Bitcoin has for years been the undisputed number 1 in the crypto-market. But why is that exactly? The reason behind this is the relatively clearly defined Use Case (use case) of Bitcoin is especially. This is contrary to the opinion of many, not that quick “Transfers” and low transaction fees. The main advantage of Bitcoin compared to what has seen the financial world until now, lies in its censorship resistance. Due to the decentralized nature of the network, there is no actor who alone can decide about what is happening within the network.In other words, each User has full control over his own money. This is the different and one of the most serious drawbacks of our current centralized financial system, shows a current case in Turkey. Here up to 3.3 million Bank accounts have been blocked from today to tomorrow.
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Foreclosure hits the debtor
Who went yesterday Friday in Turkey to the Bank and his money on his Bank account wanted to, you could experience Under certain circumstances, be a blue wonder and a country-wide enforcement of the government be affected. The account closures were not just individual banks, but included a whole range of banks.According to a tax expert from Turkey named Nedim Türkmen could be affected by the action of up to 2.5 million private persons and companies which had control of the government debt, as well as a further 800,000, the Solzialversicherungs debt.Debtors are likely to be private individuals and companies that had more than a certain limit of debt exceeded.You want to be one of the world’s leading CFD brokers act? We have for you in our Plus500 Test all of the knowledge about values is collected and written down, where here are the pros and cons are. Just have a look on the Test or see for yourself and join today at Plus500.
Bitcoin as a response to censorship in the financial system?
Such actions, such as those in Turkey do not increase the confidence of the people in the Central financial system. Quite the contrary: such A hard approach emphasizes the Use of a completely uncensored asset, such as Bitcoin.In the case of Bitcoin there is no Central authority, the Wallets can freeze at the touch of a button. This is an incredibly powerful feature. Just, if you look at the dominance of the banking and financial industry over the lives of everyday people around the world.
Turkish Tax Office froze the bank accounts of 3.9 million citizens. Road to #bitcoin ization. pic.twitter.com/A47V3Ya2ln stack more?⚡ love it.? (@1971Bubble) October 4, 2019
As the Twitter user stack more (@1971Bubble) mentioned, you can serve Turkey as an ideal example for Bitcoin Adoption in practice. In the fight with Inflation, economic sanctions, and now surprising Bank foreclosures, there is a strong Argument for the growing attractiveness of the public, censorship-resistant asset.76.4% of all CFD retail investors lose money.In Turkey, millions of a debtor’s Bank accounts be frozen. Do you think Bitcoin could prevent its censorship resistance may be a means of such actions? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)