The Devaluation of Labor Over Our Lifetime: Bitcoin as a Means of Preserving Value.
The majority of people work for something that others have in unlimited supply. Think about it: the general population trades their labor, expertise, and, more importantly, time (which is finite for one and scarce) for something that some people possess in unlimited amounts - currency, which is neither finite nor scarce. One side has it all, slowly dripping the papered value to the workers while having an endless supply of it, which basically makes it worthless to them.
The entire society, however, values time and is equal before it. At the same time, time and labor of some is worthless to others, because fiat has no value to those who possess it all.
As the cost of living increases, the purchasing power of paper currencies decreases, effectively reducing the value of our labor over time even further. This means that even if we receive a salary increase, its value is often negated by the rising costs of goods and services. The result is a never-ending cycle of wage stagnation, where we are forced to work harder and longer just to maintain a basic standard of living, if we’re lucky. More likely than not, it’s actually a grind to stay in place.
Is there a way to break this cycle? What if we could preserve the value of our labor, rather than watching it slowly erode away? It is possible with Bitcoin. By pegging our salaries to Bitcoin, which has a limited supply and is resistant to inflation, we can ensure that our labor is valued fairly and consistently over time because all the participants are limited in their ability to have it all, just like we all are equal before time?
Imagine a contract where there are no euros, dollars, or any fiat currency, but instead, a fixed amount of Bitcoin is paid per year.
Now, the question is: is it even possible? Will it ever be possible to find an employer who will be willing to compensate our time and efforts in Bitcoin, rather than the local currency? Or must we wait until Bitcoin becomes a universal unit of account before workers can reprice their labor in it?
#bitcoin
