Banking

Those of us living in economically advanced countries can take for granted how easy and inexpensive it is to transfer money between individuals. With payment platforms like Venmo and Paypal readily available, sending and receiving payments is as simple as tapping your smartphone screen a few times.

But for those from poor countries who have left their families and communities behind in search of a more opportunity-rich life in America, sending large sums of money back home comes with a hefty price tag. In fact, by the time the money actually crosses borders and reaches its recipients, between eight and ten percent of the funds have been lost to service fees.

Fortunately, the popularity of cryptocurrencies and blockchain technology are revolutionizing the MSB sector and giving the underbanked populations the opportunity to get ahead economically.

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Investment Opportunities for the Middle Class

At the moment, Bitcoin is by far the most recognizable cryptoasset. In fact, there are now more Google searches for “Bitcoin” than there are for “Beyonce,” proving just how mainstream it has become. And while many average Americans have heard murmurings about it for years, few understand what exactly it is or how it works. And that is completely fine.

The beauty of Bitcoin and cryptoassets, in general, is that their potential is not limited only to the tech-savvy. One does not need to work in Silicon Valley or understand blockchain technology in order to utilize these transformative mediums of exchange. All you really need is a digital wallet.

For middle-class participants of the crypto economy, the decentralization and anonymity of the blockchain world may not be a primary motivator like it is for libertarians and other decentralization enthusiasts. But what does resonate with this crowd is the ability to invest and make money outside the world of established financial institutions: the same institutions that have been stacked against them for far too long.

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Privacy

We live in a world where our personal data is collected by both governments and private companies alike. Since most of our lives are now conducted online, every time we shop for something, communicate with someone or search Google, we are making ourselves vulnerable to data mining. And with data collection, comes the fear over the security of that information.

To call the blockchain anything less than revolutionary would be an understatement. Not only is this technology striking a blow to traditional financial and banking institutions with various cryptocurrencies, it is also allowing individuals to make private transactions, free from government intrusion. And that is where data collection comes in.

By utilizing the blockchain as a means of storing personal data, you keep it safe. But there is more to it than that. Just as cryptocurrencies can be sent and received on the blockchain, so can data. And since this is both anonymous and secure, you do not run the risk of having this information intercepted, and then stored, by either private companies or governments.

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Art Ownership

A new trend in the world of fine arts is utilizing blockchain technology to decentralize art and make it more accessible to more people. One example of this is Maecenas , which refers to itself as “ a decentralized art gallery, democratizing access to fine art investment.”

Just as holders of cryptocurrency can own fragments of one full token, say one Bitcoin for example, so can investors own portions of artwork through Maecenas. And while each partial investor cannot hang the work of art in question in their homes, they do benefit.

This means that if a gallery utilized Maecenas to save costs, someone owning only a small portion of the artwork is still earning interest on their initial investment. This means that all parties benefit. And, in a very tangible sense, it is creating wealth in new areas. More people have access to art investments and galleries are saving money acquiring new pieces, which allows them to lease even more works of art.

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Passion Projects

For decades, many liberty enthusiasts have dedicated themselves to academia, think tanks, or grassroots activism. And while each of these roles is essential to spreading the precepts of liberty, they do not often come with outrageously high salaries. There is absolutely no shame in choosing to pursue your passions rather than to seek only financial gain. But there is also no shame in choosing to do both. And now that many liberty activists have made a small fortune on crypto investments, having the money to fund passion project is becoming a reality.

Since the government has a monopoly on force, we may never be able to achieve success through the legislative process. But each time a crypto activist uses their money to further decentralization, liberty wins. Any doubt of this can be cleared up by considering the fear expressed by many regulators and statist economists every time crypto breaks through another barrier.

Bitcoin and other crypto assets are tipping the established balance of power. And where so many other ideologies demonize wealth, libertarians understand how this can be used to promote change. As the fictional Atlas Shrugged hero Francisco D’Anconia says in his infamous “money” speech, “Your wallet is your statement of hope…”

One way some investors are putting this into practice is by participating in an effort to rebuild Puerto Rico’s economy.

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