Bitcoin (BTC) Should be Used to Bypass the Current Financial System Rather Than Assist It
Bitcoin (BTC) was born as a digital currency during the financial crisis of 2008. Satoshi Nakamoto, the anonymous creator of Bitcoin, decided to create a new financial system based on mathematics and code rather than in politicians and bankers.
Nevertheless, nowadays, there are several companies that are working with governments and financial regulators all over the world trying to have a better position in the market.
Johnathan Corgan, the founder of Corgan Labs and Bitcoin Core contributor, wrote a Twitter thread in which he says that developers must build, deploy, bypass and ignore rather than engaging with other regulatory agencies that allow politicians to harm the Bitcoin network.
Every time we try to appease "regulators" and shoehorn Bitcoin-related enterprises into existing politician-enforced structures, we're actually sanctioning and enabling those politicians to do further harm, and taking our eyes off the real goal.
— Johnathan Corgan (@jmcorgan) January 31, 2019
Corgan explained that the Bitcoin industry does not need any regulation to keep growing and succeed since the protocol has been doing it great by itself during the last years without the support from governmental companies.
He went on saying that the only oversight that Bitcoin need is a full node, not the United States government or Chinese politicians.
Some of the most important characteristics related to Bitcoin are its fixed supply, its decentralized network, its borderless nature and the possibility to be protected from third-party interference. If there is a government trying to impose regulations and companies trying to be compliant with them, they do not understand how the digital asset works.
Furthermore, he said that with the Lightning Network (LN), self-custody systems and decentralized exchanges, Bitcoin is able to survive without the regulatory oversight and without Wall Street capital.
Traditional financial companies have also been involved in different money laundering activities, including Deutsche Bank. MasterCard and VISA have also been facing increased scrutiny from regulatory agencies.
Payments processed using credit cards, PayPal or other traditional systems are usually very expensive for the consumer. The fees tend to be very high compared to digital assets such as Bitcoin. Currently, each Bitcoin can be purchased for almost $3,500 and it has a market capitalization of $61 billion.