This is an introductory opinion piece by Kelly Slaughter, associate professor of professional practice at the Nellie School of Business at Texas Christian University.
As the election approaches next month, it is nearly impossible to find common ground between liberals and conservatives. But there is one theme that should unite red and blue voters: keeping bitcoin free from government regulations.
To make this case, compare bitcoin to a potential central bank digital currency (CBDC), which is currently being explored on the recommendation of The latest White House report. The CBDC failed to provide all the advantages of Bitcoin during this time Introducing new risks.
The attraction of Bitcoin and other cryptocurrencies is that they are not subject to a centralized decision-making process. With a central bank digital currency, the government can freeze digital accounts. As a redundant system, transactions between bitcoin holders cannot be restricted. Inspired by the same fear that your assets could be accessed at the whim of any party in power, red and blue should agree to the benefits of the platform without a selective “stop” button.
The White House report notes that CBD can promote financial inclusion and equity by enabling access to a wide range of consumers. Bitcoin is in a better position to do so. Roughly 5% of American households”Without bank accounts“i.e. they do not have savings accounts or current accounts. The top two Reasons The inability to do business with the banks is the inability to meet the minimum requirements and the lack of confidence in the banks. Bitcoin does not require a minimum balance and does not require trust in a governing institution.
In fact, Bitcoin the most important They are located in poor countries with high rates of unbanked households and distrust of institutions. Good social possibilities like Direct Transfers Huge. Liberals and conservatives may come on this topic from different perspectives, but both see the value in providing a financial infrastructure for those who don’t have it.
Bitcoin is the most transparent financial system that has ever been introduced and there is no central authority deciding what is transparent and what is not publicly available. Anyone can access historical and current Bitcoin data. Even the code that powers Bitcoin is open to public review, including what changes were made and when.
The opportunities to benefit from this transparency are enormous. What if you pay your taxes to a government bitcoin address? What if sellers were paid with bitcoin? What if the government and sellers had to share their addresses publicly? We will have the most financially transparent government ever, accountable to the blue and red sides of the aisle.
There are a number of legitimate criticisms leveled at Bitcoin. Regarding energy use, proponents and critics agree that reducing energy use is a worthwhile endeavor. We can then learn about the progress of moving in to me Green color mining.
What about brutal and illegal activities? Bitcoin proponents are keen to get this kind of activity out of the system (although in fairness, what is the standard for an honest system? Are we asking for more Bitcoin than other systems?). Whereas transparency alone can work against dishonest activity as shown in legal spasm As for cryptocurrencies, many Bitcoin proponents would like to work with the government to introduce reasonable regulations.
Bitcoin faces significant volatility and speculation. This is not a behavior we want in a currency and an issue recognized by all Bitcoin advocates. But we analyze Bitcoin from the perspective of 2022 as if the nature of money is constant. In the history of our country, we accepted foreign currency for official spending and allowed banks to print their own currency. The idea of what money does and how it behaves develops. Bitcoin is just over a decade old and, if allowed, will also evolve based on our technical, economic and social preferences.
Bitcoin is not a substitute for the US dollar, it is an alternative. We accept that the US dollar is an alternative currency, officially And as per custom, all over the world. Barter without currency at all still exists legal. We are aware of a number of ways people can deal with it. Both the red and blue parties understand the value of having financial options – bitcoin is another option with unique benefits.
Bitcoin opponents argue that Bitcoin has no intrinsic value, unlike government-backed fiat currency. But what is our government but an agreement among the citizens? Accordingly, citizens have the power of agreement in recognizing bitcoin as a medium of transactions. With proponents on the right and left, let’s agree to allow Bitcoin to continue to evolve as a voluntary way for parties to choose to conduct business.
This is a guest post by Kelly Slaughter. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.