Read now to learn how governments' desire to track self-hosted wallets is far more nefarious than you may realize.
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Throughout history, a person’s financial standing has always been heavily influenced by rulers and intermediaries, from the kings and money changers of ancient times, to the governments and financial institutions of the present day. Having total control over one’s money has been a fantasy, so much so that most people don’t believe it’s possible or even desirable. After all, for decades they’ve been spoon fed false truths about the stability and benefits that governments, banks, and the like can supposedly provide.
A never ending series of crises across history has prepared us to understand the true need to attain self-sovereignty. After all, you certainly can’t trust anyone to have your best interests at heart more than you must trust yourself.
Bitcoin has burst onto the scene as an incredible tool for financial self-sovereignty. For the first time in history, we have money that is both free from outsider manipulation and relatively easy to protect. Thanks to Bitcoin, we now have the ability to remove our money completely from the self-interested hands of both government bureaucrats and financial intermediaries.
Unfortunately, governments aren’t too keen on our newfound financial freedoms…
Government Interference Coming in 3..2..1
The governments of the past century have thrived on the increasing level of control they’ve usurped from their populations, especially when it comes to money and economies. But their heavy-handedness comes with extreme costs, as exemplified by the rampant global inflation of today. In the face of that problem and many others, it should come as no surprise that people around the globe are fleeing to the relative safety offered by Bitcoin, money that governments can’t control no matter how they try.
Governments don’t like that. They need control over money in order to continue to thrive and survive in their current form. Like a wild animal backed into a corner, they intend to fight to bring us back in line.
Governments can’t easily go after Bitcoin directly. The network itself is robust and has survived attacks of various types over its lifetime. And users who are willing to put in the effort will find that they are always able to transfer and hold their Bitcoin. Unfortunately, a large number of Bitcoin users are unwilling to take the time to learn how to safely use Bitcoin, and choose to entrust their holdings to the same cast of intermediaries who inhabit the traditional financial system.
That’s where governments choose to make their mark. Centralized custodians and service providers are an easy target. They have headquarters that can be raided, employees with jobs to maintain, and shareholders with eyes for profits and nothing else. In short, when it comes to restricting Bitcoin, governments go straight for the corporations adjacent to the network.
Unfortunately, we’re already seeing this. For example, it’s becoming increasingly difficult to find a Bitcoin exchange that will allow you to buy and sell your holdings without providing significant amounts of identifying data in order to open your account. But, perhaps even more pernicious, is the recent push from governments to force exchanges and other custodians to identify their customers’ self-custodied wallets.
Make no mistake, their move is an attack on your financial freedom and self-sovereignty. And they’ll get away with it too if we let them.
Don’t Fall For Their Lies
Governments’ war on self-hosted wallets is also being coupled with a war of propaganda against financial self-sovereignty. Here are a few of the most insidious claims they’ve made, as well as counter arguments:
Governments Just Want To Stop Money Laundering
Most people are agreeable to the idea of reducing crime. I certainly find myself in that camp. But the idea of reducing crime by encroaching on every last person’s privacy goes too far.
The fact is that only a minuscule percentage of financial transactions are related to criminal or illicit activities. Treating everyone in the world like criminals in order to identify a handful of bad actors is simply unacceptable.
Why worry if you have nothing to hide?
I believe that people have a basic right to at least some level of privacy. You be the judge of how much privacy you feel you’re owed.
The idea that we should be willing to tell all just because we haven’t committed any crime is an invasion of our financial privacy. It’s for this very reason that we need money that can’t be used to force us to comply with government overreach.
Governments need to be able to manage the economy
This argument lacks self-awareness. We live in a world where governments have more information available to them than ever, while also wielding near total control over money. And yet, with all that knowledge and power, government failures in economic terms are becoming more frequent and more devastating as time goes by.
We don’t need governments to manage economies. We need governments to step out of the way and let economies and economic participants manage themselves. Bitcoin is a firm step in that direction.
Do Your Part
Fight for your right to control your own financial future. Governments certainly are fighting to control it.
Are you going to let them win?
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This is not financial or business advice. This newsletter and related content are for informational purposes only. Cryptocurrencies and digital assets can be risky. Always do your own research before making any sort of investment.
