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On the other hand, the Taliban has only a limited amount of access to Afghan assets, and bitcoin can do better for the Afghan people than those in charge of the caretaker government. Since the Taliban seized control of Kabul, the Afghan capital, sanctions imposed by countries across the globe have made it difficult for ordinary Afghans to access their money. As Taliban militants seized control of Afghanistan’s capital, hundreds of Afghans attempted to withdraw money from banks but met with a stone wall.
U.S. officials have pressed the International Monetary Fund to suspend delivering $460 million in special drawing rights to Afghanistan, including a trade for cash. They have also seized more than 99 percent of the country’s foreign reserves, held at New York’s Federal Reserve Bank. Apart from that, Germany has topped $300 million in funding, and the World Bank has paused its assistance mechanism. The international sanctions and the suspension of services by companies like Western Union and MoneyGram present a severe threat to the Afghan economy. As a result of Afghans’ exclusion from the conventional financial system by Western businesses and governments, Bitcoin has emerged as the most sought-after alternative.
As MacKenzie Sigalos wrote in the New York Times, “A nation-wide cash scarcity, restricted borders, a local currency at record lows, and fast increasing costs of essential commodities are among the reasons why some Afghans I talked with are turning to cryptocurrencies like bitcoin.” The Wall Street Journal recognizes all of this but fails to see how critical it is for Afghans to rely on neutral, incorruptible money in their daily transactions. When compared to a small group of Taliban militants with limited resources, millions of people of the Central Asian nation stand to gain significantly from the adoption of bitcoin.
Miners can help to refill the number of currencies available on exchanges to a certain extent. At the moment, miners have the potential to dump 900 bitcoin every day into cryptocurrency markets. When HODLers withdraw 900 bitcoins each day from the market, the price remains pretty stable. Unpredictable price swings may still occur when traders purchase and sell coins amongst themselves, despite being limited. However, there will come a time when insufficient bitcoins are accessible due to the removal of more and more currencies and the reduction in mining supply (which halves every four years).
Perhaps the assertions that Bitcoin poses a security threat to Western power are primarily motivated by the desire to promote a mainstream agenda that BTC adoption worldwide. Similar to what is occurring in El Salvador, it would be detrimental to the rest of the world, discrediting Bitcoin and its power. The spread of global adoption implies a loss of control by the world’s most influential leaders and economies.
Because it operates under the Bitcoin standard, the Central American country can reclaim its monetary sovereignty and independence from the International Monetary Fund and the United States of America. Even though it is an experiment, it seems to be promising and well-founded. But it is problematic for those who dominate the banking system and money transfer firms, like Western Union and MoneyGram, who stand to lose millions of dollars in remittance fees each year if bitcoin usage spreads beyond El Salvador.
Human rights and judicial justice are seldom in the best interests of large economies such as the United States, as shown by the compassionate treatment that the government has given to nations that borrow money from the United States yet are ruled by authoritarian regimes such as Saudi Arabia. Because the United States’ connection with Saudi Arabia benefits the country’s monetary policy, the United States government does not denounce actions that violate human rights. The same may be said in China, a nation that plays a vital role in the American supply chain while also employing religiously intolerant detention camps on its soil.
Cryptocurrency like Bitcoin can frighten those in charge of the world’s monetary policies and international coordination systems. It can provide individuals sovereignty regardless of whether they agree or disagree with conventional lines of thinking. El Salvador is already demonstrating how can people and economies be empowered, and the world’s elites are concerned that this model might apply to their own countries. On the other hand, Bitcoin is unconcerned and is already assisting millions of people in regaining their freedom.