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Here Is Why Bitcoin (BTC) Does Not Need the SEC, Wall Street and an ETF to be Great

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Bitcoin

When the Bitcoin (BTC) ledger was launched back in 2009, Satoshi Nakamoto intended for the network to facilitate a peer-to-peer electronic cash system that was independent of third party financial institutions. Satoshi had more or less implied that these latter institutions had gained control over the global payment systems as well as our way of thinking as to how we should conduct day to do business.

In Bitcoin’s whitepaper, Satoshi had this to say in the abstract section of the document:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending.”

He would also add the following in the introductory section of the same document.

“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.”

What he meant by this, is that the Bitcoin network could completely eliminate the need for financial institutions in everyday commerce. This would, in turn, reduce transaction costs, solve disputes quicker – since transactions are immutable on the ledger – as well as allowing two parties to transact without the need for a third party to validate the transaction. We would also have our ‘money’ neatly stashed away in our encrypted wallets away from banks that can use the money to make profits without our knowledge (which they do).

Therefore, do we really need Wallstreet and an ETF to validate the value of Bitcoin?

In a sense, we do not need Wallstreet. One is tempted to say that our thinking has been ‘polluted’ by the old model of doing things. We have been led to believe that we need the reputable financial institutions and governments to tell us that a payment product, such as Bitcoin, is great.

You can also argue that the same financial institutions have the right to use Bitcoin and its open source code to further their cause in the same industries that they thrive in. Bitcoin is completely permission-less. Therefore, it is within their rights to seek regulation of products such as ETFs.

Summing it all up

We, the users, need to remember what attracted us to Bitcoin in the first place. We were tired of high transaction costs while using regular payments avenues; institutions having our personal information, and we wanted to regain back our right as The People with a decentralized currency and network.

We have been led to believe that we need Wallstreet and an ETF to validate the precious Bitcoin and the other 1,700 or so cryptocurrencies in the markets. The fact remains that we do wield some power to determine the future of our digital assets.

Remember the SEC received over 1,300 public comments on their website for the CBOE Bitcoin ETF. This is one reason they chose to postpone their verdict. We, the people, let them know who is boss.

We can also opt not to care about the SEC and Wallstreet. We can opt to continue with business as usual in the crypto markets as well as using our digital assets as a means of payment for our day to day activities. We can manage to make BTC a global currency.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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