The chaotic digital currency created by cypherpunks and first used on shady websites is not something one would normally associate with patriotism. However, as our country moves away from its founding ideals of freedom, decentralization, and personal responsibility, perhaps Bitcoin is exactly what we need to bring us back to those roots.
While Bitcoin is a groundbreaking technology, what it achieves is neither a radical nor a new idea. The paper experiment that began in 1971 has not been the norm in the history of money, and Bitcoin is simply restoring the principle of sound money that was Present throughout history. Where Bitcoin differs from monetary standards of the past is in its technological superiority, which allows it to avoid some of the failures of those earlier standards.
The bitcoin ledger is auditable and verifiable by individuals running the nodes on their personal computers. This prevents the inflationary “fiat” bitcoin creation similar to the gold and silver fiat creation that has hurt those markets, because bitcoin makes physical delivery of the asset much easier. With gold, it is necessary to entrust institutions with the possession of physical assets because they are the only ones with the resources to store and guard it. There is no such problem with Bitcoin because users are able to hold practically unlimited amounts of value with a single digital wallet.
Bitcoin has the potential to disrupt the current model of nation-states, yet owning Bitcoin must be seen as patriotic because it embodies the values this nation was founded on. Through thick and thin, Americans have always prided themselves on their individuality. The desire to have as much control over one’s life as possible is an innate American desire, and it is only fully financially empowered by holding bitcoin.
Bitcoin not only gives its holder control of their wealth and money, but also the ability to transact freely with the rest of the world. Freedom of expression and property rights are deeply American values that are only reinforced by Bitcoin: a currency that is resistant to censorship and confiscation. No one should ask for permission to access the network because it is completely neutral. This financial freedom and sovereignty is the foundation upon which all other political, economic, or individual liberties can be built.
Americans have long sought truth and freedom, but many popular attacks on Bitcoin violate these two principles. On the other hand, Bitcoiners are attracted to Bitcoin precisely because they value the truth. seeking to replace The lies and promises that make up the Fiat system With the mathematical truth of Bitcoin and fixed monetary policy. The most common criticism of Bitcoin, the environmental FUD, comes from a lack of knowledge about Bitcoin and a lack of desire to know the truth.
For example, motor vehicles have a much larger carbon footprint than motor vehicles and horses. Likewise, the Internet uses much more energy than physical information systems. So why are people now rejecting the revolutionary technology simply because it may require more energy than its predecessors? Just as power is required to start a car or surf the internet, so power is what is necessary for Bitcoin’s security and decentralization.
Bitcoin critics from within the “crypto” community often cite Bitcoin’s high power usage and “inefficient” transactions as reasons to move away from the Proof of Work consensus to Proof of Stake, or to embrace entirely new crypto projects. However, what this overlooks are the wonderful circumstances that led to the creation of Bitcoin that cannot be replicated. Bitcoin is the first verifiable example of absolute scarcity in history, and this true scarcity can only happen once.
We already have fast cash transactions through central financial services. The goal of Bitcoin is to create hard money that cannot be corrupted or tampered with by any individual, company or government. Satoshi’s primary criticism was the amount of trust required to support the old financial/compulsory system and the history of that trust being exploited by governments, and thus Satoshi set out to invent a system that he did not trust. Bitcoin acts as the primary settlement layer during Secondary classes / services It will provide the fast and cheap transactions that consumers are accustomed to. Any cryptocurrency that advertises fast transactions at its base layer and uses PoS is simply an extension of existing systems. When a new crypto tries to speed up transactions or reduce its power footprint, it trades off by losing decentralization and immutability: the two reasons Bitcoin itself exists.
If America had allowed “too much energy” to determine its course of action in the past, it would not have been at the forefront of these innovations mentioned above that have historically improved people’s lives. Just because the majority of people don’t yet see the need for or use of Bitcoin doesn’t justify trying to destroy it. Americans have the luxury of storing their wealth in a relatively stable national currency that serves as the world’s reserve currency. The same cannot be said for citizens suffering from hyperinflation, or corrupt/authoritarian governments that use money as a tool of control. for them , Bitcoin is not a luxury; It is the lifeblood.
Americans have always been wary of large central power and despised inorganic monopolies, yet we are beneficiaries of the most powerful monopoly ever created: the US dollar. It is naive to think that the dollar will remain the global reserve currency forever, especially given recent expansionary monetary policy. When the dollar starts to show weakness, central banks and other institutions around the world will start allocating to other currencies. China, arguably the strongest enemy of the United States at the moment, will take advantage of this opportunity by paying the yuan. If the dollar loses some of its global reserve status, what would you prefer to see gain strength: a sovereign currency from a rival country or a decentralized currency that supports freedom?
Bitcoin embodies the ideals that our country has struggled to protect in the past. Freedom was the reason for the founding of this country and it is what many Americans have lost to protect it. Therefore, trying to outlaw a mechanism that protects individual liberty is meaningless when liberty is assumed to be what our country stands for.
Given the principle of decentralization in Bitcoin and its use as a tool for freedom, it is not surprising to speculate that many of our founding fathers were likely Bitcoin. When the Founding Fathers created the United States Constitution and our government, they did so with decentralization in mind. That’s why we have a system of checks and balances with a separation of power between the federal level, the state level, and the local level. Of all the founding fathers, Thomas Jefferson is the one who would most likely be a Bitcoin fanatic if he existed today. Jefferson despised the idea of a national bank, It says it is unconstitutional He is afraid that he will give unfair power to the few who control him.
Now let’s assume that the bitcoin standard that many bitcoins expect does not become a reality. At worst, the existence of bitcoin is merely a check to the extent that the Federal Reserve can implement inflationary monetary policies. With citizens with a massive alternative in the form of bitcoin, the Federal Reserve is forced to maintain a tight grip on the money supply or risk citizens fleeing dollars for bitcoin. It is imperative that the American people be given the option to “opt-out” from the fiat currency system by holding bitcoin, and that bitcoin does not suffer the same regulatory fate that gold faced when it was Banned in the United States From 1933-1974. Bitcoin’s anti-seizure properties render such attempts to ban/regulate such attempts somewhat futile, so the only consequence of restricting it is for the US government to forever position itself as the opponent of Bitcoin and its ideals.
America is not defined by some of the lines drawn on the map, the federal government, or even the Constitution, but instead by the people who maintain American traditions. To ensure that American traditions can be carried out, Bitcoin must be met with open minds and arms so that neither country can make decisions that are against the best interests of the American people. By separating money from the state, Bitcoin is an insurance policy against any future US government that might lose sight of America’s founding ideals by ensuring that power remains in the hands of the people.
The fact that China – a country notoriously anti-freedom with massive violations of human rights – has banned bitcoin no less than three times should tell the US everything it needs to know about the right course of action. If America is indeed the frontier of freedom, it should not be subject to the same rules of the game that authoritarian regimes use. America’s decision to embrace bitcoin should be a fairly easy one; You should look no further than specific countries that consider Bitcoin’s freedom-enabled technology to be a serious existential threat.
This is a guest post by Jack Kriesel. The opinions expressed are their own and do not necessarily reflect the opinions of BTC, Inc. or Bitcoin Magazine.