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Making the case that Bitcoin is not freedom: Pacific Bitcoin Panel

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Making the case that Bitcoin is not freedom: Pacific Bitcoin Panel

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Making The Case That Bitcoin Is Not Freedom: Pacific Bitcoin Panel

The Pacific Bitcoin Panel recently took place, featuring diverse speakers providing insights into the impact of digital currency on the economies of the Pacific region. The lively discussion centered around the theme of “Freedom Through Bitcoin” and made the case that digital currencies can provide the world with more freedom and security than traditional currencies.

However, there were also members of the panel who spoke out against the idea of Bitcoin being a source of freedom. These voices highlighted Bitcoin’s lack of democratic control and its potential for allowing authoritarian states to seize power.

The Debate

The debate centered around whether Bitcoin is a real solution for economic freedom or a false hope for those in need of financial freedom. Whilst the panel was genuinely attracted to the idea of liberating people from oppressive financial systems, their main concern was how a decentralized digital currency can actually be free from control and manipulation by those in power.

One key argument put forward was that even if the technology was neutral, the people who use it are not and that the governance of Bitcoin will ultimately be decided by those with the influence and money to do so. It was therefore argued that Bitcoin is not a genuine form of freedom, since the same political groups and individuals will be able to exert their influence over the currency, using it as a tool to extend their power and control, as they had done with traditional currencies.

The Positive Side

Nonetheless, the Pacific Bitcoin Panel acknowledged the potential of digital currencies to provide financial independence and international purchasing power to those who are not part of the Western banking system.

The panel made the case that if Bitcoin is employed in the right way, it could help promote economic and social freedom for many people in developing nations. They highlighted how, for example, Bitcoin could help unbanked individuals in Africa access the global economy and establish their own trade of goods and services with people from all over the world.

The Conclusion

Ultimately, the Pacific Bitcoin Panel concluded that Bitcoin is not a source of real freedom and that it is too early to tell whether or not it will find meaningful use as a tool for economic stability. They agreed that if Bitcoin is to become a powerful tool for financial freedom, then it must be governed responsibly, in such a way that it does not allow for abuse and manipulation by those in power.

The panel thus concluded that Bitcoin should not be seen as a panacea for financial freedom, but rather as a potential source of hope for those who cannot access traditional financial systems.

On Wednesday, June 9th, 2021, a panel of Pacific Bitcoin experts gathered virtually to discuss the digital currency and whether or not it can be called a form of freedom. According to the panel, the answer was a resounding “No.”

The panel, made up of established Bitcoin/Blockchain professionals from across the Pacific region, discussed the potential benefits of using Bitcoin as an alternative monetary system, as well as its disadvantages.

The participants argued that Bitcoin is not a form of financial freedom, but instead a risk-laden investment model. In particular, they highlighted the significant risk of volatility. This results in large fluctuations in the value of Bitcoin, making it difficult to predict exactly how much value it holds at any given time. Furthermore, it was pointed out that the price of Bitcoin tends to be more volatile than other traditional currencies due to its unregulated status.

The panel also noted that Bitcoin is not an effective form of censorship-resistance. It is often used by criminals and terrorist groups to fund their activities, and it has been targeted by governments around the world who are intent on controlling and preventing its usage.

In addition, the panel argued that Bitcoin does not offer the same level of consumer protection as other traditional financial systems. For example, it does not provide the same level of fraud protection as credit cards or banks, nor does it allow for chargebacks in the event of a dispute.

Overall, the panel agreed that while Bitcoin may have the potential to provide a degree of financial freedom, it is not the best solution for most people. Its high risk, lack of regulation, and lack of consumer protection make it a risky and uncertain option.

The panel concluded by encouraging people to invest in Bitcoin only as a speculative instrument, rather than a form of financial freedom. They stated that it is important for investors to be aware of the risks before getting involved, as well as to diversify their portfolios with other forms of investments in order to reduce the risk of failure.

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