This is a collaborative post: Long gone are the days when Bitcoin was mainly associated with illegal product trade, tax evasion, and cyber extortion. While one could technically still use it as a means of payment for such nefarious deeds, the most popular cryptocurrency has now reached mainstream adoption, meaning you can use it to pay for products at numerous online stores.
In fact, Central African Republic has declared Bitcoin as its official currency, following in the footsteps of El Salvador, the very first country that made such a decision. Granted, the lawmakers chose this path for reasons other than privacy, most of which have to do with overcoming the devastating effects of inflation. But it certainly goes to show that Bitcoin is something that is to be taken seriously, not only by a bunch of geeky kids who are sitting in their garage tinkering with gadgets, but by a whole nation. And that says a lot.
One way this does indeed relate to privacy is the fact that you won’t be drawing any unnecessary attention to yourself solely for sending, accepting, or storing Bitcoin. After all, you’d be one in a million, and quite literally so – Glassnode, a blockchain research company, posted the figure as an estimate. Of course, this is just one example of Bitcoin’s numerous benefits that we’ve yet to cover.
Aren’t you tired of your bank having a say regarding who you’re allowed to be sending money to and in what quantities? Although banks are mostly doing this for compliance and security reasons, some people experience it as a violation of their privacy. Bitcoin, on the other hand, doesn’t have a central storage point – rather, the coins are spread across the decentralized blockchain network.
If you’re an avid gambler, you may have encountered a case where your bank decided to block you from making a deposit to your casino of choice. As infuriating as this may be, we suggest exploring other options – in this case, crypto casinos. For instance, Bitcasino is a casino that has been around for 7 years and only accepts cryptocurrencies. If the transaction is performed using Bitcoin, no bank will have the power to stop it or have any kind of say in the process, which is great news for those who place a great deal of importance on their personal liberty and freedom.
Besides privacy, Bitcoin might just be the solution to your other banking woes. Thanks to the speed of transactions and low fees that are associated with it, you can get the funds from point A to point B in a matter of seconds. Since the blockchain network is operational 24/7, you won’t need to wait around for business hours to initiate a transaction like you would when dealing with a traditional bank, and, as already stated, no one will be sticking their nose in your business.
Also, if the local banks are giving you a hard time about opening a bank account in the first place, well, Bitcoin is the solution. In some cases, it’s the case of abiding by the law, in others, it may be due to something like prejudice. Bitcoin gives the control back in your hands in this regard. If you’re a merchant, you could also make the decision to accept payments in Bitcoin exclusively. This way, you won’t ever encounter any kind of chargeback fraud, since Bitcoin transactions cannot be reversed.
One final aspect of Bitcoin that’s left to cover is its pseudonymous nature. In other words, the level of anonymity it provides depends on its user. If, for example, you’re asked to go through a KYC procedure, there will be a real-world identity associated with your Bitcoin wallet, thus making you traceable by the authorities if need be. Depending on your unique situation and country of residence, this may or may not be an issue; in any case, it’s just something to keep in mind. For true anonymity, it’s better to stick to Bitcoin ATMs and street sellers.
As a cryptocurrency, Bitcoin is a privacy-oriented solution that addresses many problems related to traditional banking.
Source: Pixabay
All in all, Bitcoin effectively addresses many problems, so it’s here to stay. No one knows how big it’s going to get from an investment standpoint, but it does have all the solid fundamentals for it to become an essential part of modernized digital society. How its built-in privacy will be looked upon by the lawmakers in the future, however, is anyone’s guess.