This article specifically addresses some of the points that often criticize bitcoin.
The core value of Bitcoin is an uncontrolled, non-political common currency. For some people, this means that Bitcoin is only for those who want to circumvent the global financial system and various regulatory requirements.
- Bitcoin extortion, revealing underground rivers and lakes that you don’t know
- Witness history! Bitcoin plunges sentient beings: mining circle under pressure, exchange shuffled
- The central bank’s digital renminbi is coming out, and the Bitcoin Librae currency is going to be cool?
- Monthly market report|Investor's profit ratio was close to 70% in June, and BTC chain transaction volume rose by 72%.
- The difficulty of BTC mining hits a new high. Is the miner optimistic about halving expectations and continuing to increase? Still riding a tiger?
- Compared with Bitcoin, will Ethereum be more risky in the past six months?
To some extent, the arguments of these bitcoin critics have some truth. Bitcoin is really useful for criminals because it is as convenient as cash. However, Bitcoin's license-free features also bring new use cases and scenarios.
Bitcoin is just a tool. This tool can be used by both good and bad guys.
Non-criminal personnel in developed countries
In developed countries, bitcoin is an important part of the speculative market. People often bet on the future potential of this new digital asset. This is not a crime.
Many people will speculate on other digital currencies other than Bitcoin, and others have already considered Bitcoin a reliable means of value storage because its monetary policy can avoid corruption and inflation.
In addition, in the United States and Western Europe, Bitcoin also has some non-speculative use cases.
If someone wants to protect their financial privacy online, Bitcoin is often considered the best choice. Although privacy currencies such as Monroe and Zcash also have a certain market, Bitcoin is still popular in the market due to its privacy improvement settings and various network effects.
Seeking privacy doesn't necessarily mean doing something illegal. Especially considering Facebook's recent privacy disputes, more and more people will pay more attention to third-party personal data.
In addition, there are many other bitcoin-related use cases in developed countries, such as saving money on Amazon by timestamps.
In addition, it should be noted that "criminal activity" is a relatively subjective term. Technically, some Bitcoin users may be criminals, but this behavior may also be largely accepted by another part of society. Does anyone really care about other people buying a small amount of marijuana on the black market?
Moreover, illegal behavior in one country may be legal in another.
Non-criminal personnel in developing countries
Bitcoin has long had the potential to provide financial services to people without bank accounts. While this may be overstated, for now, Bitcoin does provide quality digital assets to users in many developing countries (especially in countries with high inflation) and helps them better access the Internet economy.
Due to identity and reputation issues, it is difficult for banks to provide services to users in certain markets, so Bitcoin can help fill the financial gap in the region.
The local government will also have difficulty controlling Bitcoin as a way to access the global economy. For example, households intending to leave Venezuela tend to have deposits on the Bitcoin private key rather than holding physical assets such as cash or gold.
Those who don't believe that developing country users will want to hold risky assets like Bitcoin should look at some applications that allow users to link the value of Bitcoin to real-world assets.
Users in developing countries also occupy a large segment of users who can use Bitcoin to shop. Most of the credit liquidity Amazon provides for the site is said to come from Amazon Mechanical Turk workers in developing countries.
Whether in developed or developing countries, users rely on digital value storage methods like Bitcoin. Just like the development of the Internet itself, Bitcoin's unlicensed features will bring more value to the world.