Sovereignty
decentralized and censorship resistant
Bitcoin is decentralized. There is no central point of power. There is no point on which one can apply pressure to the system. There is no single point of failure. For dollars, the government and federal reserve are in control. They sit in small rooms and make decisions behind closed doors that impact outcomes for everyday people all over the country, and indirectly, the world. The government can seize your money from your bank account by applying pressure to your local bank. This is not something we fear greatly in the US so long as we are law-abiding citizens. However, in China, people were shut off from their finances for attending Free Hong Kong protests after being tracked by their credit card purchases of public transportation tickets to attend the locations of the events. The more censored a country is, the more a censorship resistant way to hold one's money makes sense to the people who live there. This may not seem important to Americans but it is extremely important overall. It could be argued that alongside scarcity this is one of the most critical characteristics which makes Bitcoin advantageous as a form of money versus fiat cash and gold.
Last modified 2yr ago