On December 28, Time Magazine reported that Bitcoin has a real shot at liberation.
The article made various claims, one of them being that “speculation, fraud, and greed in the cryptocurrency and blockchain industry have overshadowed the real, liberating potential of Satoshi Nakamoto’s invention.”
The author of the article also pointed out that Bitcoin “can be a valuable financial tool as a censorship-resistant medium of exchange.”
An Open Money Initiative cryptocurrency researcher by name Alejandro Machado, according to a report, said that the cost of making a wire transfer to Venezuela from the United States is very costly. Sometimes the fee surges up to 56 percent for the transfer to be a success.
Therefore, to go around the uncomfortable transfer rates, Venezuelan residents devised a better strategy, and that is through cryptocurrency. They now receive payment in bitcoin from their relatives in the diaspora. In the former way of receiving money, the cash will need to be first sent to Colombia, where it would be withdrawn before being conveyed to Venezuela. The article said that this arrangement “can take far longer, cost more, and be far more dangerous than the Bitcoin option.”
Bitcoin, A Currency Devoid Of Inflation
Time proposes that Bitcoin is adequate protection from inflation which fiat currency is well known for. For example, the country of Venezuela. The country has experienced so much inflation that their country’s legal tender has inflation of about 1 million percent. Venezuela is not the only example that exists, another country to study in this context is Zimbabwe. In fact, Robert Mugabe, the former president of Zimbabwe “printed endless amounts of cash.” The author made a remark regarding that, saying:
“His successors can’t print more Bitcoin.”
The article also disclosed that the use of Bitcoin could help people avoid surveillance especially in places like China. From a report in March, Edward Snowden, a US whistleblower, said that Bitcoin isn’t the best option to evade the coercion of the government and that there is still room for a better alternative.
Bitcoin Thrives Even In The Face Of Opposition
Another thing Time made mention of is the nature of Bitcoin which makes it impossible for transactions to be censored or for Bitcoin wallets to be frozen by the government. In April, a report surfaced stating that a term of service violation made WikiLeaks’ account with Coinbase to be suspended.
Yet, as it stands, WikiLeaks will continue to make use of cryptocurrency wallets with no opposition from anyone because its private keys are in the control of the organization. Cryptocurrency donations continue to be accepted by WikiLeaks and back in August 2017, the organization added support for Zcash, the favorite crypto of Snowden.