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Many people see cryptocurrencies as a get-rich-quick scheme, but this is simply not true. Others see it as just digital money. This is also not the whole truth.
Crypto is a completely new digital asset that plays by its own set of rules. What’s also new is what it brings to its users.
For people looking to establish greater freedom in the way they invest, manage, and spend their money, cryptocurrencies are a golden ticket. Here are the top five ways how and why this is true.
1. A New Asset to Invest In
The first thing you need to understand about freedom is that you can’t achieve it without financial independence. Many people, however, make the mistake of chasing the bank so hard that they completely forget about what really matters – their time.
By investing, you’re using the money the way it was always meant to be used – making you more money.
Even if you’re extremely hard-working, there are only so many working hours that you can squeeze into a day. By investing, you can use your money and turn it into assets. This way, you’re making money even in your sleep. Later, you can use these profits to travel the globe, purchase items you always wanted to buy, and buy your family the life you always believed they deserved.
Cryptocurrencies are great for this task because they have a low buy-in. If you find the best new cryptocurrency and invest in it before it explodes, you’re setting yourself up for success. The biggest challenge, however, lies in finding the list of promising cryptocurrencies, doing your research, and then finding the right ones.
(Source: https://www.techopedia.com/cryptocurrency/best)
As long as you look at the right parameters and understand the importance of risk management, you’ll do just fine.
2. Access to Otherwise Unavailable Services
One of the first things that comes to mind is online casinos, which are either poorly regulated or barely regulated in your area.
The way some players handle this is by finding loopholes like online casinos that are not locally hosted, which allows them to enjoy one of the most favorite pastimes in a legal grey zone. Others just take a simpler route and find a Bitcoin casino.
The biggest concern for many with these online casinos is the logistics of deposits and withdrawals. Since crypto casinos have a quicker and simpler payment process, this issue is resolved far more elegantly.
Since a lot of people (even if they don’t hide it) aren’t really keen on promoting the fact that they enjoy luck-based games, the extra anonymity of crypto transactions (which we’ll discuss a bit more in the next section) is also welcome.
The last thing you need to understand is the fact that these laws are often so complex that you’ll have real trouble figuring out what’s what. Namely, in some areas, only luck-based games (like slots and roulette) are banned (even for online casinos). On the other hand, online poker (as a skill-based game) has no such bans. All in all, it’s simpler to just find something with as few restrictions as possible.
3. Anonymity
Another great freedom that stems from the use of cryptocurrency is one of anonymity.
In order to register for a crypto wallet, you can use a pseudonym; you don’t even have to give your real name. An alternative to going to a bank would require a lot of paperwork and identity confirmation, but this way, you can just go there and do your thing.
You see, people living in the modern era are more than aware of the fact that everything they do is tracked and recorded. There’s no need for any secret government to evolve some sinister devices when you keep all your bank accounts, your current GPS location, and all your private info on a device in your pocket.
Via website cookies, you’re even consenting to them accessing all your data. Some apps have access to your gallery (with your permission), your microphone, your camera, etc.
Stacked against these odds, does this extra layer of creativity really make a difference? Of course! Every bit helps, and if you want to keep at least some of your transactions private, taking the crypto route is the way to go.
4. International Payments Empower Digital Nomadism
True freedom lies in having as few restrictions as possible. Many people migrated to major business hubs because they really had no choice. They wanted well-paid work, and these were the only locations where they could get it and advance in their careers.
Today, this is no longer the case.
Digital nomads are people working remote jobs and using the advantage of not having to live close to the headquarters. In practice, this means that they could be somewhere sipping daiquiri on the beach, earning a salary that no one in their hometown has ever even dreamed of.
Due to the complexity of transfers between some countries, the most effective way to pay and get paid is via crypto. For potential employers, this means expanding their potential talent pool even to countries that they would otherwise be unable to hire from (due to their inability to get paid this way). For a potential remote worker, this means access to simpler fund transfers and even more (and better jobs).
It also means a pragmatic advantage of not having to deal with complex exchange rates or worry that the weakness of your own local currency might affect your income.
5. A Non-Discriminatory Currency
Lastly, a lot of people distrust major financial institutions, and for a good reason. After all, during the major economic crisis in 2008, the bailout saved almost every big business and billionaire, and almost no one saw jail time. The thing is that the myth of businesses that were too big to fail proved to be true, and some of the most notorious names that caused the crisis are still at large (and are still running the show).
This makes a lot of people skeptical about the amount of protection that they have in this system. They’re also aware of the fact that, while illegal, some people probably have insider information. It’s never pleasant to know that the game is rigged when you’re not the favored party (the party in whose favor the game is rigged).
Well, DeFi ensures that no single person or party has the hand on the lever.
Whether you have a single token of the most marginal meme coin or hundreds of BTC, in the eyes of the decentralized system, you’re exactly the same. The system is made such that it can’t favor or discriminate. This kind of great equalizer might just be what’s needed to revive people’s trust in the financial system.
Cryptocurrencies are User-centric, Not Institution-centric Currency
The most important thing about cryptos is that since they’re DeFi, their main focus is the user. Here, cryptocurrencies don’t differentiate between the smallest users or the largest users on the platform. Crypto is safe, anonymous, and accessible. Most importantly, it gives you more options, which always translates to more freedom.