“Bitcoin represents property and freedom for 8 billion people”

Charlie Taylor

Michael Saylor at Fox Business. Playback/Twitter.Coingoback" srcset="https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1.jpg 700w, https://cointimes.com.br/wp-content/ uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1-150x32.jpg 150w, https://cointimes.com.br/wp-content/uploads/2022/06/Banner-Coingoback-700x150-1-585x125.jpg 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;Censorship resistant and cryptographically secure, Bitcoin is able to provide real property to anyone who wants to use the technology. That's what Michael Saylor, CEO of MicroStrategy, explained in interview According to him, people generally go to the United States in search of two things: property and freedom. “And Bitcoin represents property and freedom for 8 billion people,” said the co-founder of the company, which already owns more than 92,000 bitcoins.

What does that mean?

A computer program released in 2009 by Satoshi Nakamoto had one function: to allow internet transactions without the need for intermediaries. For this, it needed the network to be decentralized and open to everyone.

“This program created 21 million virtual currencies in cyberspace. Here's how it works: He created the perfect digital gold in an open digital currency network. That is, if you wanted to keep a thousand dollars where it was beyond the reach of a company, a CEO, a government or a bank, and you wanted to have personal custody of this amount, you could have it with bitcoin.”

In other words, it would work as a technological solution to provide all people on the planet with property rights. Without the need for a registry office, bitcoin coins are bearer assets, they simply belong to whoever owns the private keys that sign wallet transactions. No matter how much value you want to store in Bitcoin, keep a billion dollars in BTC is so easy to save a hundred dollars. “We've never had that in the history of mankind,” Saylor said. In El Salvador, a small country that recently adopted the BTC as its official currency, around 70% of the population has no bank account, let alone access to Wall Street to accumulate assets . Also, when people remit internationally to send money to their family, they pay up to 50% fees to payment providers. In addition, Saylor explains, they lose about 10% a year in purchasing power because they are saving money, and not an asset. “Bitcoin allows you to store value in an asset that values ​​and lets you move it at the speed of light around the globe (via the Lightning Network).” On Twitter, Michael Saylor said, “The 21st century global currency solution is one digital currency (USD) serving as a medium of exchange backed by a digital asset (BTC) serving as a store of value, with #Bitcoin as the final settlement network and #Lightning as the transaction network. El Salvador is the model.”

Why Bitcoin and not Ethereum?

In the Fox Business interview, the presenter pointed out that Saylor always hit the Bitcoin key and asked him to explain why this store of value couldn't come from another token like ether from the Ethereum network.

“Bitcoin is the dominant cryptoactive, it's the oldest, it's the strongest, it's the most secure. It was designed to do one thing well, which is keep track of 21 million virtual currencies in cyberspace. The other cryptos are applications, and application networks are focused on functionality or performance. Bitcoin is optimized for durability, integrity and security.”

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