Any mention of cryptocurrency is good for overall adoption. Especially when it’s mentioned by a major, mainstream newspaper. And so an article about Bitcoin in the Time is definitely a good thing.
The article gives an example of the hyperinflation-struck Venezuela, as a place where many began experimenting with cryptocurrency. It goes on to explain that Bitcoin is a way to circumnavigate the state’s “strict financial controls”.
The Time also explains that “Speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention”.
The article goes on to explain that in countries such as Venezuela, cryptocurrency is a way to go around the “laws [which] force Venezuelans to go through local banks for foreign transactions, and require banks to disclose information on how individuals get and use their money”.
The Time mentions that authoritarian countries around the world are attempting to “mutate” and centralize the idea behind Bitcoin in order to create state-controlled cryptocurrencies. This can be used to further invigilate and control transactions and user accounts.
The article concludes that less than 1% of the world’s population have used Bitcoin, while over 50% currently lives under some authoritarian regime.
“If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can’t trust their rulers or who can’t access the banking system. For them, Bitcoin can be a way out.” – well said, Time magazine, well said indeed.
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