I really like Bitcoin. I think the future of money should be something like Bitcoin in a way that nobody can control it or impose rules and regulations on it.
In past few days, Bitcoin has been rising in price. Tesla buying $1.5 billion worth of Bitcoin pushed it to a new high and now everybody is talking about how tech and industry giants are coming to the market, and I don’t like this actually.
First of all, what I like about digital currencies is that nobody truly controls them. There’s no central bank for it and everybody can own it without a government being able to enforce laws on it, well almost. Tesla and Apple are the first giant ones that are believed to be involved in it and their ability to change the price or manipulate the market is worrying.
Imagine Elon Musk tweeting that Tesla is going to sell all its Bitcoins and naturally the price will decrease and then they buy more Bitcoins and tweet again that they’re not going to sell and well price will go back up and they get a lot of profit only with few tweets.
Second, privacy is a problem. Bitcoin is not a privacy-friendly cryptocurrency. Every Bitcoin transaction is published. Now, people might not know that my wallet belongs to me, but if I used it more than a few times it would be possible to figure out that it’s me.
Bitcoin is actually safer than credit/debit cards because you have at least some privacy in it while debit and credit institutes and banks violate your right over privacy and anonymity completely.
This is why most of times I use cash. I still own a credit/debit card as it’s needed but cash is my main way of paying. I really don’t want my bank to know about what I buy, when I buy it, and where I buy it.
Also, with cash, I can prevent being recognized at markets. I can buy stuff with a fake identity. Bitcoin makes it easier to pay and receive with anonymity (which is a part of our privacy rights) but it’s not focused on it.