Jim Cramer on BTC

Bitcoin shatters $63,000 as Jim Cramer talks about BTC value

Despite it’s importance in humanity’s future, are you still left asking why Bitcoin is so significant? As Jim Cramer accuses Bitcoin (BTC) of ‘doing nothing for mankind’, let’s explore some facts surrounding Bitcoin.

Can Bitcoin enable secure and transparent transactions, promote financial inclusion and empower people who are currently excluded from traditional banking systems? Does blockchain technology have the potential to transform industries such as supply chain management, healthcare, and voting systems, fostering efficiency, accountability, and trust?

The war on Cash

Bitcoin could become more important to all of us with cash becoming a thing of the past for governments everywhere.

Despite the fact that some countries are ahead of others in this trend,  indications are that cash will eventually disappear. However, transitioning to a cashless society is not without its risks and challenges. One major concern is the issue of cybersecurity. As digital transactions become the norm, the risk of cyberattacks and data breaches increases. Additionally, the transition may also lead to greater inequality, as marginalized communities who lack access to technology or digital literacy may be left behind. Finally, there are privacy concerns, as a cashless society raises questions about the extent to which your financial activities are monitored and tracked.

Imagine a cash-free society where the money system is totally centralized. What would this mean for you? As it stands your right to privacy would be removed. In a cash-free society with a centralized money system, your privacy would be severely compromised. All financial activities would be closely monitored and tracked, leaving you with little to no control over their personal information. This lack of privacy could have far-reaching implications, including potential surveillance, targeted advertising, and even restrictions on your personal freedoms.

Bitcoin – Not a big deal?

This could be a major mistake. In a cashless society with targeted advertising, you would be bombarded with personalized ads based on their financial activities and spending habits. This constant stream of tailored advertisements could lead to increased consumerism, impulse buying, and a loss of  your financial autonomy. Additionally, it could also create a culture of surveillance and manipulation, where companies have unprecedented access to your personal preferences and behaviors, further eroding privacy and autonomy.

Corporate and government power grows when your financial privacy is lost.

You are more than your words when it comes to the things you buy and sell. Increased corporate and government power in a cashless society can have significant implications for individuals’ autonomy and freedom. With access to detailed financial data, companies and governments can exert control over your spending habits, influencing your choices and potentially manipulating your behaviour. This loss of financial privacy can lead to a loss of individual agency and independence, as personal decisions are increasingly influenced by external forces.

The merchant does not know your identity when you pay cash. However, buying with a bank card can be bad for your privacy, since the merchant can gather lots of information. Furthermore, this data is cross-referenced with other data about you obtained through other purchases or via other Internet platforms, resulting in a more accurate profile of you. Cross-referencing data from different sources can lead to the creation of highly detailed and accurate profiles of individuals. This level of information can be exploited by companies and governments to exert even greater control and influence over lives, as it provides insights into your preferences, behaviours, and vulnerabilities. This erosion of privacy and increased manipulation of personal decisions raises serious concerns about autonomy and the potential for abuse of power.

"What has Bitcoin ever done for mankind?" Bitcoin shatters $63,000 as Jim Cramer talks about BTC value for mankind
Jim Cramer

Bitcoin – The Alternative? 

Alternatively, there is Bitcoin. The Bitcoin electronic cash system was created by Satoshi Nakamoto and has been operating since January 3, 2009. Bitcoin operates on a decentralized network, meaning that transactions are not controlled or monitored by a central authority. This can provide a greater degree of privacy and control over financial transactions, as it removes the need for intermediaries and reduces the amount of personal information that needs to be shared. However, it is worth noting that while Bitcoin offers privacy advantages, it is not completely anonymous, as transactions can still be traced on the blockchain.

Libra – The failed Digital Currency Project 

Facebook (now Meta) tried to move in this direction with its Libra digital currency project,  but US authorities opposed Facebook’s Libra digital currency project due to concerns over its potential impact on financial stability, consumer protection, and money laundering. They feared that a private company like Facebook, with its massive user base, could potentially undermine the authority of central banks and disrupt the global financial system. Additionally, the lack of regulatory oversight and the potential for misuse of personal data raised significant privacy and security concerns.

Even though Bitcoin has been a phenomenal success, it is still in its infancy, since only a few people understand and use it. Do you think Bitcoin belongs to the people? You can use that approach to get out of the flawed system we currently have?

It’s still important for Bitcoin to survive and thrive. Humans will be able to access money with the following characteristics thanks to the Bitcoin revolution:

  • Bitcoin can’t be censored.

  • Governments can’t devalue bitcoin. There’s a hard cap on Bitcoin supply at 21 million units.

  • Corporations can’t manipulate Bitcoin. Every Bitcoin user is the same.

  • You can’t monitor Bitcoin easily.

  • Bitcoin is a global currency without no borders.

  • Bitcoin is open to everyone.

Maybe Bitcoin is a chance for humanity? Bitcoin helps to preserve fundamental rights: privacy, banking, freedom of speech, and saving.

All information here does not constitute an offer to buy or sell any currency, product, or financial instrument, to make any investment, or to participate in any particular trading strategy.
TAGS IN THIS STORY Jim Cramer CryptoCryptocurrency, Bitcoin Value Image Credits: Shutterstock & FXSTREET 
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Written By:
Penny Sommerfeld