The publication of the Bitcoin whitepaper in 2009 was the “big bang” moment that ushered in the crypto and blockchain era. Over the past decade and a half, crypto innovations have left their unmistakable imprint on numerous sectors including computer science, commerce, data science, investing, and even art.
Bitcoin and other cryptocurrencies hold a lot of promise and potential, especially for people in communities that are unbanked or typically overlooked by traditional institutions. For thousands of people around the world, Bitcoin presents the opportunity to achieve financial freedom and pursue a higher quality of life.
While there’s more work to be done to ensure inclusion in the space, cryptocurrency provides a path of freedom for many people, which was one of the original intentions behind the creation of Bitcoin in the first place.
Bitcoin is a “Peer-to-Peer Electronic Cash System.” Meaning What, Exactly?
In essence, Bitcoin was developed as a response to the inherent flaws of traditional finance, including:
- High fees of banks and traditional financial institutions
- A fraud-prone system of traditional payments
- The requirement to use a third party for transactions
How is Bitcoin different? For one thing, Bitcoin’s network operates on a “decentralized” system of computers, which allows users to transact without third parties while trusting that the exchange of bitcoins will be accurately verified on Bitcoin’s publicly accessible blockchain ledger.
And despite the public nature of Bitcoin transactions, users don’t need to share their sensitive personal information. Instead, transactions between two wallets display both parties’ public keys, which consist of a long series of numbers. (For a deeper dive on the Bitcoin whitepaper, read this article.)
Banking the Unbanked
“Banking the unbanked” is a popular phrase when discussing the crypto community’s impact. Since Bitcoin and other cryptocurrencies are decentralized, people who own crypto and traditionally had restricted access to banks and other institutions now have a financial path they didn’t have before.
With an estimated 1.7 billion people—57% of whom are women—excluded from traditional monetary systems, Bitcoin provides financial inclusion to the global population of unbanked individuals that cannot be censored.
Not only does crypto introduce new financial concepts, it also opens an entire world of opportunities as the unbanked or underbanked communities explore the benefits that crypto offers in other areas of life.
Better Opportunities and Maintaining the Right to Equality
For women, minorities, and other communities that are often overlooked by traditional big businesses, crypto and the blockchain technology behind it are providing equal opportunities; people have new avenues to advance in their careers or gain access to a better quality of life.
“Women are gaining more and more in the use of blockchain technologies and cryptocurrencies to take control of their finances and, consequently, their lives,” Valentia Drofa, Founder and CEO of Drofa Comms, has said.
Although the crypto space still has a long way to go in terms of inclusion, it is a path to financial independence for millions of people around the world and holds the power to radically advance human rights.
Crypto Users Can Be Advocates for Freedom
Crypto users understand how important Bitcoin and other cryptocurrencies are for innovation and financial freedom around the globe. Crypto donors in particular have shown support for some of the most critical causes while becoming advocates for individual freedom.
You too can become an advocate for everything Bitcoin stands for as you support individual freedom and liberty. Be a crypto hero and make a charitable donation to one of the thousands of charities that accept Bitcon, USDC, Etherum, and other cryptocurrencies—showcasing just one of the many ways that cryptocurrency can be a powerful force for good.