A Few Thoughts On Cryptocurrencies On India's 69th Republic Day!

firepower (79)in #india • 7 years ago

A Republic-by definition is a state where true power lies in the hands of the people. Cryptocurrencies are here to give that power back to people or atleast that's the greater presumption amongst cryptocurrency enthusiasts. We want to be able to do as we please; whenever, wherever!

^Source

Cryptographic encryptions and anonymity in digital financial transactions were created to ensure people remain in control of their money so that no individual or organisation can take it away by force. Governments have a history in taking away power of the people by force!

Governments across the world exercise control over their citizens by controlling their ability to save their incomes, and restrict their spending capabilities. They decide what can be considered as a 'money' without ever explaining what money really means to their citizens. To a large extent I don't think we really care! But, governments also get to decide how we use it and where we store it!

As children we aren't really taught the concept of money. We are told use this thing to get that and if you have x times y-pieces of paper with you then you get to buy x number of whatever you want with those papers your wallet. But what are these pieces of paper and why do they have any value? Nothing has intrinsic value. We believe money in our wallets have value because we are told.

Cryptocurrencies have value because we (as users and owners) say it does-not the government!

Indian government in recent times has been harping on a digital India initiative. Most of it has been a great PR initiative as internet connectivity is far from incredible in India.

Currency and technology are supposed to empower the masses, and we're getting there quite steadily, albeit a bit slowly with some political instability and red tape. Some private companies have made it easier for people to log-on to the internet with somewhat affordable internet schemes and packages. This has certainly improved the environment.

On one end the government wants us to reduce our use of fiat currency in its physical form and go cashless. Use internet banking and card payments more frequently over cash transactions. This is their attempt to curb black money but none of this has helped in reducing the cash economy of our country.

If digital India is where we're headed then cryptocurrencies make a lot of sense. Of course, the masses need education on handling private keys and securing their wallets but cryptocurrencies by nature threaten the existence of trust based custodians of our money-Banks! Governments cannot restrain use or control its citizens when it cannot control our supply and use of our money.

For India to become a true republic where we-the citizens of our country can truly exercise our rights and freedom without having to queue up for it or fight for it is the day when we can rejoice! Money runs this world in various forms and we need the freedom to earn our legitimate incomes and use it the way we choose.

Prior to our Independence my country was subjugated under colonial imperialism and post-independence it has drowned in significant, noticeable corruption. We are a long way to go from achieving true freedom and unrestrained lives, where we can choose without fear, societal taboos, and unethical judgement. However, we continue to do the best we can with our situation. Life isn't grim here, if anything we continue to thrive as a race and country.

Blockchain technology and cryptocurrencies in my opinion are here to stay. They will continue to disrupt traditional methods of doing business and they will force a change. We are part of this global movement towards regaining our rights. Cryptocurrencies may not replace any fiat currency soon, but I hope that it will thrive alongside as it empowers the under-privileged resulting in mass adoption.

I use and spread the word on the Steem blockchain in the hopes that it will be a small but significant part of this cryptocurrency-revolution that is happening all over the world. Hence, I am hopeful that someday in the future we'd be better off than we are today.

^Source

A very happy Republic Day to my fellow countrymen and women! :)

If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:

Follow Me: @firepower

#republicday #blog #cryptocurrency #firepower

7 years ago in #india by firepower (79)

$271.19

Sort:

Trending

There are 2 pages

Pages

[-]

suf1an (57) 7 years ago

Hey firepower,

Happy republic day firepower and to all the Indians from across the border.
Yes, you are right. There will be a day when governments will realize the importance of crypto. It is just in human nature to not accept the change.

$2.37

3 votes

[-]

rajdeep07 (37) 7 years ago

Thank you, brother.
It has always been the pleasure of people in power to keep their subordinates in check. The compulsion for UID Aadhar card is solid proof. Hence, we have a long way to go in making cryptocurrency fully accepted in India.

$0.00