We've all monitored the explosive growth behind cryptocurencies, tokens, blockchains. Reasons behind it vary, though. Looking at my part of the world, I see a small group of people dedicated to bettering the world via blockchain technology. Then there's another small group, the paranoid ones, who believe the world order as it is now, will totally collapse, the world will burn and cryptos will be the only thing that remain. The majority, however, is in it for money. Perhaps it's the promises of riches, just a will to better one's life with additional income - who knows, but mainly money.
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Now lets see whats going on in developing countries and places where people struggle economically. Cryptocurrencies, for example Bitcoin, initially were created by simpler men, for simpler purposes and to switch out the big brother - governments and banks.
In countries, where bad economic decisions and endlessly printing central banks have totally collapsed the economy, the only way around that is a form of simpler barter, ie a third party cryptocurrency.
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Imaging if you saved a million Venezuelan bolivars a few years back, thinking you could spend the rest of your life in comfortable luxury. Alas, today you can just buy some soap with this amount of money. Taking your wheelbarrow to the local store to buy bare necessities, that is, if they are even available due to the collapsing economy.
Lets look at Zimbabwe. According to sources, in 2008, Zimbabwe's inflation reached a mind-boggling 79.6 billion percent over 12 years. What the hell, look at these numbers! 79 billion percent! Cannot even consider saving in that kind of environment. Between the time you get your paycheck and reach the gas station, your money is worthless already.
But the Zimbabwean government kept printing money which wasnt backed by anything to cover for their crazy spending habits and hyperinflation arrived. The people of Zimbabwe lost faith in their local currency and USD became the main alternative.
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But today, there are better alternatives. All you need to do is keep spreading the word. Make more people use cryptocurrencies. It's not a get-rich-quick scheme, but it's an alternative for people struggling. Make sure they know how Bitcoin and its sisters and brothers can change their life.
Eventually enough merchants will accept cryptocurrencies, paychecks can be chosen to be received to your cryptocurrency wallet and you will have covered your own back. Central Banks are needed but not all central banks can be trusted to make the best of the best decisions.
Who else will look after your money as well as you yourself do?
Materials:
cryptonewmedia.press
bbc.com
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