Robert Steinadler, a year ago
The last few days have been more than concerning with a war starting between Ukraine and Russia. Many people are in disbelief facing the pictures that are spreading throughout social media and the news. It is safe to say that everybody is longing for peace and freedom, not only in Ukraine but for the whole world.
How can cryptocurrencies contribute to the understanding among nations and between different cultures?
Bitcoin was the first cryptocurrency and its protocol reflects the basic idea of all cryptocurrencies. The protocol is neutral. It knows no borders; no nationalities and it doesn’t care about individual beliefs and views that each person holds. In crypto, all people are truly equal.
This equality creates the necessary space that every individual needs to thrive by granting access to financial services. No entity in this world can stop Bitcoin or seize assets without having someone's private keys or by simply changing the rules.
When all people are equal and it is reassured that nobody can take assets on the blockchain by force, it becomes clear why crypto can also promote peace. History shows that conflicts often evolve over things that we don’t have but are capable of taking by force. The only force in Bitcoin and cryptos that follow the same idea is its protocol. It enforces that every participant has to respect other individuals. There is only one way of gaining anything. Mutual benefits and parties that agree with each other.
Another factor when it comes down to a crisis is each individual’s financial sovereignty can easily be secured by using cryptocurrencies. As the upstart of the war has shown again, as soon as there is a serious crisis, banks limit access to cash.
The reason for such measures is quite simple. There is not enough cash in the bank. That is not only the case in Ukraine but as a matter of fact in most countries in the world. Banks hold only a fraction of bills compared to what is owed to the customers.
Blockchain technology reassures that the holder of a private key has indeed always access to what belongs to him. Without the need for an intermediary and all assets being tokenized, crypto offers stability in terms of access to financial services even in times of crisis. Of course, it remains to be seen if the value of each individual crypto asset will remain stable. Some analysts still believe that Bitcoin is an even better store of value than gold which usually appreciates in value when times become uncertain.
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