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“Your Money”

Censorship is seen in various sectors of society and has been around for many years. There has always been people or entities trying to or controlling what we eat, read, consume, among many other things. Is it drastic to say that we currently have no control over anything? Most people think that they are free, but I believe that people have a concept of being free according to what the system has made us believe. We do have freedom of deciding certain things, but on a large scale, free will is not a guarantee. Being able to have more free will than others will depend on where you live, the current government, etc.

All cryptocurrencies run on the blockchain, and for many, the main feature that this new technology provides is the fact that it is censorship-resistant. Censorship resistance is not anonymity or decentralization; these last two are features that blockchain offers. Blockchain is censorship resistant because it does not give government entities or companies the power to block or impose certain things that they believe should be a certain way.

In this specific case, it is being able to have free will on what to do with your money and not having to deal with a block, restriction, among others. Crypto transactions are censorship-resistant because the user can decide to send money whenever they want, to whomever and wherever the sender chooses to; being able to do this without the permission of a third party. These types of transactions have benefits, but when a user sends money to someone, the person who receives the crypto is going to need liquidity. This is what happens nowadays because the general public does not use cryptocurrencies. This becomes a problem because crypto exchanges are the entities which provide liquidity to crypto users. These exchanges are not based on a decentralized network, thus having to deal with government regulations. Regulations that ultimately impact the customers.

I find it very interesting that people think their fiat cash is theirs. Ultimately, it is, but many examples show how you are not the only one that controls your own money.

How so?

Some countries have strict rules on what you can consume with YOUR OWN MONEY; others have money and are not allowed to send it out of their country. Or you may want to avoid individual taxes that you feel are imposed and poorly justified.

In my country, Chile, once you are part of the workforce, a percentage of your paycheck is deducted into a pension company of your choosing. This is a government-imposed rule in this country. The government makes decisions that they believe are best for the population, or at least that is what they say. So they decided to create a pension system and make it an obligation to deduct money from citizens paycheck. This way, people would be able to save up for when they are senior citizens. These pensions are regulated by what age you are eligible to have access to this money, and payments would be in installments. The main issue in this pension system is not whether if the idea is correct or not, but the main issue is that it is YOUR MONEY, your time, your work and it should be your decision on how your money is used best whether it is to buy something, investing, or for personal reasons.

The pension system is something that is currently being discussed in media, and some government officials have made comments about it, but we are far away from making any changes in the near future. Chileans should have the option at least to be entitled to withdraw funds when needed.

I hope you enjoyed it!

By: Carolina Pérez

Twitter: @carolinaninap

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