Bitcoin white paper starts from the abstract stating ”A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”(1)
Satoshi Nakamoto wishes people to be independent of the centralized financial systems such as banks and be able to transact payment on a peer-to-peer basis.
(σ´・ω・)ﾈｪﾈｪ
Satoshi Nakamoto, a tough and smart cookie!
Why does he wish to make it come true? We all do not know the true identity of Satoshi Nakamoto either he, she, or maybe they. So that we do not know what is his (I assume that Satoshi is a dude in this blog.) true intention of creating Bitcoin now. Yet, we have some clues how come he created it. Satoshi has been involved with some cyberpunk movements as well as libertarianism which they advocate to be independent of the centralized financial systems because they believe that the traditional financial systems exploit the great amount of private information and wealth from individuals. Therefore, Satoshi may be thought that he could do some financial revolution utilizing his knowledge, such as cryptographic science, mathematics, and logic. What a smart and tough cookie he is! (′ – ′)フーン。
There are many things which we simply do not realize as long as we live in an own country. We just start thinking that it is very “normal” to be the way it has been in a country where we were born. There is a big difference in how financial systems work from one country to another due to its national regulations and its national financial status. For some people, it is not difficult at all to open a bank account, however, for some people in a different country, it is an extremely difficult thing to do so.
My mom is awesome! THANK YOU!
My mother used to have a few different bank accounts before she got married. And, after she got married, she changed the ownership of one of her bank accounts to me, then she kept saving some money to my bank account (which was newly changed the ownership of the account) for my future education fees. Having a bank account is necessary to live in some countries to work, to pay tax, to save money, to manage financial status, etc. And, one of the most important aspects of all is to have a plan for the future. Yes, a bank account helps people have a plan for the future, the plan which people wish to be better than now.
Many people including myself think that we live a paycheck to a paycheck, and we are not in the situation to think for the future now! But, the story from my mother made me realized that how important it is to have a plan for the future. It gives us hope and sharpens our actions what we should do next for a better life in the future.
What aspects do we have to think about for our plan for the future? (2)
１． Cash Flow Planning
２． Debt Management
３． Insurance Planning
４． Investment Planning
５． Tax Planning
６． Estate Planning
７． College Planning
８． Retirement Planning
From aspects No.1 to No.8, a gap will appear whether if you can open a bank account or not. The gap between people “who have a bank account” and “who do not have a bank account” will be a root cause of the financial gap between the rich and the poor in the long run. I just want to say that it may be one of many reasons why the gap between the rich and the poor becomes bigger.
Well, but I did not know about the fact many people in the world cannot open a bank account even though they wish. I read one article about the fact some people cannot receive corona aid because they do not have a bank account. Covid-19 made revealed a darker side of unfair social issues we face in society (7). And also, learning about cryptocurrencies made me realized that there are many people who cannot have a bank account although they wish to have one.
ﾎｯ(〃 ‘ o’)(〃 ‘ O’)ﾎｰ
Country – Adults with a Bank Account (3)
Afghanistan ― 14.9％
Azerbaijan ― 28.6％
Niger ― 15.5％
Nigeria ― 39.7％
Pakistan ― 21.3％
Philippines ― 34.5％
Also, I have learned that some nations deliberately do not allow some people or organizations which are against the government to open a bank account. In statistics show that women have a lower percentage for ones who have a bank account compared with men who have a bank account. Cannot have a bank account could be a shackle not to be independent of “something” or “somebody”. For these people who cannot open a bank account, they may feel that “hoping and thinking for the better future” has been taken away! I am guessing that Satoshi Nakamoto wanted to change the reality of inequality which is attributed to “unbanked” social status. Wow! Satoshi, you are so awesome!!
ｗ((´ω`))wﾜｵｯ!!
And, banks! You have way too much power! Darn! o(´^`)o ｳｰ
Bitcoin challenges banks!
Satoshi Nakamoto challenged banks! And, he created a digital currency which we can open an account without any help from a third financial party such as banks. But we do not know exactly how transactions work in Bitcoin. Well, at least, I did not know!
I wrote about kinds of financial services which banks offer to us. And, I thought that it would help me understand how Bitcoin also offer financial service without any help from banks.
Bitcoin (BTC), Bitcoin Cash (BCH), and banks offer:
１、 Identity authentification
２、 Financial services (peer to peer transaction, store of assets)
３、 Record keeping
４、 Trustability
And, Bitcoin and Bitcoin Cash offer these 4 aspects based on digital technology; blockchain and Proof of Work.
Many digital wallets on Bitcoincash.org
Besides, peer-to-peer-based digital transactions that have a digital wallet made come true, and many useful services are provided by many different kinds of wallets depend on what kinds of services you wish for. According to Bitcoincash.org, there are 23 different kinds of digital wallets that support Bitcoin (BTC) and Bitcoin Cash (BCH). I have two wallets, Bitcoin.com and Exodus (6). Thank you very much. (’▽｀)ありがとう☆
Bitcoin and Bitcoin Cash made us possible to open an account so that we can have a plan for our future. It is a great invention that made it possible to become independent of banks and to raise prosperity for one’s future. If my mother was born in a country where it is difficult to have a bank account, she would open an account on Bitcoin.com and become a big fan of the decentralized financial system and start saving money and planning for a better future. Everyone hopes for a better future. And, the desire becomes bigger if you are in a harsh situation. If there is financial unfairness which is related to a country or a place where you are born because you are not applied to have a bank account, there is another way to get better. If cryptocurrencies can be solutions to correct the financial unfairness, well, it is so freaking cool! I believe that my mom, who always thinks that cryptocurrencies are dubious will agree if I say that Bitcoin (BTC) and Bitcoin Cash (BCH) will eliminate the financial unfairness for people who cannot have a bank account even though they wish.
Bitcoin transactions are done by UTXO, which is super complicated especially for a non-tech person like me. But their digital wallet solves the technical issue and is made very user-friendly. (*´･д･)ﾀﾞﾈｰ
So, what is UTXO (Unspent Transaction Output)? Well, I would like to write about it in my next blog. ｫ-ﾎﾎﾎ!!(`ﾟ∀ﾉﾟ´*)
Mizuo – Mar. 27th, 2021.
Other stories in my blog (As of Mar. 2021)
1 - Reasons why I started becoming interested in cryptocurrencies.
2 - At last, I encountered Bitcoin and Bitcoin Cash!
3 – My first question towards BTC and BCH. What are cryptocurrencies anyways!?
5 – At last, I encountered Bitcoin.com
6 – Cyberpunk!!
References
1) Bitcoin White Paper
https://bitcoin.org/bitcoin.pdf
2) Future Plan
https://www.khbuzz.com/2018/10/23/its-your-future-plan-for-it/
3) The World Unbaked Population
https://hellosoda.com/blog/the-worlds-unbanked-population/
4) Unbanked Americans
https://www.youtube.com/watch?v=PDunU_EAtLM
5) Bitcoincash.org
6) Exodus wallet
7) Business Insider （Unbanked Americans）
8) Bitcoin.com (Wallet)
