Bitcoin & Freedom

Bitcoin is an incredible tool for individual freedom and sovereignty. It's one of the best tools we have to fight back against banks and central banks. This is a must-have that I'm deeply passionate about. Let's dive in.

Bitcoin as property

For the first time in the history of humanity, we have created a digital good that cannot be copy and pasted. I can take a photo and distribute infinite copies of that identical photo a million times. With Bitcoin, this is not possible. I'm unable to send some bitcoin to someone and then send that identical bitcoin to someone else. This is a significant breakthrough in computer science.

We now have the ability to create a private key, make it human-readable by way of a series of words, and take it with us anywhere we go. If memorised, it can be taken anywhere and even to the grave. It is borderless, portable, difficult to seize, confiscate and censor.

For the first time, you (and only you) have full ownership rights to your money, with zero counter-party risk. When taken seriously, it represents an enormous upgrade to the legacy financial system, but more importantly an enormous upgrade to your individual financial well-being. If a place becomes tyrannical, you can leave and take your wealth with you.

It is important to note that these properties are only afforded to you if you take self custody of your bitcoin. If they are sitting on an exchange, or with a trusted third party, these are just promises of freedom money.

Bitcoin as peer to peer electronic cash

For the first time, we can transact without requiring the use of a trusted third party such as a bank or central bank. If you hold the private key, you are able to transact on the Bitcoin network without permission. You can move funds anywhere to anyone without having to provide identity information.

From printing infinite amounts of fiat into existence, to blocking or censoring transactions to having identity information stolen and abused, trusted third parties have broken trust countless of times. The only people harmed by this are ordinary, law abiding citizens.

There is no requirement for transactions to require identity information, similar to cash. Bitcoin ideally, ought to be acquired without handing over your identity information. This ensures you do not end up on a database that can be later abused. You get to keep your privacy, autonomy, dignity and self respect when you acquire bitcoin without handing over your identification details.

See my article on Bisq for more details.

Bitcoin as monetary justice

There will only ever be up to 21 million bitcoin in circulation. This is what has been agreed since the inception of Bitcoin on January 3rd, 2009. The supply schedule has been known since Day 1. Bitcoin has stuck firm on this principle. No more printing infinite amounts of money. This brings monetary justice to humanity. People have put their time and energy into acquiring money, however, there are a select few who have the exclusive right to create money into existence, diluting the hard earned savings of everyone else. Bitcoin gives you the self respect you deserve. If I was to do the same (print money), I'd get thrown in jail for counterfeiting money. Central banks do it without batting an eyelid.

Bitcoin serves as a reminder that there are no bailouts. It's now up to you to take on the responsibility of being your own bank.

Bitcoin as the best form of money ever created

There are so many properties of Bitcoin that I like. Here are some of them.

Concluding remarks

Bitcoin is a profound upgrade to the legacy financial system. Something that we've never done before. If used properly, it can provide enormous amounts of freedom and significantly reduce mental load and burden for the individual. But, at the same time, it increases that mental load and burden knowing that the buck ultimately stops with you. I leave you now with an image to have a ponder over.