What Currency is More Trustworthy?

Hello again! First and foremost, I would like to apologize for being absent and not writing anything for a long time. I have been very busy with school work and other private matters lately and barely have the time for other things. That being said, It doesn’t mean that I plan on leaving the platform. No, far from it. I love Read.cash and would still to continue to write articles for it whenever I have the chance. As such, I hope for everyone’s continuous support.

Anyways, now that’s out of the way, it’s time for my article.

Hard Times Proved That Cryptocurrency Is More Trustworthy Than Fiat

The Russia-Ukraine war, the staggering oil prices in the US, a new all-time high inflation since January of 1982 in the US, and the US Federal Reserve raising interest rates for the first time since 2018 to combat said inflation – these are just some of the events that are testing the trustworthiness fiat money.

Yeah no matter how you look at it, things are not looking good for the USD and fiat money in general…

Fortunately, there are still other options for people around the world to choose from. For example, more people are now seeing cryptocurrency in a new light. Instead of scoffing at it as many people did in the past; people critical and skeptical of cryptocurrency are starting to see it as a viable replacement for fiat money.

Certainly, cryptocurrency is still as volatile as before but as I see it (and many other sees it), it’s still more trustworthy, at least compared to fiat money like the USD. If you’re doubting the truth of this statement, it was proven not too long ago – during the Freedom Convoy protest in Canada (that started in January and lasted till February) started by truckers that did not agree with the Canadian government’s new Covid-19 mandate.

You see, during the protest, countless Canadians (and other people outside of Canada) showed their support by donating money to fund the protestors. Unfortunately, the GoFundMe drive didn’t go too well when GoFundMe refuses to give millions of dollars of donations to the truckers due to political reasons.

Yes, political.

GoFundMe decided that they didn’t like the Freedom Convoy protest and freezes the majority of the donations – stating that the Freedom Convoy protest violated the company’s term of use or something like that.

Instead of giving the money to the protestors as they should, they thought that they have the right to decide where the money should be used (they do not) – by telling the donators that the rest of the money raised for the Freedom Convoy would be donated to organizations like BLM.

Of course, things didn’t go well for the company (GoFundMe) because the backlash was swift and decisive which forces the company to automatically refund the money to the people that donated to the fundraiser after an investigation was called.

Anyway, when the first fundraiser didn’t succeed, another fundraiser was started but like the GoFundMe one, this too didn’t go well due to the intervention from the Canadian government. To force the truckers to stop the protest; the Canadian government uses a method that borders totalitarianism. How did you ask? By using their government’s emergency power and freezing the accounts of all the Canadians that donated to the cause.

Indeed! Even those that simply want to show their support to the cause and donated only a couple of dollars did not escape the Canadian government’s wrath and had their bank account frozen. Of course, the Canadian government also tried to control cryptocurrency by asking exchanges to give them the names of those that donated to the convoy using cryptocurrencies. Of course, that attempt failed miserably.

What Lesson Did We Learn From Freedom Convoy Protest In Canada?

From the event of the Freedom Convoy protest that was witnessed by countless people around the world, we learn of the dark side of centralized currency. We learned that, unlike decentralized cryptocurrency, centralized fiat money is under the full control of our government – that our hard-earned money could be taken away or frozen by our banks with just a single order from our government.

Indeed it was a harsh lesson that our friends from Canada learned firsthand. If those Canadians that had their bank accounts frozen used cryptocurrency instead of going through their banks when donating to the Freedom Convoy their money would have not been frozen by the Canadian government… or at very least the risk of it happening would have been reduced greatly.

It’s not just our government that we should be wary of. Banks had also made it clear that they’re far from trustworthy. Although the banks in Canada were coerced by the Canadian government, the fact that they froze the bank accounts of those donators showed were their loyalty lies – the government and not to their customers.

In my opinion, instead of relying on banks to safeguard our money, we should be responsible and take matters into our own hands. How did you ask? By converting some of them into cryptocurrency and then storing them in privately owned crypto-wallets. This way, the risk of our money suddenly being taken away by our government for having a differing opinion from them could be greatly reduced if not avoided.

We should avoid putting all of our eggs in a single basket. In an event where one of our egg baskets was taken away or stolen, we won’t lose everything as we have other egg baskets left. Having some of our savings in fiat and some in cryptocurrency should allow us some leeway in the scenario where our fiat money loses most of its value due to unforeseen circumstances. For example, during hyperinflation or even war.

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Disclaimer: This article was checked for plagiarism using the online tool; plagiarism detector, and was proven to be 100% original.

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