Is Cryptocurrency the new sign of freedom?
Cryptocurrency is only entering its 13th year since its proper introduction in 2009 but throughout this time people have associated a lot of terms and criticism towards this maturing space. To Banks and Government you may have heard the word “Speculation”, To traders and investors you may have heard the word “Volatility” and to crypto enthusiasts you may have heard the word “HODL” but no other word describes the inception of cryptocurrency and blockchain than “Freedom”. Of course freedom is such a broad aspect in itself so let’s take a look at what freedom means in the crypto space? And can too much freedom actually be dangerous?
Freedom in the Crypto Space
Freedom is such a broad idea that is sometimes deprived in our traditional system but cryptocurrencies have opened up a whole new horizon for us to allow us the freedom to choose what is suitable and not for our life. Here are some key areas where cryptocurrency has boosted our freedom in:
- Decentralization & Transparency of Information
We all are familiar with the classic top-down approach adopted by the global world where the top is aware of the information and make all the decisions and the down will just have to follow it, essentially this is what you called centralization and unfortunately, this approach applies to every part of our life. This is the view that Satoshi Nakamoto was willing to change when he introduced the concept of decentralization into our lives in which everybody in the community has the right to the same transparency of information and they are free to disagree but in the end, a consensus can still be achieved.
Information is a key piece in decision-making within the network and transparency is the way to maintain the trust of the user that the process is unbiased. If transparency is so important, why don’t governments want to adopt it? The answer is they want to remain in control by limiting us from some of the information available and make decisions for you unfortunately back again decisions benefit people who are aware. Cryptocurrency might still be at an infant stage but it has delivered a strong message to the world on the need for freedom of transparency.
- Privacy of Data & Ownership Control
A lot of you might have heard about the recent rift between Apple and Facebook due to privacy issues. Unfortunately, that is just the tip of the iceberg. It is no secret that our data is constantly being tracked from the purchases you made to the data registered in your bank account, which will then sometimes be utilized by credit card companies or merchants for advertising purposes. Well, this is okay for some people who would want to remain in public but most of the people out there would rather prefer to be private.
This is obviously why most of our digital wallets and transaction IDs are a series of digits and numbers so people who want to escape the traditional hocus pocus of our current system can choose to remain private. The cryptocurrency was built to enable people to take ownership control of their data and based upon that be free to choose which path they want to take.
- Financial Freedom
Well, this is the most discussed Freedom in the world today throughout the crypto space but yes cryptocurrency especially Bitcoin has rewarded a lot of its early believers with the Financial Freedom that they deserved. Bitcoin was originally meant to be a peer-to-peer digital payment system but its skyrocketing value has quickly transformed it into the most sought-after investment asset from early 2011.
There are a lot of stories out there for people who have achieved freedom financially through crypto but probably during these trying times of the pandemic, it has freed a lot of people living in high inflation countries such as Turkey and Venezuela to protect their wealth from the traditional system. Cryptocurrency has also allowed numerous funding, business and along with that created a lot of jobs so it not only made people rich but also provided the vehicle for everybody to achieve financial freedom.
- Freedom to Create
Cryptocurrency also has allowed everybody to create anything to be a part of the blockchain and this is proven true with the continuous development of the crypto space. The network allows the community to insert their suggestions and creative ideas that will be applied to improve the blockchain network. For example Stax and Polygon which are in itself created as a Layer 2 solution on top of the Bitcoin and Ethereum Network.
It has also allowed us to create a whole new different world with NFTs and Metaverse where everything as far as you can imagine is possible in the blockchain network.
- Accessibility & Financial Inclusion
As we have known until now, there are a lot of improvements that cryptocurrency has brought to our freedom from the traditional system but one of its breakthroughs is giving easier access to financial systems to more than 1.7 billion population of the world. Cryptocurrency has provided everyone accessibility in a much easier way to financial products as all you need to enter the blockchain is an internet connection.
This was obviously in center stage in Afghanistan where the Taliban forces restrict access to traditional banking systems and more than 22 million Afghans utilize crypto as means to transfer money needed to avoid starvation. Crypto was built by and for the community and it has given the rights for millions of people to have the same rights of attaining economic freedom.
Can too much freedom be dangerous?
“Too much freedom is dangerous to those who cannot cope with the responsibilities that accompany independence” — Anonymous
Let this quote give you a mental picture of what the cryptocurrency space currently is now, how we as the community could turn a brilliant invention into a stage filled with speculation. Cryptocurrency is probably the best thing that could happen with Planet Earth ever since the internet but due to its great value and huge importance, it has often been misled to create gains for specific people.
Cryptocurrency has given a lot of people the freedom to create something valuable for a lot of people within the network and yet what everybody comes up with is an overpriced JPEG plus worthless coins which eventually becomes a scam. This is not even the worst part as in this huge mostly unregulated world, a lot of entities and specific individuals could utilize their influence to tamper or influence the market. Obviously from this view, it is clear that sometimes too much freedom can be dangerous which is why it is up to the user and creator to act responsibly within the network.
What everybody needs to understand is that cryptocurrency is a new sign of freedom from the traditional system but it’s up to us, how we want to utilize this newfound freedom within the network. Cryptocurrency has a lot of potential in delivering freedom for people who probably need it the most so it is our responsibility to use this technology in a way that benefits a lot of people because if this world could start trusting and improving one another, that is the true meaning of Freedom.
We in Nagaya Technologies Pte Ltd. believe that cryptocurrency is a key piece in not only reshaping our future but also helping millions of people along the way. That leads us to the creation of the world’s first hybrid crypto-asset called Nagaya which we hope could provide a lot of value to millions of people worldwide. For more information regarding the latest updates on Nagaya and our whitepaper, you can visit us at nagaya.io
Or you can talk to us at t.me/nagayaofficial
