Here Is The Real Impact Of Bitcoin! A Borderless Currency For A Freer Future

During the hearing of the U.S. banking committee, Peter Van Valkenburgh, Director of Research at the Coin Center, asserted that Bitcoin is “the world’s first globally accessible public currency.” This statement underscores Bitcoin’s revolutionary importance in the global financial landscape.

Bitcoin: a global and accessible public currency!

In a 6-minute address before the U.S. banking committee, Peter Van Valkenburgh began his remarks by describing Bitcoin as the world’s first cryptocurrency operating on the first public blockchain network. This technology enables sending and receiving value across the globe using just a computer and an internet connection. Unlike other online money transfer tools, Bitcoin operates without a trusted intermediary, making it the first public digital payment infrastructure.

The lack of an intermediary means BTC is accessible to everyone, regardless of nationality, race, religion, gender, or solvency. Anyone can create a Bitcoin address for free to receive digital payments. This global accessibility is a major breakthrough, allowing financial transactions without the constraints of traditional banking systems.

BTC for a freer and more prosperous future

Bitcoin is not perfect and is not yet accepted everywhere, although its functioning without a trusted intermediary is a major breakthrough. This innovation is as significant for freedom, prosperity, and human well-being as the birth of the Internet. BTC is still in its early stages, and if private payment infrastructures can be replaced, other private bottlenecks in human interactions can also be eliminated.

Van Valkenburgh emphasizes that the current financial infrastructures, owned by private companies, are becoming increasingly large and powerful, with increasingly severe failures. Blockchains, like Bitcoin, can disintermediate payment infrastructures and offer a more secure and accessible alternative. Although Bitcoin technology is not yet ready to address all issues, it represents the best hope for a freer and more prosperous future.

In summary, Bitcoin represents a major step towards a public financial infrastructure accessible to all. Although it is still in development, its potential to transform global financial interactions is immense, promising a freer and more prosperous future without the constraints of traditional intermediaries.