We have all been keeping an eye on the bitcoin price in the recent days. The drastic increase in the value of Bitcoin in the past three weeks has been attributed to various factors. One of the predominant factors among all these is the increase in demand for digital currency in the Chinese market, driven indirectly by the country’s government. Now, let us dig a bit deeper. What made the Chinese look towards Bitcoin suddenly?
To start with, there is an inherent problem with the centralized mechanism of operation, the way governments generally work. There is one decision-making authority which is literally in control of every aspect of a citizen’s life. When there is a problem with the very structure, there is nowhere for the people to go as they are stuck inside a capsule that is dissolving inside a vat of acid, due to mismanagement by the government’s part. There are only two options in front of these disgruntled citizens.
a . Either comply and get burnt, whether they like it or not
or,
b . Find an alternative solution that allows them to get out of the rut.
Bitcoin is a decentralized, open source currency platform, which makes it independent of the government and other external governing forces. The very fact the digital currency is separate from the state and can be accessed within the capsule makes it an attractive alternative option. In the case of China, it is the only option.
The Chinese decided to use bitcoin to save their money, which in most cases is earned by working hard from losing its value right in front of their eyes. They might feel themselves be victimized even after paying their dues to the government in the form of taxes for the money they earned during the process of […]
