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October 4, 2022
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Bitcoin

Michael Taylor: Bitcoin Pros and Cons

The latest drop in the price of Bitcoin caused the pro-fiat media to define BTC “in its own way”, and among the many is the case of Michael Taylor, who compare Bitcoin and its Blockchain technology with the centralized monetary sector of fiat currencies.

Specifically, Michael Taylor refers to Bitcoin as follows:

“The only plausible cases of using Bitcoin in the real world – as a form of payment, not as speculation – are tax evasion, drug trafficking, prostitution, child pornography, murders, arms trafficking, illegal gambling and ransomware for hackers computer ”.

A slap in the face to the continued mass adoption that the cryptocurrency par excellence of decentralization has been demonstrating for years.

The most recent example, by the way, is the possibility of buying luxury homes in Bitcoin, thanks to the opening of some real estate companies to the crypto world, in line with the country’s government laws.

However, the use cases extend to the possibility of purchasing airline tickets, hotel stays, gift cards for purchases at supermarkets, clothing stores and more.

Bitcoin vs. dollars: decentralization versus centralization

Following Taylor’s argument, the idea that Bitcoin cannot be seen as a digital asset (which it is!) Is given by the absence of government control. Unlike dollars, which although defined as “fiction”, according to him, they continue to be more useful.

Again, “Bitcoin you love or hate!” It is a decentralized system in which peer-to-peer transactions are anonymous (compared to classic bank accounts) and verified between parties that do not know or do not trust each other.

This system seems to be of interest not only to the “illegal” world. Some central banks and even the institutions themselves have been participating in the purchase and sale of Bitcoins for years.

This is your warning about bitcoin: Taylor, BTC and celebrities

Another definition of Taylor is as follows:

“Bitcoin has all the ingredients of collective financial madness. Magical thinking! A technology difficult to understand! Breathtaking media coverage of its ever-increasing price! And celebrities buying! “

An increasing price is given precisely by the continued demand for Bitcoin and, therefore, by the expansion of its mass adoption.

Not only that, staying on the topic of celebrities, in fact, a small (almost hopeful) look is on Elon Musk’s infamous Bitcoin investment.

In fact, here’s a hypothetical solution to involve even pro-fiat people in the crypto world:

“When President Elon Musk declares in 2028 that we can and should make tax payments in bitcoin, then – and only then – I will agree that bitcoin has any fundamental value. It may well go to $ 200,000 (and beyond!) ”.

Source: Cryptnomist

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