Bitcoin Is Not A Get Rich Quick Scheme, Its Purpose Is Much Greater

Illustration by In Bitcoin We Trust

Bitcoin is a solution for a better world in the future.

Bitcoin has become a very popular subject. This is an undeniable fact. So, everyone has an opinion on Bitcoin now. Whether positive or negative, everyone has an opinion and many debates are now taking place on Bitcoin. This is an excellent thing because it contributes to the questioning of the current system and the democratization of Bitcoin.

This ever-increasing popularization of Bitcoin allows the reference cryptocurrency to see an ever-increasing number of new investors enter its market. This is a good thing in a way, but the main problem is the reasons why some people buy Bitcoins.

For many, Bitcoin represents nothing more than a get rich quick scheme. The revolutionary side of Bitcoin and everything it can bring to the world in the future is totally beyond them. This mindset can be problematic because very quickly, seeing that they do not get the huge profits expected, they will become fierce opponents of Bitcoin before leaving the market totally depressed.

I therefore think it is fundamental to restore a fundamental truth about Bitcoin, and that is precisely what I will try to do through this article.

The World Has Never Been So Unequal

Globalization was intended to make the world more egalitarian. That’s what his ardent supporters promised at all times. Unfortunately, the situation of the world in terms of inequality has continued to deteriorate since the end of the Second World War.

The world’s inequalities in income, health, living conditions and education have never been greater.

Consensus on the state of the world is never easy to achieve. Nevertheless, with regard to the inequalities of the world in which we live, everyone agrees on extraordinary growth over the past fifty years.

The graph below highlights global inequalities in living conditions:

People in developed countries are living much longer in better conditions and earning much more money.

A resident of Sierra Leone has a life expectancy of 52 years while a resident of Japan has a life expectancy of 84 years. In terms of income, the difference is even more striking. Thus, a resident of Qatar earns 172 times more money per year than a resident of the Central African Republic.

Each year, the wealthy become richer while the number of very poor increases.

The current system benefits only a minority of people around the world. These people who lead the world have a vested interest in the continuation of the current monetary and financial system. However, the world will not be a better place for the greatest number of people if a new, more equitable system does not emerge.

It All Began In Bretton Woods In 1944

At the end of the Second World War, the Bretton Woods Agreement defined a new monetary and financial system that put the U.S. dollar at the centre of the game. In 1944, a gold exchange standard system was set up:

With Bretton Woods System, the value of the US dollar is directly indexed to gold while other currencies are indexed to the dollar.

The reserves of the central banks of each country in the world must therefore be made up of currencies instead of gold. The U.S. government guarantees the value of the dollar, but is not required to have a gold counterpart to the dollars issued.

This system guarantees that the United States will be the pillar of the new global economic architecture and will establish its domination over the world at the end of the Second World War.

The most surprising thing is that no controls have been put in place by the Bretton Woods Agreement on the amount of U.S. dollars issued. The United States has the option of not meeting its external account commitments.

Richard Nixon Ends Dollar-To-Gold Convertibility In 1971

The considerable expenses that the U.S. had to incur to cope with the Vietnam War and the race for space caused an inflation of the U.S. dollar throughout the 1960s.

The countries that export the most to the United States accumulate huge reserves in dollars, giving rise to as many issues in their own currency afterwards. All this fuels an increasingly worrying inflation.

The system reached $46 billion in 1970. Highly sensitive to inflation, the Federal Republic of Germany decided in 1971 to no longer follow the provisions of the Bretton Woods Agreement.

Requests for refunds of excess gold dollars are beginning to flow. The United States does not want to see its gold stock disappear.

Under these conditions, Richard Nixon decided to suspend the convertibility of the U.S. dollar into gold on August 15, 1971.

The fixed exchange rate system collapsed definitively in March 1973 with the adoption of the floating exchange rate system, which was established according to market forces. The end of the legal role of gold at the international level was definitively agreed on 8 January 1976 following the Jamaica Accords.

Since then, there is no longer an organized international monetary system.

The Predominance Of The U.S. dollar Is Problematic

The absence of an organized international monetary system does not prevent the predominance of the U.S. dollar, which most countries had made huge reserves under the Bretton Woods System.

This predominance of the U.S. dollar only increased in the following decades.

The United States is taking advantage of this predominance of the U.S. dollar to impose its will on the rest of the world. They are the world’s policemen and can decide to impose economic embargoes on any country arbitrarily.

The United States may decide to prevent any company in the world from trading in U.S. dollars with another company.

If the company, regardless of its size, were to fail to comply with the United States’ wishes, the sanctions it would face could simply lead to its loss.

A Tool For Oppressing Peoples

The current monetary system is simply a tool for oppressing people. Venezuela is a perfect example of this situation with a people suffering in the face of a totalitarian regime that continues to devalue its national currency.

The Venezuelan people suffer from the regime of their dictator but also from U.S. economic sanctions.

There is no shortage of examples from around the world either. The disadvantaged populations of these countries have no choice but to suffer. Indeed, the current monetary and financial system simply does not offer them any prospect for the future.

The Current Monetary System Is Deficient

People all over the world are increasingly protesting against the current monetary and financial system. It is a reality. At the heart of their criticism is everything I have just told you, in particular the fact that this system only benefits a minority.

The current monetary and financial system continues to increase global inequalities on a daily basis.

One country alone cannot decide the fate of other countries in the world, no matter how powerful it may be. Unfortunately, the U.S. has been doing so for decades.

When a president like Donald Trump becomes the head of the world’s leading economic power, we can see the damage that can be done. Financial oppression is increasing and Donald Trump is continually threatening all countries in the world with financial sanctions.

Donald Trump can afford his arrogant and threatening attitude because of the predominance of the U.S. dollar.

The world cannot continue like this. A better solution must emerge. For a better solution to emerge, it must simply come from the people themselves.

Bitcoin Is Building A Better Financial System

Politicians have shown their inability, or lack of will, to reform this failing monetary and financial system. A more equitable solution can only emerge from the people.

Bitcoin was created by Satoshi Nakamoto following the economic and financial crisis of 2008 to be made available to all.

The people must seize the Bitcoin opportunity to make it the financial system of tomorrow that will reduce global inequalities.

A maximum of 21 million Bitcoins may be put into circulation. This limit has been defined to ensure that 1 BTC will always be equal to 1 BTC. What you have in Bitcoin can never be devalued.

This is essential in today’s world where central bankers are constantly creating more fiat currencies. This devalues what you have in fiat currency.

Bitcoin Is A Neutral Currency For A Better World

Bitcoin is no leader and neutral currency. No one can stop you from trading in Bitcoins. Your Bitcoins really belong to you and you can enjoy them as you wish.

Banks may prevent you from using your fiat currency at any time.

The money you own in the bank is yours unless your banker decides otherwise. Unfortunately, he has the power to do so.

With Bitcoin, oppressed peoples in countries like Venezuela will be able to continue to live properly and avoid being collateral victims of the financial oppression set up by the United States or the dictators at the head of their country.

Bitcoin is therefore absolutely not a get rich quick scheme. Sorry to disappoint greedy people who choose to buy them.

Bitcoin is a revolution that can make a big difference for the good of the whole world by installing a new neutral and non-political financial and monetary system.

Bitcoin is an opportunity to be seized and it will be what we decide to do with it. It is up to all of us to seize this unique opportunity and participate in the process of making the world less poor, slowly but surely.

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1 Response

  1. January 10, 2023

    […] Bitcoin Is Not A Get Rich Quick Scheme, Its Purpose Is Much Greater […]

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