Bitcoin: A Liberator or a Constraint in the World of Finance?

Greetings, fellow friends.

Today I’d like to spark a conversation about Bitcoin, as we all know, right now Bitcoin is being hailed as a liberating force in the financial world, offering an alternative to Gold or traditional banking systems…But how true are these claims? These few points below have been replaying in my head over and over again and I don’t see anyone bringing these issues up.

There is a narrative being pushed at the moment that Bitcoin can serve as some kind of “Freedom Money” for the world but in reality in it’s current state it would be quite the opposite. All I see are greedy folks who want Blackrock to pump their bags.

  1. Liberation from Traditional Financial Systems: Bitcoin, with its decentralized nature, promises freedom from the control of central banks and governments. But can it truly provide a viable alternative to traditional financial systems? What are the potential barriers to its widespread adoption?

  2. Privacy Concerns: One of the criticisms of Bitcoin is its lack of privacy. While it offers a degree of anonymity, all transactions are recorded on a public ledger. What problems could stem from this lack of privacy, especially in an era where data security is paramount?

  3. Use in Developing Nations: Bitcoin has the potential to revolutionize financial systems in developing countries, where access to traditional banking is limited. However, high transaction fees and the necessity of using centralized layers for scalability raise questions about its feasibility for the masses. Can Bitcoin ever be a practical solution for financial inclusion in these regions?

  4. Endorsements from Billionaires and Privacy Advocates: Notably, figures like Michael Saylor and Edward Snowden have supported Bitcoin as a tool for freedom. This is concerning because given Bitcoins current design the only way to use it conveniently for payments is to use a L2, which is essentially like using a bank account and is a direct threat to people’s freedom… Snowden being an advocate for privacy, backing Bitcoin raises an interesting paradox. How do we reconcile Bitcoin’s privacy limitations with its endorsements from privacy proponents? Why does Snowden continue to push Bitcoin and not mention Zcash?

No one is asking these questions or having this conversation right now either due to greed or just a complete lack of understanding Bitcoin.


NGU is a huge distraction indeed! I think the questions you outlined are important to ask, even if we all have different answers. Thanks for your thoughts. :hearts:

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I think the crypto industry is on the verge of getting a MASSIVE wake up call now that your address and transaction history is literally a Google search away.

Bitcoin and Ethereum were hailed as the future and are by far the most recognised cryptocurrencies in the space. A Google search is the end of the road for them imo, I don’t think they’ll come out of this smelling the roses.

Zcash MUST take advantage of this narrative shift.

I agree but that is impossible so long as Zcash suffers from the same privacy flaw as the other chains you cite (BTC and ETC).

You have identified a huge opportunity, but Zcash must ban transparent transactions before we can realize our potential.