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During a US Banking Commission hearing, Peter Van Valkenburgh, director of research at the Coin Center, confirmed that Bitcoin is “the first globally accessible public currency”. This statement highlights the revolutionary importance of Bitcoin in the global financial landscape.
Bitcoin: a global public currency accessible to everyone!
In a 6-minute speech before the US Banking Commission, Peter Van Valkenburgh began his remarks by describing Bitcoin as the world’s first cryptocurrency operating on the first public blockchain network. This technology makes it possible to send and receive values around the world with just a computer and an internet connection. Unlike other online money transfer tools, Bitcoin works without a trusted intermediary, making it the first public digital payment infrastructure.
The absence of an intermediary means that BTC is accessible to all, regardless of nationality, race, religion, gender or creditworthiness. Anyone can create a Bitcoin address for free to receive digital payments. This global availability is a great advance as it allows 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 operation without a trusted intermediary is a major breakthrough. This innovation is as important to freedom, prosperity, and human well-being as the birth of the Internet. BTC is still in its infancy, and if we can replace private payment infrastructure, we can also remove other private blocking points in human interactions.
Van Valkenburgh points out that the current financial infrastructures, owned by private companies, are becoming larger and more powerful, with increasingly severe failures. Blockchains, like Bitcoin, can abolish payment infrastructures and offer a more secure and affordable alternative. Although bitcoin technology is not yet ready to answer all questions, it represents the best hope for a freer and more prosperous future.
In short, Bitcoin represents a major step forward towards a public financial infrastructure accessible to all. Although it is still evolving, its potential to transform global financial interactions is huge, promising a freer and more prosperous future without the constraints of traditional intermediaries.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.