The enthusiast that you are will not downplay how much of a pain bitcoin is to banks and centralization supporters. They undoubtedly tried to discover something wrong with the queen of cryptocurrency and her crew. They have only so far discovered manipulation of the bitcoin price and cryptocurrency markets. Which makes sense considering that no centuries-old organization would accept a 13-year-old substitute’s correction.
The benefits of bitcoin (BTC)
Heroes like Satoshi Nakamoto built a new system in 2008 that had the authority to supplant the centralized banking system that the banks had long favored. He didn’t take long to create a substitute for fiat, giving it the name “Bitcoin.”
Bitcoin is only a consensus network that enables a brand-new payment method and digital currency that is run by its users. It makes it feasible to make peer-to-peer decentralized payments without the need for a third party or a central authority.
Its uniqueness is primarily due to the lack of a person or organization holding the network monopoly. Users can make any necessary arrangements to assure success, as was already described. With the aid of the blockchain, they can access and validate all transactions. Thus, decentralization.
Also take note of bitcoin’s benefits, which include:
- the capability to transmit and receive bitcoins anywhere in the world;
- flexibility in choosing transaction costs;
- the capacity to use bitcoin to pay for products and services;
- accepting fiat exchanges;
- risk-free usage for users;
- the blockchain’s promise of neutrality and transparency;
- availability of a fresh store of value;
If you ignore the brief list of drawbacks for bitcoin, everything appears to be ideal. but not on the side of the banks, who were the first organizations to be concerned about it. All methods are now acceptable to relieve this pain from their feet, including influencing the price of bitcoin.
Bitcoin price manipulation attempts (BTC)
Some analysts, particularly crypto aficionados, have already dubbed bitcoin the “killer of central banks.” Despite being accustomed to being elevated, central banks try to control the persistent inflation that some nations endure. The FED is credited with starting the practice of raising benchmark interest rates to better address the challenging circumstances faced by American households. Some of them even go so far as to ensure the financial system’s stability and solvency, as the Bank of England.
But it must be acknowledged that, with its incredible economic and technological prowess, bitcoin comes to replace these institutions. After its introduction, the common person, and especially the owner of bitcoin, is prevented from double spending in any transaction. Of course, this particular person could only benefit from the concept of a decentralized financial system.
This is why supporters and heirs of the previous monetary system make it a point to disparage bitcoin. You might as well exploit cryptocurrencies’ weakness, volatility, since it appears tough to cause them to crash.
- “ They know you are poor and cannot tolerate large price variations. [Bitcoin price manipulation] is the #1 tool they will use whenever their system is threatened in order to keep the masses under their boots ,” said u/Apprehensive-Log-849 on Reddit.
