Cryptocurrencies went from being a renegade to being The Man in just 12 years. Given Bitcoin’s origins as a means to break big banking’s dominance and create a private end-around for the whole government-backed, fiat-based financial system, the Bitcoin-bashing that occurred in El Salvador this week was amusing.
Following President Nayib Bukele’s adoption of Bitcoin as legal tender, the opposition has used the first and largest cryptocurrency as a symbol of his government’s overreach — despite the fact that the majority of citizens opposed the move — and as a symbol in their fight against the strongman leader.
Images of Bitcoin ATMs being set ablaze and anti-government protestors/rioters smashing out business windows spray-painted with the Bitcoin logo surfaced shortly after.
On the other hand, Russia’s central bank slammed cryptocurrency exchanges, forcing banks to delay or halt cryptocurrency transactions.
In terms of crypto’s mainstreaming, consider that Ethereum co-founder Vitalik Buterin was just named one of Time magazine’s 100 most influential people for 2021.
A week after Coinbase CEO Brian Armstrong’s rant about the SEC not even telling the company why it threatened to sue over a lending yield program, the SEC is still pushing the “come talk to us” line — which didn’t stop Coinbase’s junk bond auction from raising $2 billion instead of the planned $1.5 billion.
Bitcoin is the world’s first decentralized cryptocurrency, a form of digital asset that records, signs, and sends transactions over the Bitcoin blockchain using public-key cryptography.
Because each bitcoin is made up of 100,000,000 satoshis, it may be divided into eight decimal places (the smallest unit of bitcoin). Users may acquire fractions of a bitcoin for as little as one dollar as a result of this.
Cryptocurrencies are the equivalent of email in the financial world. There is no need for financial middlemen since the money does not exist in physical form. Value is transferred directly between the sender and the receiver. Using blockchain, a transparent, immutable distributed ledger technology, everything is done in the open.