Crypto & Economic Freedom

Greater Crypto Adoption Will Lead to Economic Freedom

Since the inception of Bitcoin in 2008, the crypto industry has come a long way, becoming a trillion-dollar industry of its kind.

The cryptocurrency boom has given a new face to our economy by proving its worth, and as many say, it’s here to stay.

Many entrepreneurs argue that greater crypto adoption is meant to increase economic freedom in the world. And that’s what we’re going to discuss today.

“How can cryptocurrency create more economic freedom in the world?” That’s an excellent question, and I’d like to share my thoughts with you.

My central argument is that greater crypto adoption will promote economic freedom in the world because cryptocurrency solves many of the flaws in the existing financial system that limit our economic freedom.

Current Economic System

Economic freedom is a composite measure of property rights, judicial effectiveness, government integrity, tax burden, government spending, fiscal health, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom.

It quantifies people’s rights to control their own labor and property in each country and around the world. Economic freedom varies dramatically across the globe. While our economy is becoming increasingly global, the government of any single country has significant control over its people’s financial and economic freedoms.

Low economic freedom in a given country is not always the result of malicious activity (ex: fraud, oppression, etc.). It’s rather the result of mismanagement (poor monetary and fiscal policy) or simply poor infrastructure.

Crypto and Economic Freedom

Creating a global economy where everybody can participate, where property rights are enforced, and money retains its value is a daunting challenge with our existing financial model.

Crypto is the solution.

Although cryptocurrency cannot directly improve every aspect of economic freedom (ex: tax policies and government spending), it can significantly improve the majority of the underlying factors mentioned below.

Why can crypto increase economic freedom in the world?

It is because it possesses the following characteristics:

Cryptocurrency is a global, open network

Crypto networks are open and progressively working towards removing the barriers of borders. Crypto enables everyone in the world to transact on shared networks in the same way that they communicate on the internet.

More importantly, these networks are not controlled by any single entity or the government that can utilize their monetary systems to stifle economic freedom. This leads to more open markets and increases freedom to trade, invest, etc.

Cryptocurrency enforces property rights

Property rights enable people to save money, grow their wealth, and plan for the future because they know the fruits of their labor are safe from unfair means. Prior to crypto, your belief in property rights was determined by your trust in your government and its adherence to the rule of law.

With cryptocurrency, anyone can acquire and grow their money without the intrusion of trusted third parties such as a government or a bank. Property rights include the power to enter into contractual agreements. A contract has minimal value in some parts of the world since its enforcement is uncertain.

Smart contracts move enforcement away from the courts to the blockchain, enabling profits from specialization and economic exchange.

Cryptocurrency is unbiased

Crypto networks are usually pseudonymous or even anonymous. They are unconcerned with where you reside, your color or gender, or who you voted for in the past election.

Unlike the current financial system, they are fundamentally open and fair with everyone. Anyone with an internet connection can create a wallet, receive payments in cryptocurrency, spend their crypto holdings, and grow wealth in crypto.

Certain crypto platforms such as UniFarm have a unique gamified decentralized framework that even helps in multiplying the user wealth to a greater extent.

Anyone can access UniFarm via their non-custodial wallets, including MetaMaskCoinbaseTrust Wallet, etc., which provide even greater freedom regarding financial inclusion.

Cryptocurrency enables mobility

As I previously stated, cryptocurrency cannot directly help certain aspects of economic freedom. However, cryptocurrency facilitates mobility by lowering transaction costs, allowing people to grow their wealth as well as bring it across borders.

By drastically lowering the barriers to emigration and enhancing economic freedom, cryptocurrency is the ultimate embodiment of the individual’s power.

Final Thought

As evident with the above discussion, cryptocurrency can significantly impact many of the factors that lead to more economic freedom in the world.

It has the potential to help countries with less economic freedom function better and make it even easier to emigrate to a better life.

That’s the reason it can be argued that greater crypto adoption will increase economic freedom in the world.

It’s a technology breakthrough that allows everyone to build a more free as well as open financial system that enables the rights of people to control their own property.

What does this mean for UniFarm?

Crypto, in several ways, is still in a nascent stage. It’s still hard to use.

Crypto networks are plagued with scaling challenges, and the economy built on top of this uniquely built infrastructure is in its early days.

At UniFarm, our strategy and roadmap are geared towards solving these challenges. We’re inclined towards building easy-to-use products that abstract away the complexity of blockchains, as well as the foundations of a functional financial system. We have a long way to go, but the future looks promising.

UniFarm is a one-of-a-kind staking solution where the best projects in DeFi space come together to provide value to investors. UniFarm allows you to stake one token but earn multiple high-value tokens, so in addition to a great APY, your returns are automatically diversified as well.

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