Since this electronic currency was created in 2009 by Satoshi Nakamoto, it has attracted both news and controversy. No central authority regulates Bitcoin, which has led to governments and banks claiming it is a perfect place for criminals. Some countries like El Salvador have embraced this virtual money and made it a legal tender, while others like the US are yet to legalize this digital money. If you are interested in Bitcoin trading, check bitcoin-buyer.app. These nations that are yet to embrace this virtual money, including China, have their reasons which include:
Safe space for illegal activities
Bitcoin users can remain anonymous after completing a transaction because addresses only identify them on their network. As a result, it isn’t easy to trace back a Bitcoin transaction to the sender or the recipient.
Therefore, Bitcoin is a safe place for cybercriminals to fraud people because they cannot be tracked and are anonymous. Moreover, hackers will infect popular Bitcoin exchanges with ransomware and demand payment in the form of this electronic currency.
Lack of a regulatory body
This electronic asset is entirely decentralized, meaning there is no central government that regulates its operations. Consequently, governments are looking for ways to control this digital money. On the other hand, Bitcoin is an excellent medium of exchange and a store of value, making it a better option for traders. On top of that, traders can use this virtual money to invest in products like futures.
Progressives
Most influential US progressives believe this digital currency is here to distract them from their goals. This group of progressives also includes advocates of broad visions of the role of conventional money.
However, one significant advantage of Bitcoin is that it protects the anonymity of its users. On top of that, the US’s primary and longest-serving banking system has been and is still discriminating against the black community and being racist.
On the contrary, this digital currency offers equal chances to all its traders, whether they are white or black. Therefore, this virtual currency is a getaway for the black community that feels secluded. In addition, this electronic currency empowers women and the unbanked population from developing countries who trade and purchase Bitcoin.
Economic conservatives
Even though this electronic currency will not entirely replace traditional currencies, it offers many advantages over conventional financial systems. More so, some people see Bitcoin as a perfect hedge against inflation which may seem like a threat to the central banks. That is because people who see their money being affected by inflation have the option of using Bitcoin.
New feudalists
Neo-feudalism is the renaissance of economic, governance, and public life policies. Also, these new feudalists come up with ideas and approaches that are selfless and in favor of political hierarchy. Moreover, their introduced policies may not align with Bitcoin Maximalism, especially the idea of getting rid of centralized currencies. On the contrary, new feudalism sometimes entices racism, explicit and implicit.
White supremacists
Some people see the white community as racist against the black community, and they find this digital currency as more of a convenience than essential. Prominent white people also have this digital currency to fund their operations in one way or another.
On the other hand, a few ideologies about this electronic currency do not sit well with the white supremacists, especially those who claim that this electronic currency is a Jewish banking conspiracy. As a result, all Bitcoin users and supporters must understand that anyone can use the system.
The bottom line
Bitcoin and politics intertwine in many ways. This decentralized virtual currency enables individuals to transact without intermediaries like banks and governments. However, governments feel this currency will make them lose control over financial systems and the masses. Thus, some governments are against it. On the other hand, some governments, like El Salvador, have embraced and made it a legal tender. Nevertheless, how the future will turn is only time will tell.