Bitcoin has the hearts of many crypto-enthusiasts regardless of the saturation of other crypto’s in the market.
But have you ever wondered why?
Satoshi Nakamoto intention was to design and radicalize a currency which won’t fall under the jurisdiction of any specific financial institution or any form of government. Yes, Bitcoin has high transaction fees and confirmation time. But, this hasn’t stopped Bitcoin from dominating the market. It still has the largest market capitalization since the longest time.
So, when the time comes and the government finally decides to incorporate cryptocurrecny. Bitcoin would be the one they’ll go for.
The Lives Of The Poor Will Brighten Up
It’s understood that the use of Bitcoin and other crypto’s require the use of electronic gadgets such as smart phones and computers to undertake transactions. The users doesn’t have to go to the nearest bank or ATM for any transactions at all which is great and saves everyone the hassle.
Therefore, underprivileged countries where there are no banks and ATM’s are always denied loans due to the unavailability of bank accounts. Crypto’s such as Bitcoin is the solution for this huge problem. It’s very crucial to empower the backward communities for the growth of the global economy. What a sigh of relief that Bitcoin is at our service once again.
Bye Bye Corruption
Let’s not forget that the blockchain is publicly visible to everyone. Sure, it’s assumed that Bitcoin is an anonymous way to send money from one person to another. But, it’s possible to track a person’s identity using his IP address along with the public key visible on the public blockchain. Blockchain anonymity isn’t as anonymous as we like to think it is!
If and when the government solely runs on Bitcoin. The government itself will be saying no to corruption because accounts could be easily tracked through the blockchain. What more is there to ask? When a technology like Bitcoin can eradicate a fundamental problem from the face of the earth: CORRUPTION!
In simpler terms, the government will have more control and access to information through the public Bitcoin blockchain than particular banks who are in control of bank accounts.
A Happy Stable Economy
There can never be inflation because it’s inflation proof. A centralized authority doesn’t control its production. Bitcoin can fall under the jurisdiction of the government, but there is no way in hell the government can control its circulation and production.
The public would actively use the Bitcoin services and they’ll be satisfied and that’s what the government wants (the public’s satisfaction.) At least that’s what the government says to us. Nonetheless, this is why the government would prefer Bitcoin and not other crypto’s because Bitcoin provides a lot of convenience to its users.
Bitcoin Is Decentralized. Other Altcoins Not So Much!
Bitcoin is chosen over other crypto’s because of its decentralized nature and no controlling authority. It doesn’t matter how much altcoins claim to be decentralized. The fact remains, they do have particular owners and governing organizations. Take Ethereum for instance, it has Vitalik Buterin, Litecoin has Chalie Lee and the list goes on.
These people always have a certain power in their hands and their actions always have the potential to trigger some kind of reaction that can effect the prices of the crypto as well. When it comes to Bitcoin, Satoshi Nakamoto is anonymous and there is no one single entity that can effect the Bitcoin prices.
Do you think the government will prefer other crypto’s other than Bitcoin? Let us know below!