"The Human Rights Foundation reports that 54% of the world's population lives under authoritarian rule, with over half of the global population grappling with insecure property rights, limited freedoms of speech, and weak rule of law. In such environments, people's financial lives are vulnerable to government interference, surveillance, and confiscation. Most of the world could have their transactions monitored or censored, their savings in bank accounts seized, and the funds being sent to them from abroad stolen by their government. Often just the suspicion of dissent against an authoritarian regime is enough to have a person’s financial life wiped out with no due process or recourse."
bitcoin offers a beacon of hope and a means of liberation for these individuals. Let me explain.
You might have heard many things about bitcoin, or nothing at all. What interests me the most about this nearly 16 year old currency is what it's enabling for Human Rights activist across the world who are challenging authoritarian regimes that suppress human rights and freedoms. I've found some important reasons as to why people living under these conditions are using bitcoin that I wanted to share with you:
Protect their financial privacy:
Transactions on the Bitcoin network are pseudonymous, meaning users can maintain their anonymity while conducting transactions. This privacy feature is particularly valuable for those living under authoritarian regimes where financial surveillance and censorship are commonplace.
Send and receive funds without restrictions:
Bitcoin operates on a decentralized network, free from the control of governments or financial institutions. This allows individuals to send and receive funds without fear of confiscation, theft, or seizure by their government.
Preserve the value of their savings:
Inflation and currency devaluation are common issues in countries with weak economies and political instability. Bitcoin's fixed supply of 21 million bitcoin and decentralized nature protect the purchasing power of savings, providing a hedge against economic volatility.
Express dissent without fear of financial reprisal:
In many authoritarian countries, expressing dissent or opposing views can lead to financial repercussions, such as the freezing or confiscation of bank accounts. Bitcoin's decentralized and anonymous nature allows individuals to participate in political discussions and support causes without fear of financial retribution.
Alex Gladstein from the Human Rights Foundation discussing bitcoin's use cases.
From the article - How to Dictator-Proof Your Money
"In Afghanistan, the humanitarian Roya Mahboob started paying her female employees in Bitcoin in 2013, as male relatives would seize cash and other digital-payment forms were sanctioned or not available. Bitcoin, she said, gave the girls and women that she worked with freedom and sovereignty. Since the fall of Kabul to the Taliban in 2021, Bitcoin remains a critical way for her to get money into Afghanistan to fund underground education for girls who have been out of school for more than two years. Dollars simply don’t work for this purpose, but Bitcoin does, with the teachers on the receiving end able to walk into town and swap the digital currency for cash at hawala brokers."
Bitcoin gives anyone, anywhere in the world the ability to not only store their wealth in a currency that can’t be debased, you can also escape authoritarian rule with all your wealth, secretly stored as a 12 or 24 word phrase. There's a lot of negativity in the world, but when I read stories like the above, it shows me that humans will always find a way, and that gives me hope for the future.
Lets keep building the world we want to see. 🙌🏾