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Potential for the release of Bitcoin cryptocurrency – CoinNewsSpan

As reported in one of the American newspapers, Time, December 28, 2018, describes the characteristics of Bitcoin's cryptocurrency as "speculation, fraud and greed in the cryptocurrency and the blockchain industry has overshadowed the real, freeing the potential of L & # 39; The invention of Satoshi Nakamoto. "

Time believes that Bitcoin (BTC) has considerable liberating potential.

Moreover, according to the opinion of the author of the article, it means that Bitcoin "can be a valuable financial instrument as a means of exchange resistant to censorship".

The author also believes that we can protect ourselves against the price inflation of the fiat currency using the Bitcoin cryptocurrency. For this scenario, Venezuela can be considered as one of the dominant examples of currency inflation, with an anticipation of the native currency of the first million dollars. However, there are also other examples that demonstrate the same situation as Zimbabwe, where former president Robert Mugabe has "printed endless amounts of money". To face such a situation. But the author notes that: "His successors can not print more Bitcoins".

According to Alejandro Machado, who is designated a cryptocurrency researcher at the Open Money Initiative, the allegations relating to the bank transfer between the United States and Venezuela amount to 56 percent. The other option to avoid such a high cost is to transfer money to Colombia and then withdraw and bring money to Venezuela, which according to the article "can take much longer, cost more and be much more dangerous. of the Bitcoin option.To counteract these problems, it is said that the Venezuelans have switched to the use of cryptocurrency, sending and receiving Bitcoin as a way of transferring value with people resident in other foreign countries.

Moreover, Bitcoin is also considered one of the tools that helps to evade the mass inspection in places like China. However, as a report released in March, one of the US informants Edward Snowden had mentioned that Bitcoin is not the best option to avoid government pressure and therefore there is a need for an alternative solution that would seem more positive and positive.

The other big advantage associated with the use of Bitcoin is that the government has not been able to issue strict instructions that can regulate and monitor every Bitcoin transaction efficiently.

For example, at the beginning of April, the WikiLeaks Coinbase account was suspended due to service violations. However, there are no such measures that could prevent Wikileaks from using cryptocurrency portfolios because the private key for the portfolio is still managed and used by Wikileaks. In addition, WikiLeaks is still accepting donations for cryptocurrencies and has also extended support for Snowden's most important crypt, Zcash, in August 2017.

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