The Bitcoin reform is a document prepared by Adamant Research which takes its name inspired by the revolution that took place at the end of the 16th century, when a group of intellectuals of the time took the reins of the ways of perceiving the world: the economy , art, science and even religion, this represented an abrupt change, as it has been in the 21st century the emergence of Bitcoin, encryption, the Internet and new financial technologies. Next, we will summarize the highlights of Adamant Research’s “The Bitocin Reform” document:
The four conditions for a reform to occur
In the sixteenth century there were conditions for the change to occur, basically in any reform there must be certain circumstances that make it necessary to do so. Today, if we analyze the economy in depth, we could say that the same preconditions are present and that is why the reform is sought. Next, we mention the four main ones:
Monopoly of service providers in the search for profitability
As in the sixteenth century with the monopoly that the church had for religious, legal and even financial issues, there is currently a monopoly by the International Monetary Fund who has decided to “favor” in a disproportionate way to the US dollar, placing it as One of the main currencies worldwide.
In this sense, there is a need to adopt other options that allow citizens to have greater control over their finances, decide on the economic model that is most profitable for them and pay the fees and taxes they consider (and that do not affect their assets) , this alternative is offered by Bitcoin and the new financial technologies that are replacing Fiat money and traditional banking.
The technological revolution: a catalyst for change
As it happened in the 16th century with the invention of the printing press, at the end of the 20th century and the beginning of the 21st century, important inventions such as telecommunications emerged, with the Internet also came the use of email, which began to open the doors for the tele work (or remote work). As computers were making people’s lives easier and easier, infrastructure costs fell, as less space was required for data and information storage (in addition to a considerable decrease in the costs of technological equipment).
Open source has given the possibility to many entrepreneurs to create new startups with tools that are robust and efficient enough, as well as thanks to cryptography, they have had the possibility of offering better security options to their clients and, of course, Social media has been a total revolution that allows immediate dissemination at very low cost of different products or services, receiving an “immediate” and accessible response.
The new economic classes
Today there are different economic classes and beyond talking about “fortunes”, we talk about the way they have of conceiving the economy, it is something very noticeable especially in the case of young people. In 2016, in a survey conducted by Facebook, it was found that only 8% of young people (the millennial generation) rely on traditional banking.
In another survey conducted by Transamerica Center for Retirement Services (pension and social security company) it was determined that 76% of millennials believe that, compared to the generation of their parents, their generation will have much more difficulty in achieving social security while another 79% consider that when they are ready to retire social security will not be there for them, because it does not generate trust. This is why most of the Bitcoin economy is currently controlled by Millennials and it is estimated that they are the ones who run the world economy by 2029.
What do you think about this topic? Do you think bitcoin will modify the economy worldwide?
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In the second part of this article we will see the other points discussed in the document «The reform of Bitcoin».
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