Listen to this Article in Audio format
Since the inception of the Bitcoin whitepaper by Satoshi Nakamoto, Bitcoin has been utilized as a tool to balance the financial system. It was the first cryptocurrency that ever existed before the creation and adoption of alt-coins.
What is Bitcoin?
Bitcoin was the first cryptocurrency to have existed. Over the years, it has become the most notable means of exchange and a reliable store of value as a well-known rival to the traditional legacy system finance. There has been so much backlash and irreverence from the latter and those locked into a fiat-based structure.
Since its debut in 2009, Bitcoin was created to strike a balance in the financial system during an economic crisis. The revolutionary peer-to-peer system of Bitcoin’s intention as a means of transaction without requiring any intermediaries is a global phenomenon recorded on the blockchain and verified by nodes.
The core of its existence and creation thus stands for social equality and justice. Bitcoin has liberated individuals, but it has also liberated countries and states going down the path of financial insolvency and inflation. With just 21 million Bitcoins that will ever exist, Bitcoin features inclusion, accessibility, equality, participation, and rights.
There’s diversity in the adoption of Bitcoin, and it’s not limited to race, class, and preferred sexual orientation; everyone has equal rights of access rights to participation. The overall adoption of Bitcoin continues to fight an uphill battle in tackling the patrimony of marginalization and oppression in all communities. We have seen instances where Bitcoin served as a tool for social justice; the cryptocurrency movement bolstered social justice during the #EndSARS protest in Nigeria and the TruckDrivers protest in Canada.
It served social justice during the #EndSars protest when banks, induced by the government, targeted and restricted access to the accounts of the lead Nigerian protesters and those supporting to keep the fire of protests going. Bitcoin exchanges played a pivotal role when there was a need for funding the protests and detours to put restrictions in place.
These restrictions and policies are well known in the USA and third world countries, particularly in Africa, whereby the printing of money is encouraged and leads to inflation. On the other hand, the status quo, in which there can only be 21 million Bitcoins to be mined and circulated, has bridged a gap between Bitcoin and fiat currencies. No one prints bitcoins like fiat currencies. Bitcoin exists to be a beacon of hope to the minorities, the oppressed, and the financially unbanked.
Bitcoin is the universe’s escape hatch from financial seclusion and inferiority. Thus, for the steady adoption and FOMO elimination amongst those who see it as a form of the existing legacy financial system or those who see it otherwise as an unstable investment. Orange pilling individuals, young, rich, poor, and old, has to be done steadily and spread like wildfire to serve its purpose.
This is a guest post by Delé Joseph. Opinions expressed are entirely their own and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.