Opinion: Does Bitcoin Need State Approval in the US?

The bitcoiners are divided as to the significance and a full array of possible ramifications of the official recognition of Bitcoin. On the one hand, there are those who insist that, to be widely accepted, Bitcoin should be introduced to the masses as simply being an alternative to PayPal.

According to them, “legitimacy” is synonymous to government blessing, so they feel inclinded to encourage all Bitcoin-related businesses to register with government officials (who most likely haven’t even heard of Bitcoin) and comply with regulations specifically designed to hinder innovation, to invest in lawyers and counters before they even have any idea as to the viability of their undertaking; in other words do everything possible to prove their “innocence” (doing so long before they even had a chance to, figuratively speaking, dip their toes in the water) before an arbitrary authority (which is most of the time corrupt and ignorant too). The fact of the matter is that no truly innovative venture becomes successful, whether online or offline, via a government-issued license; the real roots of success in any business lie elsewhere.

Others, however, are well aware that – sooner or later – those privileged by the current monetary system are bound to start seeing Bitcoin as a threat to their interests, and will do everything in their power to undermine it. This other group realizes that people resort to using Bitcoin in search for refuge and security, in other words, a monetary alternative to the use of fiat money and believes that it’s useless to try and disguise the true nature of Bitcoin in order to appease the state.

At the end of the day, they say, the fact that Bitcoin has not yet been officially recognized as money isn’t so much to do with the lack of relevant legislation. It is simply because those who have the most to gain from the current monetary system, i.e. its direct beneficiaries and the corrupt intellectuals supporting them, have created a bubble of information in which they have enshrouded both themselves and those around them. It is from this bubble that they produce false ideas, myths and all sorts of half-truths while not having the faintest idea what Bitoin really is and what it stands for. They are also too comfy to ponder those kinds of questions…

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Article: Bitcoin stuck in mempool

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