How Can Bitcoin Help Humanity?

If you’re reading this article from the comfort and safety of your first world home, spare a thought for those who aren’t in the same position as you. While guaranteed personal safety, reliable healthcare and a stable economy may form the backdrop to your daily routine, the reality is that many people in the developing world simply don’t have access to these basic rights.

People in dire situations around the world have turned to Bitcoin to help solve their problems. Not only can Bitcoin help them survive, it’s also allowing them to thrive.

Bitcoin, a Global Phenomenon

Mobile phone adoption may be booming across the developing world yet access to banking continues to lag behind. People can easily connect to their social networks, but interacting on financial networks can still be quite difficult. Despite this challenge, unbanked people across several continents are beginning to discover the benefits of Bitcoin’s decentralized and permissionless network.

Wherever you are, Bitcoin is there with you. All you need is access to the internet and you can easily interact with a global network of Bitcoin nodes to help store your wealth and transact without friction. Installing a bitcoin wallet and securing a simple seed phrase is all that’s required to get up and running on the blockchain, with no credit scores, background checks or capital controls to hold you back.

Bitcoin, a Hyperinflation Hedge

It’s no laughing matter when your supermarket’s prices change by the hour or your streets are littered with worthless bank notes. Desperately scrambling to find items to purchase, as your currency melts in the palm of your hand, is surely one of the most stressful situations a person could ever find themselves in.

Against the backdrop of hyperinflating fiat currencies is bitcoin, a provably finite asset that is freely accessible to any single individual in the world. It’s no wonder then that users of failing currencies are flocking to bitcoin’s fixed monetary policy and hard capped supply to surmount the challenge of dwindling purchase power.

Storing wealth in bitcoin provides users with the peace of mind they need to plan further ahead than tomorrow’s trip to the supermarket.

Sidestepping Currency Controls

Certain governments impose very strict limitations on how much money their citizens can spend, where they can send it and what they can purchase. It makes you wonder whether the money is truly theirs in the first place. Even unbanked individuals who are forced to pay with cash are often met with strict currency controls as they attempt to cross their nation’s borders.

Bitcoin lifts the veil on these infringements on self-sovereignty and provides users with a level of financial freedom that is simply unheard of in various parts of the world. Ownership of bitcoin is something that governments cannot take from their citizens without unwarranted force, and the protocol enables financial privacy for those who need it most.

Frictionless Movement of Value

The thought of financial freedom may conjure images of luxury yachts and sunny beaches, but the ability to do whatever you want with your money is far more liberating to those who have been unfairly oppressed for so long.

Paramount to this issue is the fee structure overseen by the remittance industry, a heavy burden for the millions of people who emigrate in search of higher pay to support families back home. Bitcoin payments are becoming pivotal in their quest to provide support from abroad, as this enables them to bypass the excessive fees and lengthy processing times set upon them by payment providers.

Opting to introduce bitcoin as legal tender was in fact a strategic move by the Salvadoran government as they looked to find ways to minimize fee capture from the money their migrant workers were returning to their families.

Portable Property

Sometimes you just need to pack your stuff and get moving. The outbreak of war is one such reason causing people to relocate in a hurry, although natural disasters or even domestic disputes can also require drastic and urgent action.

Storing your wealth under the supervision of decentralized nodes in the world’s most robust network is an ideal way to secure your future under such circumstances. Users need only protect their private key or seed phrase and continue on their path to safety. Once they arrive, they can rest assured that their money will be waiting for them.

Bitcoin is digital property and a powerful way for people to overcome life-threatening situations, without needing to worry about their finances while on the move.

Community Projects

It’s not only individuals who stand to benefit from using bitcoin. Innovative projects in developing areas are leveraging the economic values of bitcoin to power initiatives that tackle issues such as personal hygiene, fighting starvation, providing safe childcare and many other pressing topics.

Not only does using bitcoin help secure the project’s finances in comparison to hyperinflating currencies, it also allows for seamless donations from anywhere around the world.

Looking Beyond and Continuous Learning

As unbanked people in restrictive regimes learn about bitcoin, they also learn about economic principles and the sovereign rights that have been taken away from them, whether through malintent or unfortunate circumstances. Thanks to Bitcoin, financial freedom is within their grasp, but this all begins with education.

As you educate yourself on the merits of Bitcoin, realize that its utility extends far beyond price speculation and personal finances, but actually offers revolutionary solutions to so many of humanity’s pressing issues.

At Bitcoin Candor, knowing what benefits this technology can bring to humans around the world is what motivates us to provide this valuable content to you and help guide you safely on your Bitcoin journey.