A Bitcoin Declaration of Financial Independence

On America’s Independence Day, it’s worth looking at bitcoin’s history, as both origin stories share a fundamental drive: freedom from a system that controls our lives without giving us any input.

This impulse led to the signing of the Declaration of Independence on July 4, 1776.

Without attempting to suggest that the two were equal in historical weight or cost – no casualties were lost in the cryptocurrency struggle – the Bitcoin whitepaper, which launched both crypto and blockchain, was in many ways a declaration of financial independence.

The pressure for independence stems from a financial system rather than a political system, but a financial system that its pseudonymous founder Satoshi Nakamoto and many of his cyberpunk supporters and colleagues believe can be just as oppressive and inevitable. He had chosen and corrupted the government in the same way that America’s Founding Fathers felt the unrepresented British rule in the 13 Colonies.

Genesis Block Message

The clearest sign of this is the message encoded into the Bitcoin Genesis Block that launched the blockchain on January 3, 2009.

It was a short and simple article that referred to a headline in the Times of London that day, and it served two purposes.

Ordinary, it was a kind of cryptographic timestamp, indicating that the blockchain was started when it was told. This is very important because the timestamp added to each block of the blockchain uses that timestamp – along with the cryptography that connects it to previous and future blocks – to indicate its place in the chain and make it immutable. This feature means that with sufficient decentralization it is impossible to change any data or the order of the blocks.

See also: Crypto Basics Series: What Is Blockchain and How Does It Work?

But more importantly, it was a statement of principles. The message read: “The Times 03/January/2009 Chancellor is on the verge of a second bailout for banks.”

This referred to the massive bailout of banks in many countries following the subprime mortgage crisis that began in 2007, creating and bursting a real estate bubble that led to the Great Recession. Not only did it result from blatant greed and lying about the quality of the debt being sold as safe, but no banker, broker, or rating firm was ever prosecuted for it.

Bitcoin was seen as a way to bypass this system and eventually destroy it.

Read more: Blockchain Fundamentals Series: What Is Bitcoin and How Did It Get This Way?

The first line of the Bitcoin White Paper explains it this way: “The purely peer-to-peer version of electronic cash allows online payments to be sent directly from one party to another without going through a financial institution.”

The goal was to create an “untrustworthy” system, or system in which two parties can safely transact without having to trust or even know the other party, and do so without a “trusted third party” – a bank or other financial institution. between them.

See more: Crypto Fundamentals Series: What Is a Consensus Mechanism?

“The central bank must be trusted not to devalue the currency, but the history of fiat currencies is full of violations of that trust,” Nakamoto said in a post nearly a month after bitcoin was launched. “Banks should be trusted to hold and electronically transfer our money, but they lend us in waves of credit bubbles with very little of the reserve.”

Without further ado and apologizing to Thomas Jefferson. take it, here is a Bitcoin Declaration of Financial Independence:

We think these facts are obvious: that all consumers are created equal, that they are bestowed with certain inalienable Rights by Satoshi Nakamoto, including the pursuit of Immutability, Nickname, and Distrust.

— In order to secure these rights, Blockchains are established among the people, deriving their rightful power from the consensus of the miners,

— When any Form of Financial System defeats these purposes, it is the Right of the People to modify or abolish it and to establish new Financial Systems, to be based on these principles and to organize their powers as follows: it will seem more likely to affect their Privacy and Financial Freedom.

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NEW SHARE DATA: HOW Utilities AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. Is it a kicker? Only 12% do this. Digital Payments Edge, a PYMNTS and ACI Worldwide collaboration, surveyed 207 invoicing and collections professionals at these companies to find out why going all-digital was difficult.

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