How Crypto Enables Economic Freedom?

Cryptocurrencies were first established to provide an alternative monetary solution to the global financial crisis that threw the world into turmoil. Due to the decentralized nature in which they are run, people are responsible for managing their own cryptocurrency wallets, and dedicated users on the network around the world are responsible for validating and executing transactions.

Crypto enables economic freedom

Crypto is an open global network

Crypto networks are open and remove the barriers of borders. It allows every person in the world to transact on shared networks in the same way they communicate on a shared network. More importantly, these networks are not themselves controlled by governments, which can use their monetary systems to impede economic freedom. This design principle leads to more open markets and increases trade freedom, investment freedom, financial freedom and monetary freedom.

Crypto enforces ownership rights

Property rights allow people to save their income, develop their wealth, and plan for the long term, knowing that the fruits of their labor are safe from unjust seizure or theft. Before cryptocurrencies, your confidence in property rights was a function of the trust you had in your government and its respect for the rule of law. Using cryptocurrencies, anyone can acquire and expand their wealth without the intervention of trusted third parties such as a government or bank, or the fear that their wealth could be easily confiscated.

Crypto is unbiased

Anyone with an internet connection can create a wallet, receive payments in cryptocurrencies, spend in cryptocurrencies and gain wealth in cryptocurrencies. Service providers such as Coinbase have compliance programs, but we do not control access to all cryptocurrencies and do not own the network. Anyone can access crypto networks through other providers if we make bad decisions or are forced into bad regulation.

Crypto enables mobility

Cryptocurrency provides the conditions for mobility by reducing the cost of change, allowing people to acquire wealth and transfer it across borders. Cryptocurrency is the ultimate embodiment of the power of the individual by greatly reducing barriers to emigration or exit, thus increasing economic freedom.

Conclusion

Cryptocurrency can influence many factors that lead to greater economic freedom. It can help build better functioning economies in countries with less economic freedom, while facilitating emigration for a better life.