Sovereignty is an often overlooked benefit of Bitcoin adoption, owing to its unconventional nature as observed in Bitcoin owners. It does not give them absolute power over others, but Bitcoin ensures that everyone has an equal playing field. This article attempts to dissect the various ways in which Bitcoin empowers people to become sovereign individuals.
MIAMI, FLORIDA – APRIL 8: People attend the Bitcoin 2022 Conference at Miami Beach Convention Center … [+]
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According to Robert Breedlove, as expressed in the Miami Bitcoin Conference 2022, if you are operating within a group or country that is governed by a set of rules, and there is an individual or group that can make an exception that you cannot, that individual or group is sovereign over you. The sovereign individual or group has the power to bend the rules and take advantage of the unsovereign individual.
The ability to transact and store your money without requiring permission is the most visible aspect of Bitcoin’s ability to create sovereign individuals. Nobody can make exceptions for any Bitcoin owner who stores their Bitcoin wherever they want for any length of time. This is possible if you run your own node and/or use a non-custodial wallet to store your Bitcoin. Central banks, on the other hand, own fiat money and can make exceptions by printing more. In fact, you lack the authority to destroy your fiat money. It is illegal in the majority of countries around the world.
Bitcoin led to the rise of other blockchain projects and protocols that are now making it easier to own digital assets as is the case of NFTs. This means that we can agree to directly credit Bitcoin for the underlying technology that enables one to own their…
