Bitcoin Provides Time Theft Protection

Humans exchange their time on Earth for money when they work. “Time is money,” as the adage goes. When people lose control of their money, they give up their most valuable resource in their limited time on Earth: control of their time and freedom.

Every day, people lose various forms of their hard-earned savings. At first glance, it may not be easy to see how bitcoin could be useful if you live in the Western world. It never occurred to us that someone could seize our life savings or that our money could become worthless overnight. Most people do not understand how our economic system functions.

Currently, 2.6B people live in countries lacking the freedoms most of us take for granted. You risk getting arrested or worse just for having an opinion. This might entail abandoning your loved ones behind without any means of support. One of bitcoin’s most important features addresses this issue: censorship resistance. Bitcoin is a safeguard against external threats to your wealth.

No button can be pressed, or anyone can be pressured to change the code to seize your money. Governments frequently restrict foreign capital and hard currency access when economic or political conditions deteriorate rapidly. To avoid a bank run in Lebanon in 2021, people could only withdraw a certain amount of local currency. Then, in early 2022, the government announced that savers could only withdraw $25B of their money, despite having more than $104B in free currency in Lebanon’s banking system.

When war breaks out, Bitcoin can play a significant role in the preservation of savings. When a violent conflict breaks out, money is probably the last thing on people’s minds as they try to save their lives. Being forced to leave your life behind and possibly become an immigrant in another country is already difficult. Still, it can reach a new level of hell if you don’t have any money.

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