Bitcoin: Time magazines article on “Why Bitcoin matters” goes viral

When every mainstream media is criticizing Bitcoin and cryptocurrency markets for 90% fall in value, Time magazine did something out of the box. Time Magazine published an article, not criticizing Bitcoin but rather showing why Bitcoin matters.

The article by Time talks about how Bitcoin is being used in Venezuela, which is suffering from one of the worst inflation currently. Under authoritarian rule, the country’s currency Bolivar has become worthless. Instead of using U.S Dollars, from which the government is taking up to 56%  cut, people of Venezuela have shifted to bitcoins for their daily transactions.

People are using Bitcoins to send money to their relatives in Venezuela, as it is faster cheaper and can be used without government intervention. Time article talks about how people are using Bitcoins to escape their country.

“Venezuela isn’t the only place where people can use Bitcoin as an escape valve. In Zimbabwe, Robert Mugabe printed endless amounts of cash and inflated the savings of his citizens into nothing, but his successors can’t print more bitcoin. In China, Xi Jinping can track all of your transactions on Alipay and WePay, but he cannot orchestrate mass surveillance on all Bitcoin payments. In Russia, Vladimir Putin can target an NGO and freeze its bank account, but he can’t freeze its Bitcoin wallet. In a refugee camp, you might not be able to access a bank, but as long as you can find an Internet connection, you can receive bitcoin, without asking permission and without having to prove your identity.”

The article by Time went Viral on r/Bitcoin, getting 780+ upvotes within 5 hours and the article got 1,000+ shares on Twitter including shares from Adam Back, the CEO of Blockstream.

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