Speaking at the latest Bitcoin Conference in Las Vegas, former director of the U.S. Mint Edmund C. Moy spoke about the privatization of money, and he feels that bitcoin could lead us back to a world where finances are placed in the hands of the people.
This is the primary goal behind cryptocurrency, to give financial independence to the average citizen, and services such as the DNotesVault are acting as custodians in a sense; privatizing transactions and the money used to protect customers and stop the government from marching in and claiming extra tax. Compared with the methods of traditional banking, digital currency certainly has the potential to bring us the secure, independent nature we all desire for our monetary dealings.
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Speaking at the recent Bitcoin Investor Conference in Las Vegas, former director of the United States Mint Edmund C. Moy explained his thoughts on bitcoin and the invading world of cryptocurrency. Surprisingly, Moy’s feelings differed greatly from the negative thoughts and ideas shared by most government agents, and he later told his listeners that he rather enjoys the privatized nature of bitcoin. Moy further explained that he felt virtual currency could bring Americans back to the ways of “democratized money,” in which the people have control over their own finances.
“One reason why I like cryptocurrencies and where my mind has gone on all this is that when you take a look at our earliest notions of money – money was in private hands. You found electrum, which is basically a mixture of gold and silver in the ground. Sizes were important, and if you just pounded it into a mold – and you use that in trade, so money was very – it was in private hands, it was the ultimate democratization of money.”
Moy feels we’re on a path towards financial privatization once again, and in his eyes, bitcoin is the cryptocurrency that can lead us there:
“I see bitcoin as the improvement in technology that allows money to be privatized again, back where it should be because it is my belief that one of the main uses of money is economic transactions. Why is government involved in economic transactions except for the ability to tax that transaction and get their income out of it? So, if money is primarily used in economic transactions between two people, then it makes a lot of sense to me that – if current technology allows, then money should be privatized because it’s used between two people.”
DNotes founder Alan Yong shares this goal. “When the vast majority of DNotes transactions are between two parties, there will be little doubt that DNotes is superior to fiat currency,” he explains on the digital currency forum bitcointalk.org. DNotes sees the value in and has been focusing on growing its currency because of the power behind this concept. There is a huge benefit to having private control over your money, as it will make business much more efficient instead of feeding the bank and government.
And that’s really the primary goal behind cryptocurrency in general… To put financial power back where it belongs, in the hands of the average citizen. This is where the notion of aiding unbanked populations comes into play. This is where the finely-tuned points of digital currency make their entrance, alleging that everyone, regardless of financial history or background shall gain access to the credit and monetary power they need to survive.
It is this mission of cryptocurrency that makes services like the DNotesVault so important to our financial future. DNotesVault acts as a custodian, making it easier to safely perform a transaction between two parties. This is a stark and heavy contrast to the traditional scenario of keeping one’s money in a bank, where your money is actually used to cover things such as customer withdrawals. DNotes and entities like it will undoubtedly serve as the future of banking.
So thinking about this, wouldn’t you prefer your funds, YOUR direct funds were always ready and available for use in a unit of strict cold storage, instead of thrown in a box at Wells Fargo? DNotes is focused on making this a reality for everyday people and businesses, and while it will take time to gain mass adoption, with the right strategy, DNotes believes it can be done. Digital currency brings us the safety, security, and most importantly, the independence we need as individuals to sustain ourselves.