Bitcoin (BTC) has significant liberating potential, American mainstream newspaper Time reports.
In an article published on December 28, alleged that bitcoin "can be a valuable financial tool as a censorship-resistant medium of exchange". In addition, the author insists that "speculation, fraud and greed in cryptocurrency and the blockchain industry overshadow the real liberating potential of the invention of Satoshi Nakamoto".
Alejandro Machado, a cryptocurrency researcher at the Open Money Initiative, said the fees for bank transfer from United States to Venezuela may reach 56%. Not to pay such fabulous Commission, Venezuelans use the cryptocurrency, getting bitcoins from their relatives abroad. The only acceptable alternative is the transfer of money to Colombia, withdrawals and they import to Venezuela. The article emphasizes that this method is not security, but it requires much more time and resources. Option offer bitcoin, relieves people from these problems.
Time assumes that the bitcoin is a good way to protect against inflation of fiat currency. In the same Venezuela, the inflation of the national currency, experts predict, will soon exceed one million percent. A similar situation occurred in Zimbabwe, where ex-President Robert Mugabe has ordered the printing of an incredible number of banknotes. However, the author explicitly States that his successors will not be able to do the same with bitcoins.
Bitcoin is also a tool to evade mass surveillance. However, he is still far from perfect: in March of this year, the American technical expert and former intelligence officer Edward Snowden said that bitcoin is not optimal for bypass of pressure from the state.
Although the Time also noted the benefits of bitcoin, which deprive governments of the ability to censoring transactions and freeze the bitcoin wallets, in April of this year, the WikiLeaks account on cryptocurrency exchange Coinbase was blocked allegedly due to violations of the rules.
However, nobody can prevent WikiLeaks the use of cryptocurrency wallets and controlled of all private keys. In fact, WikiLeaks continues to accept donations in cruptocurrencies, especially in Zcash — a favorite digital asset of Edward Snowden.