A world based on Bitcoin

A world based on Bitcoin

By MikeZillo | Blockchain Insights | 24 Feb 2021


The cryptocurrency that both citizens and governments discuss is, objectively, changing the world and bringing libertarian principles typical of the human being to the fore.

This being the case, various government, are running for cover: some, like China (before, now they have redeemed themselves and changed their line), India and Nigeria have banned it from even marginal use.

Others are looking for regulation (if you can't beat the innovation, embrace it) such as Europe and the United States and still others, having perfectly understood the underlying potential, are encouraging it, such as Switzerland and Liechtenstein.
As we know cryptocurrencies, in this case Bitcoin, are inflation-controlled; this explains one of the reasons why they are pointed out as a devil by governments: if we take away the possibility of the governments themselves being able to play with inflation, all of a sudden, they completely lose the INDIRECT control they have over their citizens.

I'll explain.

Through inflation, inconsistent financial maneuvers can be implemented (Quantititve Easing) in order to limit it.

For some countries, the "dollarization" or the replacement of the national currency with the dollar is also on the horizon; this is due to a weakness of the currency caused by hyperinflation.

These countries therefore find themselves at a crossroads: either they take their cue from India or Nigeria and completely ban cryptocurrencies, or they approach the new technology and open the way to a multimillion dollar opportunity; obviously it is preferable that they do not take the path of Venezuela with Petro, the stable coin anchored to oil.

At the moment, Liechtenstein and Switzerland are the examples from which to draw inspiration and develop a large-scale implementation of cryptocurrencies by making improvements to programs that are already good in themselves.

The adoption of cryptocurrencies, in this case it could be Bitcoin, would not have any kind of geopolitical risks, in fact one of the 5 fundamental pillars of cryptocurrencies is the absence of borders!

A world based on Bitcoin.

In order to take this very important step, let's see how it could be structured.

  • First of all, adopt a Crypto-friendly regulatory framework, where you can have a recognition of the legal status of tokenized assets. As we know, through NFTs you can tokenize anything, first of all it was the Algorand Foundation which tokenized Italian works of art;
  • Readjust the banking system focusing on Bitcoin, some steps have already been taken, in fact AvantiBank has been granted the status of Cryptographic Bank of Wyoming, for the custody of cryptographic assets and the issuance of cryptographic dollars;
  • Encourage cryptographic exchanges through the use of Smart-contracts;
  • Encourage the use of Bitcoin to pay administrative costs and taxes, therefore a Peer-to-Peer relationship with state legal figures: you have the mathematical certainty of the payment of taxes by EVERYONE, without exception. In this way there is also the certainty that any stimuli arrive directly at the citizens' destination without useless steps that could decimate the actual proceeds. Not only that, in this way the stimuli would only reach those entitled to them and not even those who do not need them;
  • Grant incentives to attract capital and crypto investors, as well as valid human resources who can manage these new positions. Money being energy, like human beings, it goes where it feels best treated. If competent people have the opportunity to carry out their tasks with gratitude, and obviously the right monetary evaluation, they have no interest in leaving their country. There is a lot of talk about this situation here in Italy where figures with certain skills, have underpowered salaries and find the right place outside the native land.

These are some hypotheses that I think could be implemented for a real Bitcoin Mass-Adoption; it is certain that we cannot expect to definitively supplant the current regime, but I would say more simply a coexistence. Mankind is not stupid, it is just a little lazy, but when it understands that Bitcoin hides a real monetary freedom, it does not take long to abandon an old worn-out and profitable system.


MikeZillo
MikeZillo

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ?


Blockchain Insights
Blockchain Insights

Working as a consultant for Blockchain projects, an operative experience comes by itself. In this Blog I am share Blockchain applications, pros and cons, practical use cases I got in touch with. Of course, a good understanding of the topic will be provided with dedicated contents

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.