I recently posted about the possible advantages of BitCoins from a financial perspective, and mostly on the level of macroscopic institutions , nation-states, and corporations. However, let me not remind you of the fruits it can bear to individual people. While the myriad economic boons and pitfalls of BitCoins are apparent, we cannot forget the implications it holds for the future of society and its potential to empower individuals. For example, one of the most serious obstacles to mitigating the stark income inequality we see between countries would be the universal implementation of BitCoins. It would necessarily establish a common market with which individuals, not corporations nor nation-states, could do international business, and possibly thrive. If a man in Namibia, a country with the second highest level of income inequality in the world, could sell his wares or services at an equitable price to someone in Germany, it would lead to an astounding increase in one’s quality of life.
Furthermore, we previously mentioned that BitCoins as a global reality would greatly diminish, if not entirely eliminate, the nation-state’s ability to conduct monetary policy. This arguably may diminish their purchasing power, but from another perspective, it would simply level the international playing field because essentially, raising ones purchasing power with respect to all others is identical to simply lowering everyone else’s, as purchasing power parity is of course relative. I believe that is only the fallacious modernist view of currency that promotes the status quo, and indeed, provides the constant support for the gold standard. Restricting currency to single nations that can control policy has enormous precedent, and that alone will be a driving force against BitCoin’s adoption. However, unlike previous era’s, I believe we are now quite firmly in a postmodern age where we no longer turn to local powers to effect our desires and in turn, repress the desires of those outside their domain. Rather, I find that BitCoin’s embodies the individualist yet cosmopolitan spirit that lurks within us all. I think it is clear our current level of income inequality is intolerable and unsustainable:
BitCoins are a representation of humanity’s desire to broach the confines of history and precedent, and move forward toward a conception in which all barriers to social elevation and self actualization have been eroded. BitCoins might not provide us as much financial security in the short-term, but it would definitely empower us overall.