On Thursday, European Central Bank (ECB) tore down Bitcoin while denouncing it on ECB's official blog with the title “ETF approval for Bitcoin – the naked emperor’s new clothes”.The post, however will take you hours to read but I can bet you won't find anything new except the title in the beginning.
So, instead of reading their great analysis for post ETF Bitcoin casualty (as they said), you can enjoy my not so technical debunking of such bitchy claims here exclusively on Publish0x.com.
It's now a well set trend that almost everyday Bitcoin will get some backlash, be it from either an individual or an institution. Nobody, (Not even Satoshi) would have entirely dismissed the criticism, if it weren't put on identical and repetitive notes. They (Bitcoin Bashers, this time ECB) had been so busy in singing the same song again and again that their senses didn't allow them to go beyond it. Let's see how ECB bashes Bitcoin with the same song.
Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.
Let me comprehend it for ECB and other Bitcoin naysayers. Alright, Bitcoin isn't a global DDC (thought it can prove to be another fine abbreviation), which currency do you think has had this status in entire global history? Can you name one? Is it your paper trash (fiat)? Don't make a sorry face now. There had been none and there won't be any global currency they if only centralized.
Bitcoin is doing unexpectedly and incredibly better when it comes to global adoption. You can now find acceptance for Bitcoin in almost every country of our planet. Additionally, when ECB talks about global adoption of a currency, they almost forget that neither they can accept all fiat Currencies, nor their sluggish EURO can be accepted and accessed worldwide. However Bitcoin can be accessed worldwide, at anytime, without hefty conversion charges and with much ease. Also, ECB's calling Bitcoin a failure is their frustration on their failure with EURO. FYI, EURO is 10 years older than Bitcoin.
Moving on to the next point of legitimate transfers. Yes, Bitcoin can be used in illegitimate transfers, but so are fiat currencies. Then let's talk about numbers. I highly doubt that ECB or any authority can prove that Bitcoin's numbers are bigger than their fiat pappers. To give you a glimpse of what Fiat is capable of, take a look at the picture below.
(Image Source) The Report on Money Laundering By UN
As a surprise to ECB, Bitcoin doesn't even have the market cap at which the current annual money laundering stats sit. So, ECB might be signifying that the 'grass is only blue, it's never green'.
The other part of ECB's critical analysis of Bitcoin shows how misinformed can someone be who always dwells in past. Who said that the approval of spot Bitcoin ETFs would make it suitable as means of payment? Anyone there who pays in ETFs, Stocks, Bonds, Gold, Real-estate to a neighrhood retailer or in supermarket? In fact ETFs have given more acceptance and access to what ECB calls 'the naked emperor'.
'As an investment Bitcoin isn't a better choice'. I'm now lost of words, Can you guys please throw some light (In the comments box please)?
As a matter of fact, Bitcoin is much more easy to invest with or without ETFs. It was just for the sake of those sitting at wall street and waiting eagerly for their turn to buy some Gucci dress for Bitcoin.
All hail in praise of ECB or any banking around the world, investing in banks is easier than investing in Bitcoin. What a joke!! Can you even think of opening a bank account with ease, let alone investing in it. Also, if you ever plan to invest in a bank, they will charge you some of those fees which can only be applicable on Mars. Even thier presence for two or three centuries, banks must be a cakewalk for every user or investor, but it's a shame that they aren't.
As the ECB report is significantly boring, it also touches upon some everlasting myths associated with Bitcoin including those 'zero value, slow yet costly, harmful for environment etc'. I know everyone can laugh again and again on these if ECB needs to answer this. Wouldn't that be great if banks stop using electricity as it also harms environment? Can your paper bills increase our wealth? And, Were you as fast as Bitcoin with lightening in only fifteen years from your Birth, in 2015?
Before you get bored with the length of this article as well. Let's just accept it for forever that ECB or other similar institutions will bash out at Bitcoin much like the donkey who saw the grass blue. They can never be on the same line with Bitcoin much like a ruling party and and an opposition sitting in parliament.
If you want to follow the topic and earn sats by participating in discussions, you can join me on Stackernews.com, a platform much similar to Publish0x.
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