Borders Are Meaningless for Digital Currencies

Executive Brief

Politicians love to make proclamations and promises, and from the U.S. to Greece, controlling what the individual does with their own funds seems to be an increasingly popular topic. Rather than stand back and watch, Marco Streng, CEO of cryptocurrency miner Genesis Mining has moved to take advantage of this opportunity to place Bitcoin as the safe alternative for the wider public. He should be applauded, in an era of fiscal scandal and government control, the digital currency industry is ideally positioned to create an alternative narrative for the general public.

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The campaign process for Presidential Elections in the U.S. is not always noted for common sense statements, but has perhaps reached its nadir with Donald Trump’s promise to stop the money flow between US Mexicans and Mexico itself, depriving the country of an estimated $24 Billion a year. That is not to single out Trump in particular, on all sides of the political spectrum we see politicians discussing currency movement as if the rules are the same as they were a century ago. However, they have changed and money can be moved to another nation state via cryptocurrencies as easily as it can to a neighbor, and it is puzzling that politicians still have not accepted this.

It is not even restricted to US politicians, indeed, the proof that such restraint is largely ineffective in the modern world comes not from the US but from Europe. Fiscal restraints ordered to be imposed by Greece restricted the movement of currency from local bank accounts, both intra account transfers and even cash withdrawals. However, the response to this was a massive increase in Bitcoin use and a widespread network of Bitcoin ATM machines that operated outside the boundaries of government control. It is this that highlights just how much the rules have actually changed, and just how empowering the cryptocurrency industry actually is for the public at large.

Preempting any likelihood of money transfer legislation, moves to raise awareness of the ability of Bitcoin to move funds where people want easily and securely are already underway. Marco Streng, CEO of Genesis Mining, the cryptocurrency miner, has taken the decision to place 12 billboards across the state of California to reach the public at large. Informing them of the advantages of Bitcoin, the campaign hopes to ensure that the wider public knows that there are options.

Indeed, as happened in Greece, this is an opportunity for Bitcoin to find its place within society, on the heels of the recent Panama Papers highlighting how the extremely wealthy do not play by the same rules as everyone else, it is the perfect opportunity to capture the public zeitgeist where money is concerned. Bitcoin empowers all to take control, instead of just the few, and for the industry this is an incredibly powerful message that can resonate with the public.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Thomas Moore

Thomas Moore is a writer and researcher with a love for the eclectic, family and the world we inhabit. He spends his spare time photographing the varied wildlife that surrounds us daily and contemplating why Firefly never made it past season one.

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