Bitcoin (BTC) Most Important Quality Is Its Censorship Resistance, Scalability Will Follow
a bank account, the bank and other third-party entities have the power to
control when and how you send or receive funds. Bitcoin (BTC), on the other
hand, gives you the freedom to send and receive funds whenever and wherever you
want. That’s just one. Overly, Bitcoin’s most outstanding quality is its
censorship resistance; there’s no interference from the government.
Bitcoin, And the US Government
the case of Julian Assange, the founder of WikiLeaks, an organization helping
unearth ills in government and other sectors around the world, the United
States government influenced fiat payment processors like Visa and Mastercard
not to process donations to WikiLeaks or its founder.
But Assange had a way out; Bitcoin (BTC). The founder announced in 2010 that he would be accepting donations in Bitcoin. However, Bitcoin’s anonymous creator, Satoshi Nakamoto, reportedly requested Assange not to use the king crypto since it was still in its early days and it would draw unnecessary attention.
Assange honored the request, he activated Bitcoin donations
on June 14 2011.
government leads people to Bitcoin. As a side note, the US government’s
involvement with Assange’s case caused others to invest in Bitcoin.
“My deepest thanks to the US government, Senator McCain and Senator Lieberman for pushing Visa, MasterCard, PayPal, AmEx, Moneybookers, et al, into erecting an illegal banking blockade against WikiLeaks starting in 2010. It caused us to invest in Bitcoin—with>50000% return.”
Assange has been having trouble liquidating his Bitcoin donations because
cryptocurrency exchanges like Coinbase which have fiat options are reluctant to
offer services to the WikiLeaks founder.
But even in such a case, Bitcoin users can evade such censorship by turning to Bitcoin ATMs to send, receive, and to liquidate their Bitcoin holdings. Apart from enhancing its ability to circumvent censorship, a Bitcoin ATM adds an anonymity layer.
Scalability Is Not
A Problem, Pictures Also Took Long to Download
Bitcoin critics mocking the top coin for being slow in processing transactions,
Wences Casares, the CEO of Xapo, a firm providing a Bitcoin cold storage vault
plus a BTC debit card, came to its defense.
“Bitcoin is designed to function adversarial. It does not require or need cooperation per se. Although it is open source which is cooperative in nature. Cooperation is organic among low time preference people whose interests align through Bitcoin.”
if Bitcoin’s most important quality is being resistant to censorship, Bitcoin
developers have already rolled up their sleeves to enhance its scalability.
This has been demonstrated by the birth of the Lightning Network (LN), layer-2, scalability option that allows for instantaneous transactions while keeping Bitcoin blocks at 1MB. At first, LN was meant to handle small payments. However, over time, its capacity is increasing and currently stands at over $1.4 million. In a single second, the Lightning Network can handle 50K transactions but can scale to billion.