Ethical Argument for Bitcoin
Me with mask

Ethical Argument for Bitcoin

By Fabian Augustus | CryptEquity | 2 Jan 2021


This will be a short read, because there is no need for a multitude of ethical reasons for the adoption of Bitcoin.  While there are many reasons, equality for all of Humanity is the only one I will put forth as justification in this snippet.  Though there will be inequality for years to come even in an economy where Bitcoin is the currency of reserve, said inequality will slowly flatten out and diminish as time passes.  Given the scarcity of Bitcoin (only 21 million ever to be created with only 18 million eventually left in circulation), there will come a time (a tipping point) when those holding more Bitcoin will have to relinquish a portion of their Bitcoin holdings (Satoshis) to pay for goods and/or services. In an extreme example (if Bitcoin were the only currency, denominated in Satoshis), the rich would eventually have to start spending Satoshis because they could not simply create more Bitcoins in the same way the Federal Reserve prints up more dollars.  By way of example let's say I held 50 percent of all Bitcoin and wanted to buy something very rare like food, I would have to spend my Bitcoin which would put a large or small amount of Bitcoin back into circulation.  As successive generations of my family pay for the necessities of life, more Bitcoin would be put back in the wild. I would have to earn Bitcoin or my offspring would have to earn it back by providing value.  It is for this reason that the  limited amount of the total supply of Bitcoin holds the promise of eventually spreading the wealth amongst all people.  Set aside the fact that this is all hypothetical, it is also only possible with Bitcoin.  With dollars, those who control the printing of dollars can simply print more and give them out to their friends and family. With gold, the supply can and is manipulated as is the price because of its centralized nature. The recent gains in a Stock Market show how it can be manipulated even when there are fewer consumers.  The preferential treatment that allowed companies like Amazon and Walmart stay open while other small stores had to close their doors forever is yet another indicator of the inequity in the markets. So, yes Bitcoin is being bought up by institutional investors for now, but this will begin to change the moment the last Bitcoin is created... Unless a completely new currency overtakes BTC.

How do you rate this article?


2

0

Fabian Augustus
Fabian Augustus

I am an electrical engineer by education, a musician (drummer), painter (oils, acrylics, and charcoal) and writer (23-feature-length screenplays, 1 - novel, 1 - Solving the worlds biggest issues book, and more) by passion, and a coder and cryptocurrency a


CryptEquity
CryptEquity

Cryptocurrency (with its flagship Bitcoin) will bring about a more just and fair economic system. In that regard, CryptEquity seeks to enlighten cryptocurrency skeptics about its true potential but, more importantly guide cryptocurrency converts, enthusiasts and fanatics in helping their loved-ones and friends move towards adoption.

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.