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Bitcoin price briefly tops $69,000 for new all-time high - Here is why (www.bbc.com)

submitted 9 months ago by sun_is_ra to c/[email protected]

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[–] [email protected] 3 points 9 months ago (1 children)

Conceived as a means to create money for the internet, its roots lay in an anti-establishment ethos encouraging people to live free from the existing power structure of financial institutions and governments.

And it has failed.

[–] sun_is_ra 7 points 9 months ago (1 children)

Perhaps it failed were you live but many citizens started relying on it.

Egypt - my country - is going though tough economy and government is taking draconian measures to restrict people's access to foreign currency (to reduce imports and having incoming foreign currency all to itself).

Crypto helped a lot of people exchange dollars and Egyptian pounds at fair price, move their savings somewhere safe, regain some ability to do online purchases among others.

Similarly Russians traveling had to rely on crypto because obviously no bank accept rubles nor Russian debit/credit cards. Crypto may not be helping you but its helping lot of people

[–] [email protected] -3 points 9 months ago (1 children)

What are you on about? I did not say crypto has failed. I said bitcoin has failed. There's a big difference. I use Monero all the time.

[–] [email protected] 3 points 9 months ago (1 children)

I love Monero. Litecoin too. Both would never have existed without bitcoin. So no, I don't think it failed. It opened the door to all others to exist.

[–] [email protected] 1 points 9 months ago

According to Satoshi, Bitcoin was meant to be peer-to-peer digital cash. However, with no privacy and fees as high as they are, it has failed at its objective.