At the US Banking Commission hearing, Peter Van Valkenburgh, director of research at the Coin Center, claimed that Bitcoin is “the first globally accessible public currency.” This statement underscores Bitcoin’s revolutionary importance in the global financial landscape.
Bitcoin: a global public currency accessible to all!
In a six-minute address to the U.S. Banking Commission, Peter Van Valkenburgh began his remarks by describing Bitcoin as the world’s first cryptocurrency to run on the world’s first public blockchain network. The technology allows people to send and receive value around the world using nothing more than 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 absence of an intermediary means that BTC is accessible to everyone, regardless of nationality, race, religion, gender or creditworthiness. Anyone can create a Bitcoin address for free to receive digital payments. This global accessibility is a major breakthrough, 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 universally accepted, although its operation without trusted intermediaries is a major breakthrough. This innovation is as significant for human freedom, prosperity, and well-being as the birth of the Internet. BTC is only just beginning, and if we can replace private payment infrastructures, we can also eliminate other private blockages in human interactions.
Van Valkenburgh underlines that current financial infrastructures, owned by private companies, are becoming larger and more powerful, with increasingly serious failures. Blockchains, like Bitcoin, can disintermediate payment infrastructures and offer a more secure and accessible alternative. While Bitcoin technology is not yet ready to answer all the questions, it represents the best hope for a freer and more prosperous future.
In short, Bitcoin represents a major step towards a public and universally accessible financial infrastructure. 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.
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