Chamath Palihapitiya, the possessor of the $2.6 bln NBA squad Golden State Warriors, late stated that Bitcoin is the ultimate insurance policy against autocracy in addition to currency curbs.
Bitcoin is a unique shop of value, short town network in addition to digital currency inward the feel that it offers absolute fiscal liberty in addition to independence to its users. Within Bitcoin’s peer-to-peer network, users tin post each other transactions or payments amongst the absence of intermediaries in addition to 3rd political party service providers.
Palihapitiya described Bitcoin equally the insurance policy against autocracy, or a authorities amongst absolute power, in addition to currency curbs because of its decentralized nature. Central entities or authorities can’t perhaps censor, restrict, manipulate in addition to command the Bitcoin network.
For this reason, to forestall Bitcoin moving over to the over-the-counter (OTC) marketplace position that is arguably much harder to oversee in addition to surveil, governments were forced to adopt in addition to regulate Bitcoin against their will. Regulated or non people volition soundless purpose Bitcoin. With regulatory frameworks, however, Anti-Money Laundering (AML) in addition to Know Your Customer (KYC) policies tin live on used to the wages of the authorities to position Bitcoin users.
However, the emergence of privacy-focused 2 layer solutions such equally TumbleBit could potentially offering consummate fiscal privacy to users because it tin obscure both inputs in addition to outputs to homecoming Bitcoin transactions anonymous.
Bitcoin equally insurance policy against currency curbs
Over the past times twelvemonth in addition to a half, since early on 2016, high profile in addition to institutional investors convey begun to perceive Bitcoin equally a rubber haven property or digital gold. Hence, investors inward China, the the States in addition to Nippon convey begun to rely on Bitcoin to protect themselves against abrupt fiscal troubles or currency curbs, essentially using Bitcoin equally a wealth management product (WMP).
Such reliance in addition to dependence on Bitcoin has led to a surge inward the need for Bitcoin in addition to granted Bitcoin to a greater extent than or less other identity apart from its primary identity of digital currency in addition to digital cash. This was outlined past times Bitcoin creator Satoshi Nakamoto inward the Bitcoin white paper.
Palihapitiya equally good commented on the comparing betwixt digital property Ethereum in addition to Bitcoin, when he was asked why he personally prefers Bitcoin over Ethereum.
He responded:
“Coke v Pepsi. Pick the to a greater extent than mainstream pick that to a greater extent than people tin easily consume. Both volition brand money merely bigger is ever better.”
Simply put, Palihapitiya explained that Bitcoin has the resources in addition to marketplace position to plow over mainstream adoption ahead of Ethereum.
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