For the first time in history, bitcoin offers us an option of ownership that does not depend on a local authority or legal system to protect it.
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Berlin votes for foreclosure of real estate
In Berlin, Germany, a growing shortage of affordable housing coupled with an increased demand to live in the city has reached a boiling point. Yesterday, voters took part in a referendum on whether to force large real estate companies to sell most of their housing, transforming them into social social housing.
The “yes” received 56.4% while the “no” obtained 39% in the non-binding referendum. Passing the referendum will require the new representatives of Berlin’s city government to debate the proposal.
With social unrest like this escalating and potentially destabilizing private property rights to real estate in one of the world’s most popular cities, it points to yet another reason why human rights are private ownership of bitcoin are so important and superior to any asset ever known. The invention of bitcoin has offered us many innovations with the evolution of private property rights at the top of the list.
Bitcoin’s superior private property rights
For the first time in history, bitcoin offers us an option of ownership that does not depend on a local authority or legal system to enforce or protect it. It is protected by the natural incentives of those who participate in the network.
“Satoshi Nakamoto has created a form of property that can exist without being dependent on the state, centralized authority, or traditional legal structures.” – Eric D. Chason,“How Bitcoin Works As A Property Law“
It provides us with a store of value and savings technology where no government, central institution or voting bloc can seize, freeze, or access it by violence or force when properly secured. Anyone in the world with an Internet connection can secure this property without permission, and no other person or institution can take it away or erode its value. Whether it’s real estate, cash, stocks, bonds or gold, no other asset in the market offers this level of assurance and security.
What we know about strong and well-defined property rights is that they are the basis of human cooperation and economic activity. When private property rights flourish, so do the people. When we take a look at the nations of the world with the lowest property rights rankings, we also find some of the key regions where bitcoin is making its mark.
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