Advantages of Bitcoin: Enhanced Financial Freedom, Privacy, and Accessibility

Abstract

Annelize’s Post: In the 2020 TEDx. Talk, Jad Mubaslat provides his view on the advantages of Bitcoin as an alternative currency. Mubaslat argues that one of the most significant advantages of Bitcoin adoption is that it enhances personal financial freedom. He further noted that, unlike modern financier systems, Bitcoin provides individuals with the freedom to control their money with no control from financial institutions or regulatory agencies. Consequently, Mubaslat acknowledges that Bitcoin users have the freedom of wealth storage with no intervention from third parties that, include banks.  Mubaslat also acknowledged that Bitcoin provides users privacy, crucial in enhancing personal financial freedom. The transactional approach that Bitcoin owners have enhances their anonymity while they make online transactions. Consequently, one cannot risk financial losses or the possibility of physical or online attacks due to third-party knowledge about their money. Mubaslat also stated that the security of transacting and owning Bitcoins remains unmatched. The decentralization approach provides Bitcoin as an independent currency without third-party entities' control. Consequently, a personal wallet for a Bitcoin owner remains safe and secure. Hackers and attackers cannot gain access to the accounts and transfer Bitcoins.  Mubaslat further mentions the accessibility of Bitcoins as one of its significant advantages. Bitcoin's access via the internet makes them widely accessible for anyone in any place globally, as long as they have access to the internet. Furthermore, Mubaslat added that people without access to modern financial systems such as banks could easily use bitcoins to transact. Moreover, Bitcoin transactions are not limited by international borders.  Mubaslat further acknowledges that Bitcoin relies on an open transparency system that makes it suitable for many users. Adopting public ledger transactions for all Bitcoin online operations makes it available and easily verifiable by anyone. Furthermore, Mubaslat believes that Bitcoin can provide a different perspective on money adoption and how the public thinks about its use.  Centralized fiat money, including the US Dollar, is more stable than decentralized Bitcoin. Specifically, the government's backing of fiat money provides relative stability and enhances the prevention of extreme fluctuations within a short period. For example, unlike Bitcoins, which can significantly change their value, the US Dollar remains stable. The acceptability of fiat money remains high, making it a more acceptable and recognized form of currency than Bitcoin. The familiarity makes it a better state of currency in daily activities. Business entities can also deny using Bitcoins as a form of transaction as they are minimally accepted currency forms globally.  Since fiat money that includes the US Dollar remains acceptable globally, businesses can utilize them conveniently to conduct their transactions. Consequently, the use of Fiat money is possible anywhere around the world. For example, the US Dollar is globally accepted as a currency mode.  The government backing of fiat money also provides the needed confidence by users. Specifically, the government provides policy directives and fiscal and monetary policies focused on stabilizing fiat money and enhancing consumer protection. For example, the US Federal Reserve can use approaches that include the control of interest rates to promote fiscal stabilization, thus...