You may not know it, but Bitcoin, as the world’s premier cryptocurrency, is not only a financial asset, store of value, or can be used by some as a means of payment, but is also a catalyst for humanitarian and environmental change worldwide. In this short article, we explore 10 significant real benefits of Bitcoin and blockchain in general that are currently helping and transforming lives.
Humanitarian Benefits of Bitcoin
First, we look at some humanitarian benefits of Bitcoin. We will give a short description of the benefits and point you in a direction to research some more if you are interested.
Bitcoin Aiding War Refugees
As we speak, Bitcoin is being used to get aid to millions of war refugees, as it provides a secure and fast way to transfer funds internationally. This has been particularly impactful in crisis regions like Ukraine, where refugees use Bitcoin to carry and preserve their wealth across borders while fleeing from the war. Read more about Ukraine’s Crypto Refugee Aid.
Bitcoin Protects Against Hyperinflation
In countries like Venezuela or Argentina, where the inflation rate sped past 211% in the last year, Bitcoin offers a safeguard against the rapid devaluation and helps many of the 231 million people retain the value of their saved up money and not see their money become valueless and their lifework go to waste. Learn more about Argentina’s inflation and Bitcoins role.
Bitcoin Provides Financial Equity to Disadvantaged Groups
In Afghanistan, some regions where state-level discrimination against women is rampant, Bitcoin is empowering them. This is done by providing them access to financial resources without the need for traditional banking systems.
As we speak, the freedom organization is negotiating with the Taliban to allow women’s education programs on Bitcoin and finance. Whether this will be allowed is something that an immutable way of transacting doesn’t care about. Discover Bitcoin’s impact on financial freedom in Afghanistan.
Bitcoin Facilitates Better Remittance Options
For countries like El Salvador, which was the first to make Bitcoin a legal tender, there are still dual-exchange rates that exist, sometimes quite high. It is also Bitcoin that allows individuals to receive remittance payments efficiently without the hefty fees typically associated with traditional banking systems. This is also the case for many African or South-East Asian countries, by the way. Read how El Salvador is adopting Bitcoin.
Bitcoin Enhancing Electoral Integrity
In semi-autocratic nations, Bitcoin’s blockchain is also being utilized to verify and secure electoral processes, ensuring the integrity and transparency of elections. How is this done, you might ask? Well by using the OpenTimestamps protocol to embed a cryptographic timestamp of documents, such as vote tally sheets, into a Bitcoin transaction. Explore how Bitcoin is safeguarding elections.
Energy and Environmental Benefits
Although Bitcoin has been criticized many times because of its energy usage that is the result of its proof of work consensus method, it hasn’t been said enough that Bitcoin also has environmental benefits for many people in the world.
Bitcoin Fighting Energy Poverty
In Africa for example, Bitcoin mining is providing energy abundance to multiple villages which previously had no power. This showcases a direct positive impact on energy access for many that were left behind. Discover how an African village is mining Bitcoin.
Bitcoin Helps with Renewable Energy Adoption
Bitcoin has also been instrumental in making renewable energy generation more profitable. It can be said that it even accelerates the transition towards renewable sources. Read about Bitcoin’s support for renewable energy.
Bitcoin: a More Sustainable Monetary System
As said before, many haters hate on the energy usage of Bitcoin, but recent studies suggest that Bitcoin provides a monetary system with significantly lower emissions and emissions intensity compared to traditional banking systems. Learn about Bitcoin’s environmental impact compared to banking.
Benefits to Liberal Democracies
Lastly, Bitcoin is the way for many libertarians to be their own bank and be in charge of their own decisions, opting out and all the good stuff. This is also the case for many people across the world.
Bitcoin Enhances Financial Freedom
Needless to say, Bitcoin offers an international, borderless currency that governments cannot easily surveil or freeze. It prevents irresponsible government spending and inflationary practices that can exacerbate wealth gaps. Want to move abroad from a dictatorial regime and want to take your wealth? You can do so more easily than before. Understand how Bitcoin contrasts with government-controlled funding.
Bitcoin is Less Susceptible to Money Laundering
Contrary to popular belief, Bitcoin provides a financial system that is harder to utilize for money laundering than traditional fiat currency systems. This is because all is recorded on the blockchain, and true anonymity no longer exists. A downside for many, but if we look at it differently, a plus for anti-money laundering agencies. Read about the challenges of using crypto for illicit activities.
Having discussed these benefits, we can demonstrate the other side of speculating on Bitcoin and other shitcoins. There is more about it, and the hidden changes it makes for many people in the world are truly phenomenal.
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