Why Is Bitcoin Valuable?
Back in 2004, I lived in shithole country called Uzbekistan, I wanted to buy some US stocks but my bank refused to transfer MY money because of strict currency control in Uzbekistan. This was probably the first time in my life I realized that I don&#x27;t actually own money stored at bank, it&#x27;s just bank temporarily allows me to use my money and at any whim bank would reject to do so.<p>In 2010, I lived in a little bit better but still crappy country called Russia, I returned to my old idea to buy US stocks. This time is was possible but I had to make high-quality translation of agreement with US broker (i.e. Google translate wouldn&#x27;t be accepted) and wait for a week to get permission to wire transfer my money to US brokerage account.<p>In 2012, I wanted to do some small business and I wanted to do everything legally (I was still naive at that time) so I approached my bank in Russia and said that I want to setup website which accepts credit card payments from US. My bank said they wouldn&#x27;t allow me to do this.<p>Then I thought I can open foreign bank account. I tried to open bank account at HSBC in Hong Kong and was rejected for being Russian citizen (that&#x27;s literally was a reason!). I also was rejected at every single bank in Europe.<p>And even if I succeed to create shell company in some offshore islands and some account at some not very much reputable bank, I would still have great problems to legalize this money in Russia as I understood from talking to lawyers (again, I naively wanted to do everything legally).<p>So being citizen of two wrong countries, I quickly realized how tightly government and banks control my money. At one hand Russia and Uzbekistan restrict me to move my capital abroad. On the other hand, even if you manage to move your capital abroad, western countries refuse your money. I could call this the Great Western Wall.<p>So now, I highly appreciate cryptocurrencies. If you have BTC, ETH, XRP nobody would stop you to send money anywhere. It&#x27;s so much valuable! The only drawback is extreme volatility of these currencies. But with creation decentralized stable cryptocurrency DAI, this changing game even more.<p>I think the only people who hate cryptocurrencies are those bloody conformists, big brother lovers who never experienced first hand how shitty traditional financial system is.