Translation of my article written in Slovene.
The world has faced the Fourth Technological Revolution. This revolution began at the beginning of this millennium with the widespread use and adoption of the Internet as a new information medium.
For the past 10 years, the second phase of this revolution is underway, which will enable us not just transmit information over the Internet, but also transfer the value in the form of cryptocorrencies.
Someone, under the pseudonym of Satoshi Nakamoto, created a Bitcoin protocol ten years ago, representing a decentralized form of money that anyone can use without any restrictions. The use of Bitcoin is global and thus connects the mankind. No state, government or institution controls Bitcoin. The protocol works on more than 10,000 computers scattered across the Internet, and each of these computers (full Bitcoin node) stores the entire history of Bitcoin transactions in a blockchain.
The Bitcoin computer code is open source and anyone can study, modify, or make suggestions for its changes. Changes take effect when there is a consensus among all who want to participate in this process.
It is virtually impossible to stop the Bitcoin protocol because we should simultaneously turn off all computers that support Bitcoin protocol and delete the transaction history from them. No institution in this world is capable of doing this.
Bitcoin miners compose new blocks from transactions created by Bitcoin protocol users. They compete with each other, who will first calculate the next index (hash index) for their own block that they create. Miners are guardians of the Bitcoin network. Miner who first calculate the hash adds its block of transactions to the blockchain and receives a prize from the Bitcoin emission and fees added by users to their transactions.
With the use of hash power, miners ensure that no malware or malicious miner can add blocks to the Bitcoin blockchain since it should have at least 51% of the total computer power or more to be able to independently add blocks to the block chain and create dual or multiple transactions to create Bitcoins in the way he or she want, or with the same Bitcoins, pay multiple times (double spending).
Almost exactly 500 years ago (in 1517), Martin Luther nabbed 95 theses on the door of his church, which led to the disputes in the Catholic Church and trigger the Reformation, which also gave Slovenians many national recognisability. The process that started then led to the separation of the church from the state. By doing so, we were freed from imposing the beliefs advocated by the Roman Catholic Church.
We are now on the verge of another Reformation. This time, we will separate money from the state. Bitcoin is exactly that. Money separated from the state. Bankers and politicians are already scraching their heads facing this phenomenon. At present, financial institutions are in the lead because they have created a system that controls the creation and distribution of money through their central banks into our economies.
The Central Banks and other banks in the financial system have taken the opportunity to decide on our fate by controlling money. Be aware that the money you have on your bank account is not really yours. The bank only assures you that you can get it at any time. When there are no shocks, the system works fine and leaves you in an illusion to master your money. But in reality, banks hold only 3 to 10% of cash for cashouts in their vaults.
The rest of your money is in the financial operations that the banks carry out with it and thus make nice profits with your money, and you have nothing from banks doing that. When you take credit in the bank, the bank lawfully creates money from thin air the same way magician pulls white rabbit from his magic hat, because the law allows banks to insure credit obligations only from 3 to 10% of the actual deposits deposited by their clients. You guarantee a repayment of a loan with your personal income and your assets, which is completely disproportionate to the guarantee that the bank must provide. You need to repay a loan with interest earned, which is a reflection of your real work. If I simplify, they sell you thin air at highest possible price. Al Capone is an amateur compared to banks.
When banks screw things up, then they cry like little children and mom, the Central Emission Bank puts fresh money on and lets them fill the financial holes that have been caused by their frauds and speculation.
Do not blind yourself, the loans from central banks to commercial banks are so favorable that they do not actually need to pay them back. Central banks postpay repayment of these loans through bonds to the state. The state is thus get indebted and the debt with the interests is colected through taxes from us citizens. That's how we're systematically getting fucked all the time.
Yes, they systematically hit us on our pockets !! ....But we buttheads trust banks and still leave our money there.
But that's not all!!
As the amount of money increases against the created goods in the economy, money loses value (inflation). Thus, the financial system tramples us three times. First, we guarantee loans with our income and assets, and the banks guarantee with thin air". Then, the state exacerbates us to save the poor banks from bankruptcy , and ultimately we are rewarded with inflation, when the purchasing power of bloody paper coins decreases.
At Cristmas time I should not write to Santa Claus but to a Central bank istead. Gifts will be greater cause the central bank has a money printing press in it's basement.
Bitcoin take the power away from financiers and politicians. If you control private keys of your Bitcoins, they are truly yours. Andreas M. Antonopoulos (The open blockchain expert -- - just google him up) says: "If you do not have control over your private keys, you also do not have control over your Bitcoins" (Not your keys not your coins !!! )
However, when you have cryptographic keys of your Bitcoins securely stored (on a computer protected by cryptography, hardware electronic wallet, or paper wallet in a home safe), then you are the full owner of your money. If you do not reveal Bitcoin address of your coins, your Bitcoins will also be your private affair. They can not tax them or seize them, you can reach them anywhere in the world, just need an internet connection. And I guarantee you! The Internet will be turned off last. The world is already too dependent on it.
Is this much better than a secret bank account in the Cayman Islands!
This gives you the freedom of choice. You can choose your space under the sun where the environment is crypto-friendly. The state can no longer dictate you because it does not control your money. It is time to start setting up a parallel economy that will only be ours. In it, we will freely decide who we will pay for, whether it be for the payment of services or the payment of taxes.
It is time to separate money from the state and for ever take this monopoly from it's hands the same way our ancestors have already destroyed the power of the church when they separated the church from the state.
When this parallel economy reaches a critical mass, states will no longer be able to control people, but will become something that exists for people. Those countries that are unfriendly to people will be ruined sooner or later. I hope that politicians become aware of the fact that we the citizens with Bitcoin now have options to choose and that we will not let the state to steal from us by inflation and we will not finance state corruption any more. It is time to get out of this state rolercoaster and start the transformation we deserve.
T.T, surveyor, coder, free spirit forever !
I do not use facebook, twitter, instagram or similar platforms for collecting information about free people.
As a distinctive sign that I have stepped out and I am going into a new real economy, which is not based on the hegemony of state money and corruption, I will greet my friends with a compressed fist and a stretched little finger. Let this become a sign of David, who will overcome the financial Goliath.
