The Concept of Freedom In Cryptocurrency: Important or Nay?

[Faisal2202]

For me, that concept is important and makes sense, but unfortunately for a lot of people it is not the case because they look at BTC only from the perspective of profit. Of course, I have nothing personally against profit and I think that BTC has been an excellent hedge against inflation all these years since it has existed - but I think that everyone should use it as a currency from time to time, because in this way we show that BTC has its value in that segment as well.

I can't agree more with you, and in another way, I think it's not really that important to point out. I mean,, who would not have been using BTC as currency if there are people using BTC as an investment then there are people who must be using it as currency. I have invested some amount in BTC and at one point I left investing and after that, I am using my BTC earnings for day-to-day expenses.

The very idea that everyone can be their own bank (in the literal sense of the word), and that they can make a transaction with anyone at any time is, in my opinion, an incredible dose of freedom that in reality people did not have before the appearance of BTC.

Yep, people like stuck in war zones can use BTC to deal with their day-to-day expenses (if money still working there), or they can get help from the outer world by paying them in BTC or another form of money when they won't have banks or banking apps working as before. BTC has saved a lot of people, but there is another side to every aspect, like if it has provided us the freedom then it has become a problem as well I mean there were cases when people got looted by robbers at gunpoint and the robbers knew they had BTC and they demand for BTC which was non trace-able. This can become a problem when too many people around you will know you have BTC and you deal in this field of life.

[LogitechMouse]

For me, that concept is important and makes sense, but unfortunately for a lot of people it is not the case because they look at BTC only from the perspective of profit. Of course, I have nothing personally against profit and I think that BTC has been an excellent hedge against inflation all these years since it has existed - but I think that everyone should use it as a currency from time to time, because in this way we show that BTC has its value in that segment as well.

Unfortunately, only a few looks Bitcoin as a currency, and a currency alone. Most investors are in in for profits.

I'm vocal when it comes to selling my Bitcoin in the past because I see Bitcoin as an asset more than a currency, and I have no problem using my Bitcoin to pay something online. The problem is that, there aren't that many establishments that are accepting Bitcoin which is sad. Another thing that prevents investors from using it to pay something is the fact that they might lose potential profits along the way if they used it to buy anything. I mean there might be some who will just think "I might get more buying power if I will just hold it for a while, and when it goes up, I'll just sell it, convert and use that money to buy more stuff."

The very idea that everyone can be their own bank (in the literal sense of the word), and that they can make a transaction with anyone at any time is, in my opinion, an incredible dose of freedom that in reality people did not have before the appearance of BTC.

This is what gives Bitcoin freedom. Unfortunately, not all can be a bank and some - I mean most of the people are comfortable using the banks already.

[joniboini]

like if it has provided us the freedom then it has become a problem as well I mean there were cases when people got looted by robbers at gunpoint and the robbers knew they had BTC and they demand for BTC which was non trace-able. This can become a problem when too many people around you will know you have BTC and you deal in this field of life.

To be fair you can avoid that. If you're not publicly working in a crypto industry (exchange employee, core team member of a new project, etc), then there's no need to flaunt your wealth online. Even if you work in one, you can hide your activity or don't use social media altogether. I know there are some cases where the attackers track users' data through other means (SIM swapping, database leaks, etc), but you should be able to protect yourself if you prepare accordingly. These risks are worth taking if it means we can manage our wealth independently IMO. CMIIW.

[Tribalchief]

BTC has saved a lot of people, but there is another side to every aspect, like if it has provided us the freedom then it has become a problem as well I mean there were cases when people got looted by robbers at gunpoint and the robbers knew they had BTC and they demand for BTC which was non trace-able. This can become a problem when too many people around you will know you have BTC and you deal in this field of life.

IMO, I think it's a general problem that certain factors (like society, government, security agencies, etc) has caused. People gets robbed of their belongings and valuables, which is a thing that we hear of in the society, so if someone's Bitcoin was demanded for at gun point, then we should also consider any of the factors I mentioned earlier. Government failing to either create jobs or enhance the security level of a nation or state, the security agencies failing to do the necessary jobs, and a society that does not bring up children in the right way thereby creating more criminals.

There are some people who don't leave anything relating to crypto currency on the accessible side of their phone. I think these set of people are less vulnerable to such theft, because there is no way criminals will find out. So even if they got robbed, their phone might be stolen, but the coins will still be intact for the victim to quickly find other means to transferring them out.

While for those who leave their crypto related activities on their accessible part of their phone, then they are likely to fail victim for both robbery and crypto theft.

[Faisal2202]

To be fair you can avoid that. If you're not publicly working in a crypto industry (exchange employee, core team member of a new project, etc), then there's no need to flaunt your wealth online. Even if you work in one, you can hide your activity or don't use social media altogether. I know there are some cases where the attackers track users' data through other means (SIM swapping, database leaks, etc), but you should be able to protect yourself if you prepare accordingly. These risks are worth taking if it means we can manage our wealth independently IMO. CMIIW.

I did not know they can track user's data through Sim Swapping as well. I mean, why do they have to track user's data while they can access it, modify it, or do anything with it if Sim Swapping succeeds? And I can't agree more with you as there is no doubt that hackers or scammers come to know about you when you share too much.

But sometimes there were inside information leaks, like from your close friends circle or people, etc. They can also cause harm and that's a real thing I mean, the world has become so hard now that even your loved ones or ones close to you can betray you. We should keep our finances a secret and never share it with anyone while in my country or I should say people near me are so interested in knowing what you are making, what that person is making.

[erus]

I have an assumption that crypto is more inclined towards freedom in terms of coin ownership because I am in the real world when I have land or gold there must be letters that prove that the letter is not freedom because there must be someone who knows besides myself. While Bitcoin is a digital asset that is owned by me personally and I myself will process, send, hold or sell Bitcoin myself. There is no intervention from any party over my Bitcoin ownership and this is what I think is called Freedom for crypto.

[Bobcrypto]

Financial freedom in conducting transactions is different from protecting wealth. Many people use Bitcoin as an investment, especially with many local currencies losing their value, but most of us have not experienced Bitcoin in terms of financial freedom. With the few cases of using Bitcoin to make payments, I believe that many people still have to exchange Bitcoin to cash to conduct daily transactions or to buy goods and products.


Governments can still influence this.

Not completely correct, because many of us are already experiencing this financially freedom the crypto has brought, though there are financial oppositions posed by financial institutions, and also the governments stands on crypto like regulations, Fiat banking sectors managements, in term of cross borders transfers, and most importantly, crypto completely link to the internet are some of the limitations to a full financial freedom.

Honestly speaking, crypto is making progress on the daily basis, it is still very young, and i think the future of crypto is very bright to get the full financial freedom.

[jeraldskie11]

Financial freedom in conducting transactions is different from protecting wealth. Many people use Bitcoin as an investment, especially with many local currencies losing their value, but most of us have not experienced Bitcoin in terms of financial freedom. With the few cases of using Bitcoin to make payments, I believe that many people still have to exchange Bitcoin to cash to conduct daily transactions or to buy goods and products.


Governments can still influence this.

Not completely correct, because many of us are already experiencing this financially freedom the crypto has brought, though there are financial oppositions posed by financial institutions, and also the governments stands on crypto like regulations, Fiat banking sectors managements, in term of cross borders transfers, and most importantly, crypto completely link to the internet are some of the limitations to a full financial freedom.

Honestly speaking, crypto is making progress on the daily basis, it is still very young, and i think the future of crypto is very bright to get the full financial freedom.

I agree with you. Many investors have experienced that. They don't need to put a lot of body guards every time he goes public, he is free to live the way he wants without anyone bothering him. Because no matter where you are, you really need security when you have money, because life will be in danger. Most of us who only make money from crypto won't experience this kind of freedom, so our view of crypto may be different.

[Faisal2202]

IMO, I think it's a general problem that certain factors (like society, government, security agencies, etc) has caused. People gets robbed of their belongings and valuables, which is a thing that we hear of in the society, so if someone's Bitcoin was demanded for at gun point, then we should also consider any of the factors I mentioned earlier. Government failing to either create jobs or enhance the security level of a nation or state, the security agencies failing to do the necessary jobs, and a society that does not bring up children in the right way thereby creating more criminals.

There are some people who don't leave anything relating to crypto currency on the accessible side of their phone. I think these set of people are less vulnerable to such theft, because there is no way criminals will find out. So even if they got robbed, their phone might be stolen, but the coins will still be intact for the victim to quickly find other means to transferring them out.

While for those who leave their crypto related activities on their accessible part of their phone, then they are likely to fail victim for both robbery and crypto theft.

Your idea is an obvious idea I mean, you are right we should use an extra phone that we should keep with us and the one we use for crypto should be kept alone at home or at somewhere safe (like home, haha) but you might be shocked to hear that recently there have been 3 incidents that I knew of where robbers broke into the house, and forced victims to send them crypto at gunpoint. In such a situation, this idea is not helpful, but yeah we should keep our financial life private and never share it with anyone. That's a lesson we all (or most of us with loving hearts) don't learn that easily, as we used to trust others so easily.

And speaking about government issues on employment and security, that's not their sole purpose, and they can't be accused alone for all this crime. This economy is run by people and as people we have to contribute to society to make it fair and follow the set of rules otherwise chaos is at the verge. Taking sides, ignoring real facts and truths, and causing problems in other works, etc. etc. is the most common problem in every society.

[taufik123]

Your idea is an obvious idea I mean, you are right we should use an extra phone that we should keep with us and the one we use for crypto should be kept alone at home or at somewhere safe (like home, haha) but you might be shocked to hear that recently there have been 3 incidents that I knew of where robbers broke into the house, and forced victims to send them crypto at gunpoint. In such a situation, this idea is not helpful, but yeah we should keep our financial life private and never share it with anyone. That's a lesson we all (or most of us with loving hearts) don't learn that easily, as we used to trust others so easily.

Keeping something very sensitive like ownership of crypto assets is very important to do. Don't just do flexing that is really not needed.

Because many people start to be arrogant and show off their wealth on social media, even though it will provoke evil to target them.
Seeing that many crypto influencers have a lot of money with millions of dollars in assets, of course they need a bodyguard when they get out of their safe zone and that is always needed, this is due to the flexing they do. But felxing for influencers also brings in more followers and that's their goal.

[|MINER|]

I will not talk about crypto currency here because if we talk about crypto currency there will be included many altcoins which are only developer friendly and those coins cannot fully give financial freedom to people. On the other hand, if I talk about Bitcoin, the purpose of its creation is to maintain the financial freedom and privacy of people. So since the objective here is financial freedom so it is important in cryptocurrency.

[Themepen]

Keeping something very sensitive like ownership of crypto assets is very important to do. Don't just do flexing that is really not needed.

Because many people start to be arrogant and show off their wealth on social media, even though it will provoke evil to target them.
Seeing that many crypto influencers have a lot of money with millions of dollars in assets, of course they need a bodyguard when they get out of their safe zone and that is always needed, this is due to the flexing they do. But felxing for influencers also brings in more followers and that's their goal.

You are absolutely right about keeping cryptocurrency ownership private and not showing off on social media. Talking about your wealth online this can attract unwanted attention of scammers and put your assets at risk. Mostly famous cryptocurrency influencers who have a lot of money may need bodyguards when they go out.

But for them showing off their wealth can also get more people to follow them. It is important to find balance between sharing your successes and keeping some things private. And we should have some knowledge about that which things should be visible to others or which are not.

[Tribalchief]

I will not talk about crypto currency here because if we talk about crypto currency there will be included many altcoins which are only developer friendly and those coins cannot fully give financial freedom to people. On the other hand, if I talk about Bitcoin, the purpose of its creation is to maintain the financial freedom and privacy of people. So since the objective here is financial freedom so it is important in cryptocurrency.

One thing I have always used in generalizing cryptocurrency is that they all give us various options, i.e we choose the money we use, and not the money choosing us like the fiat we have today. But I have issues with majority of these cryptocurrencies that we are having today. When we take our time to observe some of these cryptocurrencies and our today fiat, the only difference would probably be that one is digital while the other is physical. Because when you take a good look at some of these cryptocurrencies that we have today, they are easily manipulated, while majority have unlimited supply which is even the primary cause of manipulation, which is clearly unlike Bitcoin and few others.

[Sim_card]

I think that newcomers to cryptocurrency should start to explore this area so they will really appreciate more of what they got into...and not just throw it away like a candy wrapper.

The problem with the newcomers in cryptocurrency is that, they do come with targets, which is mostly a process of making quick money. Most of them don't enjoy the freedom of cryptocurrency because they were mostly introduced to cryptocurrency through centralized exchanges; they are used to centralize exchanges that are mostly targeted by the government, especially in countries where the government bans the use of cryptocurrency; and some of the newcomers don't have an idea of personal wallets where they can have full control over their coins if they move their coins to their personal wallets. The freedom in cryptocurrency is when you hold your coins in your personal wallet you can control.

I agree with you that being your own bank is the best way to enjoy the freedom in bitcoin because that was how it was designed. These newbies don't understand the privacy that bitcoin gives and for that reason they take it for child's play and use it the way they want. One thing that I love more is across boarder payment and no one has access to know who the sender and receiver is because of the anonymity bitcoin gives. Privacy matters a lot in our lives and bitcoin is the only currency that offers that..

[Z-tight]

There is no intervention from any party over my Bitcoin ownership and this is what I think is called Freedom for crypto.

This is only true if your BTC is stored in your open source, self custodial BTC wallet, that is only when you are in full custody of your funds, do not forget that. If it is stored in centralized exchanges or if you lend it out for interest, then you are not in control of your funds and you cannot talk about freedom. It is always recommended to use BTC in the right way.