Bitcoin maximalists believe crypto could be the holy grail to fix problems in Afghanistan against the Taliban uprising recently. Some had claimed that military finance might have stopped being the norm, while others were concerned with Afghans when the Taliban seized control banks.
News18 outlines in its argument what the maximalists had to say:
How can Bitcoin come to salvage?
Dr Josh Cotton, a Bitcoin advocate and founder of MilitaryToken, tweeted- “an enormous amount of cash just fell into the hands of the Taliban because cash can’t be truly secured,” stressing obviously, “Bitcoin fixes this.”
He pointed to the highly secure Bitcoin and other cryptocurrencies technologies deterring unauthorised access.
One of Bitcoin’s most public proponents, Jimmy Song, said in a vice report: “Bitcoin would have prevented the war in Afghanistan had it been the global reserve currency instead of the greenback. No sane government would have spent explicitly taxed dollars on a war that cost that much and lasted that long.”
“The only reason the US could be because of the dollar’s privileged position as the global reserve currency which allowed stealth taxation of the entire world through inflation.”
What is debasement, and How are Bitcoiners ensuring nations do not finance war?
King Henry VIII of England used debasement in the sixteenth century to aid the French and Scotland warfare. The king substituted valuable silver coins such as gold with cheaper metals such as copper and lowered the cost of money at the expense of contributors. Roman emperor Nero employed a similar ruse to decrease the currency’s silver content. According to some estimations, declining inflation has led to yearly inflation of about 1000% at some point in Roman history.
The proponents of the degradation hypothesis claim that several governments do something similar now, according to public remarks made by different advocates of theory, the government prints more money as a backup to pay overseas conflicts at the expense of citizens in the form of taxes.
“Bitcoin doesn’t let governments do this crazy deficit spending as they are forced to get loans on the market to do so,” Jimmy Song said.
The notion of inflation as stealth fiscal and its link to war finance is generally shared with a liberal strike by the Bitcoin maxis.
What about the Taliban taking over banks and savings-concerned people?
Afghans crowded banks, often in vain, seeking to reach their savings.
The whole problem might have been averted had the world adopted decentralized money, not just because bitcoin or cryptocurrencies made it impossible to confiscate wealth and keep it safe.
People can keep Bitcoin and other cryptocurrencies on USB-sized hardware wallets or web wallets. A user should only remember the password or key to access funds.