In commemoration of July 4th and the US colonies declaring the independence from the British crown, I've started to reflect on the freedom of being your own bank and secession from a corrupt fiat system.  The colonists declared their independence after reaching a critical point with the British crown.  The colonists saw the crown as being economically oppressive.  Key taxes that outraged the colonists were the Stamp Act, Townshend Acts and Tea Acts, which the phrase "No taxation without representation" became a rallying cry as colonists were taxed by British Parliament but had no representatives of their own in it.  Economic restriction and trade controls were also put in place via the Navigation Acts which restricted shipping and manufacturing, forcing the colonies to only trade with Britain.  The Intolerable Acts closed the Boston Harbor in response to the Boston Tea Party and allowed British officials to be tried in Britain ("We investigated ourselves and found that we have done nothing wrong").  British military presence as an occupying force (i.e. Boston Massacre) was also a key factor that lead to the colonists righteous indignation, but also highlighted the crown's attempt to snuff out the colonists right to economic self-determination.   

Once the colonists reached a critical mass, they declared their independence from Britain and created their own system.  Much the the colonists, by acquiring Bitcoin and taking it into self custody you are making a declaration of independence from the corrupt fiat banking system.  You are participating in a decentralized, permissionless, peer to peer system that no bank or government can interfere in your transactions or rewrite the rules of the system.  And like the colonists who did not seek permission from Britain by asking for their independence from the crown, taking your Bitcoin into self custody is an embodiment of Bitcoin's permissionless ethos.  You don't need to ask, you can just do it.

By taking your Bitcoin into self custody, you are saying to the fiat system that your labor, time and energy cannot be taken from you and can only be spent with your permission.  The purchasing power of your fiat is constantly being taken from you via inflation and taxation.  Other ways in which banks interfere and tamper with your money include:

Withdrawal Limits- Banks impose daily/weekly caps on how much cash a customer can withdraw 

Bank Holidays/Temporary Closures- Government orders all banks to shut down to prevent a bank run

Frozen Accounts- Accounts are locked and cannot be accessed, often during investigations, debt disputes, or capital controls

Capital Controls - Restrictions on the amount of money that can be transferred or withdrawn, especially across borders

Conversion of Deposits (Forced Currency Change)- Depositors are forced to convert accounts from one currency to another, usually at an unfavorable rate

Bail-Ins (Liability Confiscation)- Depositors above the insured limit have their funds converted into bank equity or written off

Negative Interest Rates/Dormancy Fees- Bank charges fees or imposes negative rates, slowly draining the value of deposits

Bank Failures Without Full Payout- Depositors lose money when banks collapse without full insurance or resolution

Asset Seizures of Forfeiture- Governments seize assets during emergencies, conflicts, or tax disputes

Your money should be YOUR money.  You shouldn't have to be enticed to lend your money to a bank, that is legally not required to hold reserves, in order to earn an interest rate that pales in comparison to the rate of inflation.  Your money should be there and you should have access to it whenever you want it.  That is the power and freedom of having your Bitcoin in self custody.  You don't need a bank or government's permission to access it, you don't need to worry about them taking your money to be used for any type of bail in, you don't have to worry about them denying access to your money because of your beliefs, and you don't have to worry about the bank actually having enough money to credit you when you want to withdraw your money.

I hope you enjoy your 4th of July and time spent with your loved ones.

Thank you for your time and attention.

Please consider checking out my Bitcoin merch (hoodies, t-shirts, stickers, cases, mugs etc.) designed by me using the link below.

Happy Stacking,

B

Bitcoin Merch: https://www.redbubble.com/people/B-21/shop?asc=u