China is currently in disarray. Last Sunday, a group of protesters peacefully requesting that the nation’s banks restore their assets were forcibly put down by the Chinese government. Learn how bitcoin (BTC) and other cryptocurrencies can be used to combat this kind of danger.
The state of Chinese savers is getting worse.
Six banks in China’s Henan and Anhui provinces abruptly froze the accounts of their clients. When they were unable to access their funds, the Chinese became terrified and made the decision to organize a number of rallies in order to be heard. which the Chinese authorities did not appreciate.
Victims from all around China gathered last weekend to demonstrate in front of the Chinese Central Bank. The security officers and the protesters, who were hurling things at them, got into a fight at one point. No matter how physically unfit the players were, the police battered and manhandled them during the hours-long altercation.
Nevertheless, despite the public’s objections for a while, the authorities remained unmoved. On the other side, they would have gone so far as to interfere with the nation’s Covid-connected digital health system. Any attempt at protest will be stopped. In this instance, the majority of the demonstrators showed up at the meeting spot before dawn. They didn’t want to be apprehended by the cops.
How might bitcoin (BTC) avert such a situation?
Bitcoin and other cryptocurrencies are not controlled by governing agencies. As a result, no one will ever be able to prevent someone from taking their money out. Unless they are kept on centralized systems, of course. Cryptoassets actually provide their owners total control over their financial resources. While ensuring high levels of security throughout.
Furthermore, unlike bank transactions, bitcoin transactions are not restricted by limits, legal requirements, or geographical or temporal restrictions. Instead, they provide independence, quickness, mobility, availability, and favorable prices. So, cryptoasset owners are free to use their money however they see fit.
Moreover, 1 bitcoin will always be worth 1 bitcoin, despite the fact that the speculative side often takes precedence over the fundamental value. All cryptocurrencies share this characteristic.
Money is said to bring freedom frequently, but what kind of money are we referring to? Recent events have made the banking system’s flaws very clear. The reason for this panic movement is because savers no longer have any faith in their banks. Banks that, after betraying them, enjoy humiliating them with the help of the government.
