Bitcoin with ease.”
Eliminate the extras:
A centralized market is fraught with bottlenecks and complexities that often slow your processes. Consequently, you lose valuable time – it can often be quite maddening for you.
With a decentralized market, your business can thrive by clearing the clutter. This explains why decentralized trading is on the rise.
With blockchain making giant leaps in advancing its innovations (e.g. smart contracting systems), you can enjoy making money by trading without having to worry about security.
Carl emphasizes, “I know that for the fact that you cannot hack Bitcoin. You can hack exchanges which is something different but not Bitcoin. It’s important to understand that you can hack YouTube, you can hack banks, or literally any internet company out there, but you cannot hack Bitcoin. This is because the blockchain is very robust.”