In life, there’s only one thing that we can’t change or reuse, that’s time. Now, we can use the time we have either for doing good, staying neutral, or doing something bad. Most people think that the system is broken, and everyone points the finger at capitalism for everything that’s wrong with the world.
Well, that’s not the case. If we were to compare the numbers, we could see that communism is the thing that cost more lives in the 20th century than anything else. But there is a silent socialist thief who steals time from our lives, but no one is paying attention to it because it’s hidden in plain sight.
That’s the central bank. By definition, a central bank is a communist or socialist core of every contemporary economy. Here’s how that works. Let’s look at two people who were the first communist and the first capitalist. You can go to this link to read more.
In prehistory, the first person to kill an animal and eat it was the first capitalist. They used their own strength, tools, knowledge, and time to kill an animal and enjoy their meal. On the other hand, the first communist or socialist was the person who saw that someone was enjoying a meal, beat them up, and stole their food.
In the essence of the word, capitalists are people that are completely free to use their time to create or share knowledge, services, and goods with other people. Socialists and communists, now mainly represented as the government, want to steal your money, inflate it, and tax it.
How is the government stealing our time?
Money by itself is a representation of time. The bigger picture is easier to understand if you think of central banking as a criminal body instead of an economic enterprise. We all work for money. You’re essentially trading your labor, fair commerce, and delaying your satisfaction for the future when you’re at work.
For that, you get a paycheck. On the other hand, there’s the instant gratification of taking out debt. In that case, you’re immediately getting the money and hoping to pay it off in the future. Now, the central banks create dollars out of nothing because they want to or think that it’s the right choice to orient the economy into a particular niche.
They want to make use of the rewards of people’s labor without making their own sacrifices. Throughout history, the only true money standard was gold. You can’t make gold out of thin air. Gold, like Bitcoin, works on a proof of work system.
You need to dig up gold, clean out the other metals, and extract it. Fiat money makes zero sense when compared to gold because it is created by borrowing. Let’s look at a loan, for example. Banks don’t have money that they’re ready to give out. Instead, they create it when people come to take out loans.
Here’s how it works. You want to buy a house, and that investment is quite expensive. The bank helps you by buying the property for you, and then you’re paying off the bank. They just sign the document, and the central bank that’s above your local one cashes out the check.
They also have complete influence over your future, and you will work for all of the money that you’ve taken out. The main part of the system is broken, and that’s why so many governments are on the verge of collapse and bankruptcy.
If you work a job at the moment, you want to be paid the same for it in the future. It would be optimal to get more money for the same job, but the minimum requirement is keeping the same paycheck.
However, inflation makes that impossible since the amount of money you’ll earn in the future could not be exchanged for similar things in the future. We can think of the government and the central banks as dictators who are using fiat money to steal money from the gullible general public.
How can cryptocurrencies change that?
One of the best things about cryptocurrencies is that they work on the blockchain. Imagine if you went to the bank and you wanted to check the statements and the histories of transactions of your friends. That would be impossible.
You have to trust that the banks have done their job correctly since they’re in a position of authority. That’s not the case in the blockchain. In this case, everyone can look at the ledger and see all of the transactions that have happened.
You don’t know who’s sending money where, but on the pkt bandwidth you can see that the transactions are occurring. This is important to know since there is a limited amount of crypto available. You can never trade or create more than you have. That’s the essence of the proof of work system that Bitcoin and PKT Cash run on.
You must have a certificate that some work was completed before exchanging it for something else. It’s like having the gold standard before the 1970s. Another vital thing is scarcity. There can never be more than the set amount of cryptocurrencies that could be issued out.
Not even the central banks and the governments can do it. This makes these assets immune to inflation and immune to corruption. It’s like taking the monetary system, making it visible to everyone, and leveling the playing ground.
Since plenty of institutions see the potential these coins have, the future looks bright for every investor. The only thing that can limit the world of crypto is internet service providers since they can control the bandwidth. But, PKT Cash solves that because they’re aiming to create a new network by taking a part of the old one.
Essentially, you’ll be delaying your gratification by giving a piece of your bandwidth for the network to run on, and it will reward you with tokens and coins. This way, even in the way of governments not accepting crypto, the world will have a way in which transactions can keep occurring.