Bitcoin rules: no more milk for Fat Cats!
Recently, Time magazine published a great op-ed piece about “Bitcoin that matters for freedom.” In addition to heart-rending details on a grim fate of Venezuelan refugees, you get the main idea: adopting Bitcoin offers a chance to get rid of hyperinflation and strict financial controls. On the one hand, it’s a shame that Satoshi Nakamoto’s brainchild has to deal with things like speculation, fraud, and trivial greed. On the other hand, people living under authoritarian governments can use decentralized money as a full-value financial tool to resist censorship.
“For billions living under authoritarianism, it can be an alternative money system and an escape from economic control. And for all of us, it preserves the peer-to-peer virtues of cash in an increasingly digital financial world,” tweeted Alex Gladstein, the author of the article.
Long walk to trust
So far, the wealth gap is wide enough to be contrasted with a precious image of cryptocurrencies as the for-all-of-us money. That actually means that Wall Street fat cats will rule for a while. Poorly controlled wealth/power and widespread trust don’t go together. At the same time, fiat currencies don’t actually need to win human beings over. The reason is, they are widely used for a kazillion years. As for crypto coins, they need to address financial social disparities to “capture the hill.”
Free market, straight ahead!
Anyway, general prospects for Bitcoin and common altcoins are quite promising. These days, lots of IT-savvy guys including business owners and developers work hard to present their own crypto-related projects. The point is to help the “unbanked” layers of the new-age world gain access to the global economy. In simple terms, P2P cash stands for making the global market free for all players, regardless of the wallet size. No more milk for Fat Cats!
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