Compare Bitcoin and the Anachronistic Banking System on LinkedIn, Then Get Censored.
On why we need decentralization in all domains more than ever.
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A few days ago, I wrote an article to explain why I found the current banking system anachronistic. In that article, I used the example of someone wanting to send money to their brother on the other side of the world on a Saturday night. With today's banking system, this takes a very long time with many steps to go through where you have to answer a lot of questions from the powerful people who probably run the current system.
Besides, the SWIFT interbank payment network that you will have to use applies transaction fees that are dependent on the amount you want to transfer to your brother. Thus, the fees charged will not be the same if you send $10K or $1 million.
I then compared this system with Bitcoin, which represents a major paradigm shift. Bitcoin allows you to do the same thing in about ten minutes on a Saturday night with transaction fees that don't depend on the amount transferred. The fees on the Bitcoin network depend on the network itself, not on your transaction.
The other advantage is that no one will ask you to justify transferring your BTC on the network. Your Bitcoin is the fruit of your labor and no one can censor it as long as you have the private keys associated with it. In this way, Bitcoin gives you total power.
As I am used to, I decided to share my article on LinkedIn to try to give it maximum visibility. It is essential that as many people as possible can discover the advantages of the Bitcoin system. And these benefits are many.
My article highlighting the advantages of Bitcoin to the actual banking system was censored in 4 days by LinkedIn
While the post I created on LinkedIn was a big hit, I received, 4 days later on December 30, 2021, an email telling me this:
You read that right!
My post violates LinkedIn's policies: “Your post goes against our policy on spam and scams. It has been removed and only you can access it”.
To let you make up your mind, here is the content of that post :
“The current banking system is totally anachronistic. You work hard to earn money. The fruit of your labor is placed in a bank account, and you want to be able to use it as you wish at any time.
This is normal since it is your money.
It's Saturday night and your brother in Australia needs $20K. Whatever the reason, he's your brother, and you want to help him. You have more than enough money in your bank account to send him such an amount of money.
The fruits of your labor should allow you to help your brother.
With the current system, you will have to justify this money transfer to various services ranging from banking to government services, while waiting several days and paying prohibitive transaction fees.
Throughout the process, the powers that be in the current system may decide at any time to censor your transaction to your brother.
Yet it is your money, and your brother needed help immediately.
The problem with the current system is that there are far too many middlemen involved in the process. That's where Bitcoin changes the game completely by freeing you from this totally anachronistic banking system.
In the last issue of the In Bitcoin We Trust Newsletter, I show you how Bitcoin is a unique game-changer in this area, and why new generations will consider Bitcoin their de facto choice.”
At the end of my post, I then put a link to the associated article on the Substack platform:
The only scam highlighted by my article is the banking system
Now that you've read this, I'll let you make your own opinion. Do you think my post is spam or a scam?
The only scam I am talking about in my post and article is the current banking system that imposes huge delays as well as exorbitant fees on the people. But I doubt that LinkedIn removed my post for that reason. Rather, I see the removal of my post as censorship by LinkedIn when I highlight the flaws of the current system.
A censorship that is unacceptable in my opinion. That's why I decided to tell you about it in this article. I logically appealed to LinkedIn and asked them how my post was spam or the promotion of a scam.
I quickly got an answer from LinkedIn saying that they confirmed their first decision on the removal of my post:
The following sentence makes me laugh, I must admit:
“We understand that this might not be the response you wanted, but we work to apply our policies in a fair and consistent way for all of our members.”
So LinkedIn would work to enforce these policies fairly and consistently by preventing as many people as possible from making up their minds about the banking system and Bitcoin. This is once again the problem of centralization that is highlighted by this removal of my post on Bitcoin by LinkedIn.
Decentralization in all areas is the key to fighting censorship
These social media platforms concentrate too much power that they constantly abuse. Decentralization is what we need for the future in all areas. That includes social media of course, but also money.
With Bitcoin, this is precisely the goal: to make sure that everyone can live their life on their own terms by taking the control of money out of the hands of the State. In the future, Bitcoin will be our best weapon against money censorship on the Internet:
So I invite you to read this article again and open your eyes to the importance of decentralization in all areas if you haven't already done so. This is what prompted Jack Dorsey to leave his position as CEO at Twitter recently to fully focus on Bitcoin and decentralization.
Some reading
Bitcoin Price Rejects $52K Again – Accumulation Phase Continues As Expected Over the Vacations. Bitcoin price will continue to move sideways for some time to come.
The 23 Worst Pieces of Advice Ever Received in the Bitcoin World Since Its Inception. r/bitcoin edition.
Some Musings on Bitcoin Distribution – More and More Long-Term HODLers and Illiquid BTC. This supply shock will sooner or later affect the price of Bitcoin.
The 8 Factors That Influence the Price of Bitcoin Downwards That You Should Know About. An important reminder that will help you better understand the volatility of the Bitcoin price.
9 Lessons Bitcoin Will Have Taught Us in 2021. #4: Boom/Bust cycles seem to be over in the Bitcoin world.
You are very correct. That's why I prefer saving my money in Bitcoin than in fiat currency.