Bitcoin: Peer to Peer Transactions vs Social Credit System

Bitcoin can be freely transacted peer to peer, meaning that any two people in the world can send it to each other regardless of institutions. The citizens of the western world are able to use their hard earned dollars to purchase whatever they would like to whenever they want to, whereas in countries such as China this is not the case. In China there is a social credit system in which citizen’s access to society and its benefits come with their social credit score. A higher social credit score would mean they have more access to services and products within society such as being able to fly freely, utilise public transit and dine at restaurants. How can the citizens of China fight this and buy whatever they want to when they want to, as it is their rights as independent economic agents. They can use Bitcoin to do so, a permission less type of peer to peer “cash” which allows each and every individual of oppressed nations such as China to once again act as free individual economic agents and fight the social credit system in place there.

How would this work in practice? Imagine a Chinese citizen posting everyday on his socials about how great the CCP is and does not ever disagree with CCP policies, this individual would be awarded with a high social credit score, thereby giving him a good to society in terms of what can be accesses. Now another person openly states that they do not agree with CCP policies and they would like reform, maybe they even allude to elements of events that occurred in China during 1989, starts with a T, please don't come for me Xi. These two individuals are not given the same societal benefits. Assuming the second individual does not get arrested or a shiny bullet in the back of the skull, this individual will be denied access to many essential services within society, giving them less access for themselves and family to live a prosperous life. This makes individual one and individual two’s Renminbi’s not have the same transactional value, and therefore makes the money dependent on who the individual is, its not just money that can be freely transacted anymore it is linked to making sure the individual carries favour with the CCP. In the west we are quite lucky to be able to transact freely where everyone’s money is worth the same and people are able to buy whatever they would like to whoever they want to, their money is not tied to who they are, its just money. So back to China, if individuals were to start using Bitcoin to pay for things instead of their currency, this would not be linked to their score and they would be able to buy whatever they would like to, kind of how the western world is today, where one dollar is one dollar independent who it comes from as long as this person does not engage in criminal activity. We are lucky to have a free financial system in the west and not have to be classed into societal tiers like the Chinese social credit system does. Xi bless me with a 1300 credit score so I have access to housing loans and have priority entrance to top schools for my children.

Sorry Xi, bitcoin is here to take a bite out of Chinese communism