Bitcoin: not just for the privileged few

On Thursday, the liberal website, Think Progress, published a critique, Bitcoin: By The Privileged, For The Privileged, saying the controversial digital currency only benefits the privileged, and does not address the needs of the poor and working poor. Basically, says writer Annie-Rose Strasser, Bitcoin’s libertarian proponents oppose government intervention in financial matters, while the underprivileged need government protection from financial abuse. So, she says, Bitcoin cannot help the underprivileged. Bitcoin users’ rejection of the government reflects the luxury of being able to live well without state support, while the less advantaged desperately need a larger government role in the banking system to help them them overcome deep, systemic bias. Strasser raises some valid points in her column, but her suggestion that Bitcoin offers nothing to the underprivileged and the “unbanked,” as the phrase goes, does not follow logically from her objections to the currency. Rather, she seems opposed to the idea of Bitcoin simply because of libertarians’ fondness for the currency. She fails to see the advantages Bitcoin may offer the less privileged. To be honest, Bitcoin proponents have done a piss-poor job marketing their pet project to the public at large, and debacles such as the recent collapse of ...
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