Bitcoin is very important because, earlier it existed, and there was not any true type of the digital gold. Existence of the digital and cash-like asset generally opens up the new world of the opportunities that will just not at all be possible through centralized internet currencies of past. The bitcoin investment creates this possibility for the privacy in the online transactions that will not at all be possible when there’s the regulated bank and other financial organization for the payment processing. Criminals are not only ones that must care about the online privacy. The online privacy is very effectively part of a personal security nowadays.
Simple to Take Away
In addition, bitcoin is more useful for people who stay under the authoritarian regimes who want to control each aspect of local people’s lives. For instance, people who want to flee somewhere with the personal savings will do so very easily with the bitcoin passphrase, which they have memorized than with any type of the physical vessel for the wealth storage.
Bitcoin has proven very useful as way to get over many onerous financial rules seen in the world. Today world is becoming more and more cashless society that will sound good at first however comes with the large amount of the dystopian baggage. Without things like bitcoin, world’s financial system efficiently becomes the tool for the mass surveillance since more activity will be done through the smartphones rather than the physical cash.
Lots of economists or governments across the world will like to see the movement away from the cash for various reasons. For instance, cashless society will allow the central bankers to easily implement the negative interest rates. In addition, lawmakers will more easily collect their taxes, enact the capital controls, or control the people’s money while they may simply tap the bank on shoulder to get access to financial history or money itself of anyone.