It is a global world. “talent is everywhere, opportunity is not,” The existing fiat currency system creates a divide between those who have access to resources and those who do not. Even democratic societies have their limitations. own People generally have stable currencies and enjoy freedom. The features of this environment create a rich and diverse world, with many opportunities.
Lyn Alden, bestselling author and Bitcoin enthusiast, is an example of how to overcome obstacles and take advantage of opportunities provided by democratic societies. Despite experiencing homelessness for several yearsShe has worked to be a prominent figure in financial circles. It is not her story alone. Many refugees have adapted, innovated, and flourished in new lands. They contributed significantly to their adopted community.
Jan Koum is the co-founder of WhatsApp, as an example. grew up without electricity in UkraineAfter immigrating, he worked in grocery stores for several years before he finally achieved success. Max Levchin, PayPal’s co-founder has tweeted About how he achieved success in America after escaping from persecution in Russia. “My family and I, and thousands of Soviet Jews like us, came to the US as refugees in ’91, running from a regime that persecuted us because of who we were,”. Mai Lee Chang’s story, born into a Thai refugee camps to Vietnamese parents with only a single English word in her vocabulary is also an amazing example of immigrant success. “restroom” Chang has faced many challenges since she began her education in the U.S. now an engineer contributing to NASA’s journey to Mars.
In authoritarian states, a person’s ability to succeed is often determined by his or her birth circumstances. Typically, in such places if you’re not born into a family with connections to corrupt officials—in other words, if you’re not a rich kid—your ability to innovate and your entrepreneurial spirit will be systematically suppressed. In these regimes the system of fiat is not based on merit but is rigged to favor such “crony children”. These systems are also based on family connections and corruption.
When there was no internet or smartphones, individuals living in hostile environments accepted their fate as being forced to serve the dictators of the day and the members of their families. Bitcoin has evolved into more than a mere technology. It is a portal to a new world. financial It is possible to empower people without having morals compromised. It is an effective tool to overcome many of the barriers put up by oppressive regimes.
It is a great experience to be able to speak with someone who has lived it. Swan Htet Aung Swan is an AI entrepreneur who hails from Myanmar, formerly Burma. He shows us how Bitcoin provides a way out for those starting from the ground up without family or money. Swan, who founded his AI firm in 2016, saw it grow quickly. By 2020, the startup was valued at over $1 billion. generating annual revenue of over $300,000.
Bitcoin and its importance in maintaining financial Swan remembered a moment of significance after the coup in February 2021. After the takeover by the military, he converted his cash into Bitcoin and USDT four days later. This decision was made just two weeks before banks in Myanmar began limiting withdrawals For individuals and companies, this allowed him to gain control over his company’s asset. He lost a large portion of his company’s assets because he chose to hold the USD assets in banks. financial Myanmar’s military junta adopted a radical new monetary strategy to preserve USD in order to fund their war machine. Swan was forced to convert his USD assets into Myanmar Kyat, the rapidly depreciating local money, without consent on the 3rd April 2022. The rate of conversion was 30% lower than the current market value.
This new policy mandated You can also find out more about us here. “Residents within the country must repatriate foreign currency earnings obtained from abroad to Myanmar. These earnings are to be sold and exchanged for Myanmar Kyat within one working day through banks holding Authorized Dealer (AD) licenses by opening a foreign currency account in Myanmar.”
It may be difficult for people living in countries that have a more just and fair legal system to understand such oppressive laws. financial policies. Myanmar has actually a long history of centralizing policies. financial The institutions that have the power to suppress their citizens. A notorious example happened When the government demonetized the 25, 35, 75 Kyat and 25 Kyat bills in 1987, it effectively erased over 80% of currency in circulation overnight.
Recently, we have seen a rise in the use of after Myanmar’s violent military coup in 2021The Burmese army used tactics like freezing bank accounts for activists, journalists and anti-coup supporters, which further demonstrated the tactic by the junta to oppress people through the fiat financial system. Unfortunately, such abusive policies are often effective in places such as Myanmar, where people are preoccupied with ensuring their physical survival, securing food for their table, and keeping a roof over their heads – leaving them with little energy or no interest to challenge or fight against injustices.
Prior to 2010, Myanmar had North Korea has a higher rate of cell phone ownership, but dictators are lower. Than ShweThe regime of discouraged the use of internet by spreading propaganda that it was only a site for adult videos. In 2016, the situation had dramatically changed, with social media, cheap smartphones and SIM cards becoming widely available to most of the population.
Swan, a Myanmar-born entrepreneur, originally came to America at the age of 32 to attend the GenAI conference hosted by AWS, San Francisco, to gain knowledge and experience, with the intention to return to Myanmar. The Burmese Military activated his armed guards while Swan was still in transit. a forced conscription lawThis law, combined with the other laws in place at that time will change his life dramatically. This law combined with the financial Swan decided to extend his stay in America due to the hyper-surveillance, socio-economic inequality, and instability brought on by Central Bank actions. Now he hopes to get an O1-Visa Continue his work The U.S. has its own unique culture and traditions, but it is not the only place that can innovate and grow. The U.S. is not the only country that has its own own Many foreigners believe that despite the country’s inequalities and problems at home, they can still pursue their dream here. work Innovation can be the key to a successful business.
You can have a discussion about this articleSwan recalled the beginnings of his business in Yangon, Myanmar’s biggest city. Swan, along with two of his friends launched an AI-software company in 2016 at a time when Myanmar underwent significant reforms. It was also a time of increasing global participation after more than half a decade of isolation.
“Human labor is cheaper in Myanmar than subscribing to software,” Swan says “It makes sense for business owners to hire staff at a salary of $100 a month and assign them multiple tasks, whether they’re inside or outside the scope of the job, unlike a chatbot for customer service.” AI may be displacing more jobs in developed countries, but in less-developed nations, cheap labor and poor working conditions will always win out over AI. At least, where there is no democracy and limited access to electricity.
Swan shared his early startup struggles. “We spent pretty much all of 2016 just developing the product because we didn’t get a single customer. I had a side job and lived with my parents in a rented apartment while the other two co-founders left to pursue other full-time opportunities.”
Swan, who is fluent in Burmese, English, and both, said that social restrictions were a problem for him when raising money, especially because Myanmar was a new market. Swan also faced a social obstacle: He had not worked outside of Myanmar and had a Yangon-based university degree. Swan is not a “crony kid” like the other privileged kids. He has a less privileged background. This made it difficult for him to get investors even though his company was expected to generate $300,000 annually by 2020. It also signed deals with 1,000 businesses, such as multinationals Samsung, Unilever Carlsberg NIVEA and others.
The development of a Bitcoin-based protocol would enable entrepreneurs to grow their business regardless their social-economic standing or whether they hold a high-ranking degree.
Bitcoin might be viewed as an investment class by those living in developed countries, or as an environmentally harmful technology. However, it is a source of money for individuals trapped in unjust monetary systems that primarily benefit the privileged, ‘crony’ kids. They don’t even have the option of participating in the ongoing global discussion about Bitcoin. They are trying desperately to escape the economic cycle. Under the Bitcoin standard, individuals have access to opportunities. financial Freedom is a key factor in achieving a prosperous and equal global society.
Win Ko Ko Anung has written a guest blog. All opinions are the author’s. own The views expressed herein do not necessarily represent those of BTC Inc. or Bitcoin Magazine.
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Source: bitcoinmagazine.com