Why Governments Are Wary of Bitcoin

Why Governments Are Wary of Bitcoin

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  1. States consider that monetary creation should remain their sole responsibility. History has shown that central bankers cannot be trusted to use this power of money creation wisely and thoughtfully.

    In history, it is only recently that the states have recovered this power.

    The people must regain power over their money. Bitcoin is the solution invented by Satoshi Nakamoto to allow the people to fight against the states by taking back control of their lives.

    It is obvious that such a paradigm shift scares the powerful people at the head of the current system.

    They don’t want to accept the idea that a more just and inclusive system for the majority could emerge. Yet they will have to come to terms with it, because you cannot stop an idea whose time has come.

    Bitcoin’s time has come. Its success is inevitable.

  2. tldr; Some governments fear that bitcoin can be used to circumvent capital controls and money laundering. Bitcoin users don’t need the existing banking system. The currency is created in cyberspace when so-called “miners” use the power of their computers to solve complex algorithms that serve as verification for bitcoin transactions. If bitcoin or another cryptocurrency becomes widely adopted, the entire banking system could become irrelevant.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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