Bitcoin has a significant "liberation" potential, writes Time – one of the most popular magazines in the United States and around the world. The article states that:
“Speculations, deception and greed in the cryptocurrency and blockchain industries cast a shadow on the real, liberating potential of Satoshi Nakamoto’s invention.”
As the author writes, Bitcoin "can be a valuable financial tool as a means of exchange not subject to censorship."
Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, said that the fee for cashless transfer of funds from the US to Venezuela can be 56%.
To circumvent these conditions, Venezuelans, the article says, turned to cryptocurrency, receiving bitcoins from their relatives abroad. The main alternative to cryptocurrency is the transfer to Colombia, withdrawing money there and exporting it to Venezuela. As Time writes, “this is much longer and more dangerous than the Bitcoin version.”
The magazine suggests that bitcoin is a good way to protect against fiat currency inflation. And Venezuela is the best example of this, since its national currency has fallen in price by a million percent. Approximately the same situation in Zimbabwe, where former president Robert Mugabe "printed an infinite amount of money."
As stated in the article :
Bitcoin can also be used to break out of total control in countries like China. Time, in addition, points to the advantage that the government is not able to freeze Bitcoin wallets . Although in April it was reported that Coinbase crypto- freeze froze its WikiLeaks account due to a violation of the terms of service.
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