Bitcoin: a global and accessible public currency!

During the hearing of the U.S. banking committee, Peter Van Valkenburgh, Director of Research at the Coin Center, asserted that Bitcoin is “the world’s

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is also the first cryptocurrency to operate on the first public blockchain network. This technology enables anyone in the world to send and receive value across borders using nothing more than a computer and an internet connection.

Unlike other online money transfer tools, Bitcoin operates without a trusted third-party intermediary, making it the first public digital payment infrastructure. This also means that anyone can create a Bitcoin address for free to receive digital payments, regardless of nationality, race, religion, gender or solvency — a major breakthrough in enabling financial transactions without the limitations of traditional banking systems.

Bitcoin is not perfect and it’s still not accepted everywhere, but its operation without a trusted third-party intermediary is a major breakthrough. This innovation is as significant for freedom, prosperity and human well-being as the birth of the Internet. Bitcoin is still in its early stages, and if it can replace private payment infrastructures, it can also help remove other private bottlenecks in human interactions.

Currently, the private financial infrastructures owned by private companies are becoming larger and more powerful, and their failure is becoming more catastrophic. Blockchains, like Bitcoin, can disintermediate payment infrastructures and offer a more secure and accessible alternative. While Bitcoin technology is not yet ready to solve all the problems, it represents the best hope for a freer and more prosperous future.

In summary, Bitcoin represents a major step towards a public financial infrastructure accessible to all. While it is still under development, its potential to transform global financial interactions is immense, promising a freer and more prosperous future without the limitations of traditional intermediaries.

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