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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

Is Bitcoin Esport Betting the next big thing in BTC Casinos?

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Bitcoin Casinos

Ever since the creation of the first sport games, people started enjoying the betting process. As the sports grew more popular around the world, so did the betting community and other than the physical betting shops, online sportsbooks have also started to emerge. Around 5 years ago the crypto gambling industry also made strides to join the fun and Bitcoin Casino started pouring its resources into providing proper sportsbook experience for their communities of players. For several years the things were steady and the concept of Bitcoin Betting was growing exponentially. Although recent events have significantly halted the progress of sports and betting, the new alternative started gaining traction in the gambling world, and that alternative was the Esport Betting. 

How did Esport Betting become so popular?

The beginning of 2020 was unprecedented for the history of mankind and all the global business, including the gambling industry. In the month of March, most of the sports stopped because of the ongoing global Covid-19 pandemic and betting services witnessed huge losses. That’s where the Bitcoin Casino industry found a viable alternative in the virtual sport segment. Because of that, Esport Betting has become increasingly more popular and the biggest BTC Casinos started providing a huge selection of tournaments in their sportsbook section.

How to participate in Esport Betting?

Esport Betting is basically the same process as the usual sports betting.…

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Bitcoin

Bitcoin is Steadily Changing Our Lives in the Greatest Ways Possible

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Bitcoin

Bitcoin has already brought our world some of the most incredible innovation we have seen, but the best is yet to come. 

Bitcoin, cryptocurrencies, blockchain. While often regarded as mere industry buzzwords are actually the fundamentals of something far greater. Things like borderless currency, decentralized business, open-source software, collaborative technology, shared computing. These are just a scant few of the underlying principles that are taking our technology and daily lives into the future. Should these sciences be embraced, it will be a bright future indeed. 

It has become ever more transparent that humans today are living in fear. If nothing else, 2020 has brought the tidal wave of anxiety and distrust that many live in the shadow of, to a terrifying apex. We are all just waiting for the crash. While some flock to literature, or social media, or their favored news outlet, others flock to exchanges. Using platforms like the newbie friendly Bitvavo to place their bets on the future, on what could be, and what already largely is. Bitcoin and the technology that underpins its innermost workings are a preparation for a better tomorrow. An investment in a future that is already changing our lives today. 

The Point Behind the Hype 

In 2008, when Satoshi Nakamoto wrote the bitcoin white paper, few paid attention. It took years to…

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Bitcoin

AAX Crypto Exchange Announces Massive Growth Numbers in August

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AAX Exchange

As the crypto market continues to surge, new traders continue to enter the market on a daily basis.  One of the first questions that new traders have is where should they trade crypto.  While there are countless options for buying and selling digital assets, traders need to exercise extreme caution and perform due diligence to avoid scam exchanges as well as places that have limited or no volume.  While the main platforms such as Coinbase, Binance, and Bittrex will always have significant volume, their fees are known to be on the expensive side.  AAX, a next-generation cryptocurrency exchange with the lowest futures fees in the world, represents a compelling alternative that traders should consider.

Growth Announcement

A few of the most important issues to consider when deciding whether to use an exchange are the number of users and the volume.  On August 7, AAX announced that in a little over two weeks, the exchange doubled its user base bringing the grand total of registered users to over 200,000.  At this rate, AAX may surpass the million mark later this year which would be an incredible achievement and is most certainly due to a variety of factors including extremely low fees and revolutionary technology.

Institutional-Grade Exchange

When AAX decided to build its platform, it set out to meet the demands of both institutional and retail investors.  In order to achieve that goal, the exchange operates at the highest possible…

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