The Power of Bitcoin Against Intrusion and Oppression

Bitcoin is the first-ever decentralized and peer-to-peer digital currency. As most people know, it was introduced by Satoshi Nakamoto in 2009. It’s based on cryptographic digital signatures and proof of work which makes it secure. The network of Bitcoin is completely decentralized, which gives it the power against intrusion and oppression from any sprawling institutions such as banks, corporations, and governments. As long as there is internet, and as long as the users can exchange short messages, Bitcoin will continue to the function of its network and still be able to maintain its security features.

Bitcoin provides anyone in the world who has internet access, the capability of sending any reasonable amount of value, for instance, from $100 to $1 billion. They can send this to anyone else wherever in the world in just a matter of a few minutes. The transaction fees for doing it is a lot lower compared to wire transfers or any other bank fees. And the best thing about it is that this can be done without a need for any help or permission from any bank or any third party government.

Imagine the intrusions and oppression that happen in this physical world if Bitcoin does not exist. If someone sends quite a hefty amount of let’s say $30 million to someone who is in Pakistan through a wire transfer. The bank will most likely intrude and question the legality of the source of the money that was being transferred. Or let’s say you’re traveling, and you are carrying more than $10K. You will have to go through a series of questioning by the authorities, and worst if you are going to a country like Cuba for instance. With Bitcoin, these scenarios don’t happen.

People who are using Bitcoin with their transactions do not have to worry in case the company who operates the payment system ceases operations in instances such as when the government shuts it down, or it goes bankrupt. This is because Bitcoin does not belong to any company or organization, and it's fully operational on its own with bases on the rules of protocol. Bitcoin provides the security of your payment network and is free from any circumstance of ceasing to incentivize operations.

Further to this, the government has no way of connecting any Bitcoin address to any person or entity even if we assume that they know that a specific Bitcoin address exists. They will not know even a rough estimate of geographical location. That is of course, on the premise that the user has taken the necessary precaution. If so, this makes the user free of any possibility of a ban or confiscation from the government. They will have no way of discovering the digital signatures or private keys of the Bitcoin address, which is what provides the power of control over Bitcoins that reside in that address.

Clearly, Bitcoin was a powerful step against the intrusions and oppression from the banks, corporations, and the government. In a nutshell, Bitcoin’s decentralized method of payment frees it from any country’s restrictions and is fully independent of any governance. Albeit, it is worth mentioning that there are already major governments that are allowing space for the growth of Bitcoin and other cryptocurrencies, which therefore encouraged many crypto advocates who own vast wealth, to do everything in their power to protect crypto from the intrusion of the government and other oppressing parties. Indeed, decentralization is a new democracy.


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