A couple of weeks back I wrote an article that outlined the skepticism some of the richest people on Earth have about cryptocurrencies. This post will serve as a sequel to the Why Are The Wealthy Fearful Of Cryptocurrencies⁉️ post as promised. Although, I already had some of the points outlined for this post it took a while to write it because of so much that has been going on in cryptos lately.
Anyway before I digress too much let me get back to today's post.
Bitcoin scares the wealthy, at least that's what it looks like from where I'm sitting as your average Joe and/or peasant. It seems like whenever I turn on the news or read an article about a billionaire's take on Bitcoin it turns out to be FUD (Fear, Uncertainty & Doubt). You can read more about who these billionaire's are in the above mentioned post.
If there's one I know about the wealthy is that they're usually obsessed with power and control over anything that they can get away with. They try to control the money, try to control people and try to control the laws of any nation their money is invested in. With this in mind do we really need the big money to jump in on cryptocurrencies? Think about it.
I have no problem with the rich (okay, maybe some) but I also aspire to be rich and it doesn't mean that when you're rich then you're automatically corrupt although sometimes society makes it seem that way. The people I'm writing about here are the wealthy, people who run banks and governments as these are people we should be looking out for as societies.
Such people are obsessed with wealth not only because of the opulent lifestyle it affords but because of the power and control it gives them over many people and institutions. At the stroke of a pen at a million dollar check and mountains are shifted to their preferred view and just as easily at another stroke of a pen a new bill is passed in their favor.
Bitcoin/cryptocurrencies to some extent threatens this huge imbalance of power which translates into bad news for the wealthy folk. Although most cryptocurrencies offer a bit more privacy than bank accounts do, it doesn't bode well for the wealthy because the blockchain tracks every transaction for the whole public to see. Nothing raises more eye brows than multi-million dollar transactions being passed around from one account to another.
The fact that people can see how much money one address contains scares the boots out of the wealthy because they like to do things behind closed doors, in privacy. In this regard Bitcoin becomes more transparent than cash and can be vital in fighting against money laundering much better than with cash transactions.
Banks are notorious for lending out money they don't have to dozens of people simply because they can't be tracked and laws have been rigged to support this practice. The banking system is built on massive debt to credit the few who can afford it and when the rich can't afford to pay anymore banks (Federal Reserve) just prints more currency.
All that BS is brought to a halt with cryptocurrencies since every bit of a bitcoin (pun intended) is tracked and no one can lend someone a bitcoin they don't have. There is no double spending and no more printing out excessive currency at will. Quantitative Easing becomes obsolete in this new system.
Fees in the finance and business world are like taxes they're not necessary but banks can't help but feed their greed with them. Much like with taxes the poorer you are the more percentage fees you get charged for every transaction. Banks have this funny business model where if a customer doesn't need the money they'll do anything to make sure they take it anyway. But if you're a customer that needs the money then they'll hit you with every fee they can before demanding high interest rates for you to pay it back.
One thing I like about cryptocurrencies is that they level the playing field a bit with extremely low fees whether you're sending a dollar or a million dollars. Cryptocurrencies don't discriminate on the net-worth of an individual and everyone is just as important as the next person on the network. Blockchain technology cuts out ridiculous fees charged by middlemen (banks, brokers etc.) through the use of smart-contracts. Providing for a fee-less yet trust-less and fair economic ecosystem.
What are your thoughts regarding the blockchain and cryptocurrencies? Do you think the wealthy have some tricks up their sleeves to try and bypass this blockchain system or at least tweak it to their advantage as they do everything else?
Please share your thoughts and opinions in the comments section below.
Have a great day!
