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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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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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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Bitcoin

New Tendencies of Bitcoin Gambling

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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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