Research Says Bitcoin To Be Best Method Infringing Laws

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This portion is a part of an interview by Jill Carson who is the co-founder of the Open Money Initiative, a non-profit research organization working to spread awareness and the right to a free and open financial system, and co-organize the ‘What Grinds My Gears’ podcast. She also works as an advisor and consultant for startups including Risk Labs, dYdX, CoinList, Algorand, and Tezos. This does not imply that Crypto value is any less important or meaningful. She was asked in an interview that why still now, even after 10 years of its inception, Bitcoin has not gone the mainstream way? She replied, that Bitcoin is not measurable with conventional scales, it functions very slowly, it is expensive and volatile and difficult to use, all at the same time. She thinks maybe Bitcoin was never meant to be mainstream.

According to her, to date, we have been measuring the utility of Cryptocurrency in a faulty method of measurement. We need more time to understand and perceive Crypto value.  Going by the blueprint of Cryptocurrencies they are not made to solve traditional problems with money and currency. Measurability, momentum, and cost are some of the most conventional problems that people from all over the world, face with money, finance, starting from daily lives to international share markets. Credit card signals decrease potentially. Trades in stock markets sometimes take more than a week to clear. Wire transfers of money are pretty expensive. In some cases, cryptocurrency offers a solution to these problems to a certain extent but that cannot be a permanent one. Looking closely, blockchain-based systems often fail to conform to traditional currencies and solve the problems in the long run.

Image Source: static.independent.co.uk

Though these problems or shortcomings don’t necessarily show any fault in the design. In fact, it balances international problems. Decentralized systems leave alone the features like cost, speed, and scale in favor of one feature that is to resist censorship. In cases as such, crypto value plays an important role. Cryptocurrency help people and business houses to make transactions that can be censored. Sadly, people don’t understand the role of, cryptocurrency in daily lives.

Some of the instances can be produced here, which are under censorship, prohibited. In these cases, Bitcoin and other, Cryptocurrency play their roles. For example, purchasing drugs from the dark web, buying US dollars in Argentina, paying off a sex worker, sending money to a friend in Iran, these are some typical examples of censored transactions. Some more we can have here, like, buying something online as an unbanked individual, trading cannabis as a dispensary, receiving money from Venezuela, supporting the dissidents from Hong Kong. The primary purpose of, Crypto value is to engage in financial activity which is otherwise is likely to be censored.  This is the stated objective of Cryptocurrency.  The creator of Bitcoin described it as a tool of freedom; he has compared Bitcoin with other peer to peer signal designs which are likely to be censored.

Image Source: www.code-brew.com

This opinion is not to demean or devalue any hard work of anyone who has tried and worked towards the betterment of decentralized technological improvements. A plethora of brands is cooperating to give mankind more user-friendly wallets, on-ramps, and exchanges.

From the industrial point of view, we take a lot of effort and spend time considering that what are the ways where e we can use, Crypto value to solve the traditional problems with cost, scale, and speed. In spite of this all, we can say that it would be an injustice to judge the Crypto value on the base is of traditional metrics.

Source: Yahoo Finance


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