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Time magazine: "Bitcoin development should be a priority for the whole world"

Bitcoin-development-should-be-a-priority-for-the-whole-world Time magazine | Bitcoin development should be a priority for the whole world

Time magazine published an article saying that a cryptocurrency "has a meaning for freedom" and is a "way out" of authoritarianism.

According to the author of the article, Alex Gladstein, transactions protected from unauthorized access and state control open up the possibility for inclusion in financial transactions, and mean that the world should spend more time developing Bitcoin.

"If we invest the time and resources to develop user-friendly wallets, more exchanges, and better educational materials for Bitcoin, it has the potential to make a real difference for the 4 billion people who can't trust their rulers or who can't access the banking system," it wrote December 28.

In the words of a journalist, of course, there is a grain of truth. In the middle of the month, it was reported that P2P markets in Latin America continue to show record trade volumes. This is mainly due to the fact that many economies in the region suffer from hyperinflation and citizens use Bitcoin in an attempt to protect their savings.

However, the publication does not always refer to cryptocurrency so favorably. Recently, in October, the magazine stated that Bitcoin "only exacerbates the situation," especially when it comes to women's access to banking services. The publication also made contradictory statements about the industry, including the description of the blockchain as "a more respectable cousin of cryptocurrencies".

The last article points out the lack of confidentiality that has become a problem due to the reduced use of cash. It is assumed that the "innovative" options, such as Venmo from PayPal, are actually accompanied by many reservations.

"It's essential that we explore electronic money that can preserve the peer-to-peer quality of cash for future generations," writes the author of the article.

"When you pay someone with software like Venmo, you might use three or four financial intermediaries, even though the recipient might be standing in front of you. Each intermediary can potentially censor, surveil, and profit."

In terms of distribution, Time favors the Lightning Network, a second-level solution for scaling the Bitcoin network, which reached a record throughput of 500 BTC ($ 1.8 million) last week. 

SOURCE

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