Why Cryptographic Currencies Matter
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omarabid.com
Now here is the point that matters: Whatever is your ethnicity, race, religion, nationality, credit score, job, or social status; you are free to use, hold and transact with Bitcoins.
And which currency or asset does require nationality or color certifications??? Seriously, is this an argument?!
Today, a huge number of people face restrictions when opening a bank account. Some people are restricted access to foreign currency and can’t make international transactions. Some people may not be able to start a business because they can’t have a bank account for silly reasons related to their background or looks.
And these people are now saved by bitcoin????? Are we talking about drug, army or other illegal transactions or are we talking about regular people? Because, when you have problems with a bank it usually boils down to you NOT having MONEY!!! And if you don't have MONEY I don't see how bitcoin is going to save you.
It’s interesting that there is a huge highlight these days on Privacy; and yet there is no mention of economical freedom.
There's a clear misunderstanding of bitcoin, currencies, the economy the world and the universe as a whole...
Many countries have currency restrictions. While you can hold foreign currency in paper format, you can't do most of the transactions as you'll need a bank account or a middle men (like Western Union).
Discrimination is also prevalent in banking. Just because you didn't have issues, it doesn't mean discrimination doesn't exist.
And these people are now saved by bitcoin?????
Bitcoin is too early, small and volatile to be usable today at a large scale. But that's not the point.
Are we talking about drug, army or other illegal transactions or are we talking about regular people? Because, when you have problems with a bank it usually boils down to you NOT having MONEY!!! And if you don't have MONEY I don't see how bitcoin is going to save you.
That's like saying if you've got nothing to hide, you've got nothing to fear.
Many countries have currency restrictions. While you can hold foreign currency in paper format, you can't do most of the transactions as you'll need a bank account or a middle men (like Western Union).
How are you planning on buying bitcoins since no one, as far as I know, is going to pay you in BTC. You still need a middleman to get access to that currency and the most secure way is via exchangers that are accessible via bank-accounts (coinbase, mtgox, e-btc, etc.)
Discrimination is also prevalent in banking. Just because you didn't have issues, it doesn't mean discrimination doesn't exist.
Sure it exists, between poor and rich. There was always in mankind history this strong discrimination. But I don't see any specific examples of other kind of discrimination here, I can't come up with any and you're not helping me either. In which cases, you have the money/assets, but you can't buy USD/EUR/Gold/Bitcoins???
[..] That's like saying if you've got nothing to hide, you've got nothing to fear.
If you have money to hide, I'm pretty much sure that the people you are going to turn in order to hide them are bankers. So if you HAVE the money, finding privacy is not that hard, there are many WS giants[1] involved in money laundering for ages. Only the IRS does not know about it.
[1] http://www.reuters.com/article/2013/09/19/us-jpmorgan-whale-...
The countries with currency restrictions will also be the countries that prohibit Bitcoin, to the extent of blocking access to the Bitcoin network from within national borders, or simply even cutting off access to the global web, as some countries are wont to do. Bitcoin is thus even worse than a normal currency, since it is entirely reliant on access to the global worldwide web.
Also, my work involves international business and finance. I can say without a doubt that you can do most of the transactions you need to do without a bank account or a middle man; cash is king across the world. Bank accounts and middlemen make things easier but outside of China and the Middle East, they are not necessary. (China and the Middle East require local co-ownership, so middlemen are a necessity. No nation requires local bank accounts unless you plan on incorporating a business--including a branch office--in that nation.)
That's like saying if you've got nothing to hide, you've got nothing to fear.
No, that's like saying that if you don't have money in real currency, then Bitcoin isn't going to do anything to change the fact that you still don't have money. It doesn't matter what currency you use if you don't have any/much of it.
Universal access to international transfers is a massive deal. Even for those who already have it, as the world will have widened for them as well.
And you are free to be traced through the system. I bet that there is a way already to trace persons behind transactions. All exchange markets can be forced to give information. All information inside system is open.
Isn't there currently an inherent bias in bitcoin towards affluent, tech-savvy users? Has the author tried to purchase bitcoins recently? Unless you find someone that will trade for cash, or happen to have some sort of ATM that will trade you and will accept the background check that it will probably perform, you will likely need some sort of bank account or previous approval from some sort of authority to purchase bitcoins.
That's been my experience thus far, but I'd be curious to hear of examples that make it easier for users who don't necessarily meet some of the usual requirements.