Bitcoin threatens monopoly of the financial elite - developer
Photo: AFP
Bitcoin epitomizes real free trade and is a necessary tool to bolster free speech, Amir Taaki, one of the Bitcoin project developers, told RT.
Banks and the governments of several countries
treat Bitcoin as a "threat" to the current financial system, said
Taaki, but the thing is the virtual currency threatens the powers of all
institutions which manipulate the economy in their favor. They will
mobilize against Bitcoin to protect their monopoly over the economy,
Taaki added.
Bitcoin is a tool for "proper free trade,
not the fake kind where you need to register corporations or companies,
and then you’re shut out of the market because of regulations", the
developer said.
Moreover, current payment systems are
used as a political tool to shut down freedom of expression on the
Internet, while Bitcoin cannot be subjected to censorship. That’s why
Bitcoin is so important, said Taaki.
Bitcoin is "a type
of currency which is not overseen by central banks, governments or
states, and there are no restrictions on how you can use it", added
Taaki.
According to the developer, Bitcoin allows you to
send money through the Internet without the intermediaries. "It means
total control of your money", he said.
"You can’t stop
people from doing trade with each other", said the developer, adding
that Bitcoin is a proper tool for free trade.
Bitcoin
(BTC) is a digital currency first described in a 2008 paper by
pseudonymous developer Satoshi Nakamoto, who called it a peer-to-peer,
electronic cash system. Bitcoins can be transferred through a computer
or smartphone without an intermediate financial institution. Based on
digital signatures, payments are made to Bitcoin "addresses" or "public
keys". Various vendors offer banknotes and coins denominated in
bitcoins; a Bitcoin "private key" is sold as part of a coin or banknote.
Bitcoin is accepted in trade by merchants and individuals in many parts
of the world.
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