For approximately a century, most countries in the world have moved from a decentralized model of money issuance, to the centralization of this work in central banks. This led to a time of monetary stability, while providing governments with new economic tools. However, this also opened the doors to corruption and manipulation. This is why Jimmy Song calls Bitcoin an anti-corruption currency in Tweet of the day:
Is Bitcoin the solution for corruption?
It was 2008 when, in the midst of the economic devastation caused by the financial crisis of that year, Satoshi Nakamoto set out to change the world. To do this, he created a new type of currency, Bitcoin, which arrived to correct the mistakes of the past. Ending the ability of any person or institution to manipulate the value of money at their convenience.
With this, Satoshi Nakamoto attacked what he perceived as the main cause of the economic collapse of that year. In other words, corruption within the global financial system, which allowed a group of banks to play with the wealth of society. To the point that, after their bets went wrong, it was the population that had to bear the consequences.
This is how Bitcoin is born, a decentralized currency, based on Blockchain technology, in which power is not in the hands of a government. Not even in the hands of its creator, Satoshi Nakamoto. But of the community that uses the currency as a whole. Therefore, Jimmy Song calls Bitcoin an anti-corruption currency on his Twitter account:
“Control of money corrupts.
Absolute control of money absolutely corrupts.
No one controls #Bitcoin“
With these three simple phrases, Song expresses the basis of how cryptocurrencies work and their great advantage over traditional fiat money. That is, it is impossible for there to even be the temptation of corruption on the BTC blockchain. Because there is no possibility of someone exercising control over it. This being the key to crypto assets such as Bitcoin.