Money is the driving force of life in today’s world. Those who do not agree and say money can’t buy everything, it is time for them to revisit the age-old psychological theory established by Abraham Maslow. The Maslow’s pyramid, also known as Maslow’s hierarchy shows the fundamental needs of humans and how it will contribute towards their self-actualization.
One look at the pyramid is all it takes to realize that without money, there is no way one can satisfy any of the needs. The most basic needs – food, clothing and shelter don’t come free either. With money playing an important part in everyone’s life, the monetary systems have become the backbones of human civilization. All the established monetary systems are controlled by the governments and central banks. It means the governments and banks have a say on what one can and cannot do with their life – just by deciding when to turn on/off the tap (flow of money).
Governments aren’t gods and they are prone to bad decisions resulting from greed, neglect, lack of understanding, oversight or unforeseen circumstances which may prove very costly to individuals. At the same time, they can also target individuals by controlling their finances (tracking expenses, freezing bank accounts etc.). In order to prevent oneself from being easily manipulated, people should also start using alternative financial systems which are not directly connected with the country’s banking and monetary system. Even Tony Robbins, the well-known motivational speaker and personal finance instructor also agrees with it.
There are currently two ways to invest and safeguard one’s funds. These alternatives to conventional monetary systems are gold and bitcoin. People have been investing in Gold for a long time. going back in history, gold by itself used to be a currency before fiat currency replaced it. Even though Gold is one of the stable precious metals out there, it is still vulnerable to the influence of governments and central banks. There have been cases in history where governments have exerted control over gold by forcing individuals to hand over their gold during the times of depression.
When it comes to choosing between gold and bitcoin, bitcoin is the ideal option to invest one’s money in – to park funds or trade and multiply the investment. Bitcoin is a decentralized currency which cuts out middlemen like banks and other financial institutions when it comes to transactions and maintenance of the financial network. Miners, who are individuals or companies around the world collectively contribute processing power to process transactions and maintain the network. They also act as trusted third party, without caring about the user’s personal information. By ensuring virtually no involvement of banks or government interference in operations and transactions over the bitcoin network insulates it from undue government influence and control over an individual’s personal bitcoin finances.
Tony Robbins on Bitcoin
Tony Robbins maintains a blog where he introduces the readers to financial literacy. Bitcoin prominently features in one of his posts alongside financial advice and financial education material. He understands and also educates people about the differences between bitcoin and other currencies. In the end, Tony Robbins also mentions that the governments can’t devalue bitcoin and it can be used in anywhere in the world in the same form. Bitcoin accounts (or wallets) can’t be frozen by government bodies either.
However, governments can still introduce regulations to control bitcoin exchanges and other third party platforms that offer bitcoin-based services.
Bitcoin is the future of the economy. Governments and central banks are already considering ways to implement bitcoin technology into conventional monetary systems to iron out some of the inherent flaws. Bitcoin has paved the way for all around upgradation of banking and financial sector across the world.
Ref: Gold Reserve Act (1934) | What you need to know about Bitcoin - Tony Robbins | Img: Maslow's Hierarchy of Needs by FireflySixtySeven (CC BY-SA 4.0) - Wikipedia Disclaimer: The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC.