An article in US Magazine Time has cited Bitcoin’s real value as being a liberating financial tool for the future.
Time claims that such quality has been overridden by “speculation, fraud, and greed in the cryptocurrency and blockchain industry, overshadowing the real, liberating potential of Satoshi Nakamoto’s invention.”
The current situation in Venezuela, is according to the magazine, a case in point. Cryptocurrency has become the go-to method for circumnavigating the all but worthless currency of the Latin American country following the collapse of the local economy. With over 2 million refugees crossing into Columbia since the economic crisis began, cryptocurrencies such as Bitcoin and Dash have been Venezuelans only viable and usable method of purchasing daily necessities.
The Time article points out that not only has Bitcoin become a tool to protect certain countries against fiat inflation, such as its potential in both Venezuela and Iran and parts of the African continent but that it also has huge potential in avoiding mass surveillance. This was disputed recently by US whistle-blower Edward Snowden however, who suggested Bitcoin was far from being an optional tool for such needs.
The paper also sees an advantage in Bitcoin’s extra level of security from being frozen out by government regulations, although earlier this year WikiLeaks’ Coinbase account was suspended due to a terms of service violation. Despite this, Wikileaks still continues to receive Bitcoin and other cryptocurrency donations due to the control of its own private keys, recently adding support for Zcash in August 2018.
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