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Bitcoin (BTC) has considerable liberating potential, the American newspaper Time reports on December 28th.
The aforementioned article states that "speculation, fraud and greed in the cryptocurrency and in the blockchain industry have overshadowed the real and liberating potential of Satoshi Nakamoto's invention".
According to the author of the article, Bitcoin "can be a valuable financial instrument as a means of exchange resistant to censorship".
Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, reported that the tax on a transfer from the United States to Venezuela can reach 56 percent.
To circumvent these conditions, the Venezuelans reported cryptocurrency, receiving Bitcoin from their relatives abroad. The main alternative is to link money to Colombia, withdraw and bring money to Venezuela, which according to the article "can take much longer, cost more and be much more dangerous than the Bitcoin option".
The times suggest that Bitcoin is a good way to protect yourself from fiat monetary inflation. Venezuela is the first example, with inflation of their native currency projected to the first million dollars. But there are also other similar examples, such as Zimbabwe, in which former president Robert Mugabe "printed endless amounts of money". But the author emphasizes:
"His successors can not print more Bitcoins".
Bitcoin is also, according to the article, an instrument for evading mass surveillance in places like China. That said, as Cointelegraph reported in March, according to US informant Edward Snowden, Bitcoin is not optimal to avoid government coercion, and believes the world needs a better option.
Times also emphasizes the advantage given by governments' inability to censor transactions or to block Bitcoin portfolios. In fact, Cointelegraph reported in April that WikiLeaks's Coinbase account has been suspended due to a service violation deadline.
However, no one can prevent WikiLeaks from using cryptocurrency portfolios in which the organization controls private keys. In fact, WikiLeaks is still accepting donations for cryptocurrencies and has also added support for Snowden's favorite Crypto Zcash in August 2017.
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