Today, we are discussing Bitcoin and whether it should be playing an important role in your pursuit of financial freedom. There are so many directions we could take to prove this point. We can be philosophical like Michael Saylor, the CEO of MicroStrategies or we can talk simply and back it with some facts. Both of which are important but when you are just getting started it’s best to keep it simple and think of the statement from a practical perspective.
The goal of this blog post is to answer the question: Why is Bitcoin important to your financial freedom in a way that anyone can not only understand but also create an informed opinion and then take action. After all, anyone that stumbles onto this website is looking for and actively seeking freedom.
You must understand how our current monetary system works. In future posts, we’ll tackle this subject from different lenses so if you’re interested in gaining the knowledge you need, make sure to sign up for email notifications or check out our Youtube channel.
Our current monetary system or money is driven by trust and confidence. Our money (USD or any other government issued currency) is called fiat currency which means it’s backed by the authority of the government that issued it. That in itself isn’t a bad thing. After all, the government has a lot of power so why wouldn’t we want the value of our money backed by it. It has a military and it establishes laws and regulations that a majority of people abide by.
For all the flaws of government, it is still made up of people who are elected by the people in one way or another. An argument can be made if it’s fair or not but for the most part, your average person would say, this system has built the standard of living we have all become accustomed to and it does offer a significantly better quality of life than in the past.
Imagine farming vs just walking down to your local grocery store. Imagine a life with no energy on-demand to wash your clothes, or the ability to be comfortable in an air conditioned room on a hot summer day or to be nice, warm and cozy on those cold winter nights. We live in a world where all we have to do is simply log in with our phone, our utility bill.
If your fiat money is accepted for payment then it works and every day that it works you trust that it will work the next time and the time after that. With that said, we can agree that money backed by the government does instill confidence and trust that you, even today, can walk down to the store and buy and pay for the items you need.
So to recap, the current money in your pocket or in your bank account works good enough to buy items you need and want. It is backed by your government in which you should feel a civic duty to participate in and so far it has withstood the test of time. These factors among others instill confidence and trust in the money we currently use today.
I wish that was the end of the story but sadly it’s not. Money hasn’t evolved for the better, for the majority of people, like most things around us have. Instinctively, we know there is a really big flaw in our system but due to the size of the flaw it’s easy to write it off as a necessary bug in our money system. Every generation before you thinks the flaw won’t affect them. The flaw becomes increasingly apparent by asking a simple question… where does the money come from?
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