From inception, Bitcoin has had libertarian undertones.
It’s very attractive to the libertarian viewpoint if we can explain it properly, wrote Satoshi Nakamoto.
But more than that, Bitcoin is more a tool that can foster free speech.
Bitcoin an uncensored currency
Joseph Young tweeted this commenting on a piece of news about PayPal banning The Hacker News’ account.
PayPal, Mastercard (Patreon), and other payment processors are banning accounts of content creators and publications they don't like.
This sets a dangerous precedent for censorship and the only solution to it seems to be uncensorable money, I.e Bitcoin.https://t.co/pNzlt6SLpw
— Joseph Young (@iamjosephyoung) December 30, 2018
The Hacker News, a popular cyber security and hacking news website, said PayPal banned its payment account. It has now raised concerns about arbitrary censorship and the potential use case of uncensorable currencies like Bitcoin. Hence, this is an alternative payment method.
Bitcoin is often visible as a great tool for libertarians. These are people who believe that the government should have minimal interference in the lives and finances of its citizens. The cryptocurrency community also believes in a monetary system free from centralised oversight, with decisions driven by the masses and not regulators.
Even though bitcoin has become more prominent as a trading or investment option in recent years as the prices skyrocketed in 2017, the idea has not lost yet. Libertarian activists like Roger Ver are some of the most vocal proponents of the cryptocurrency, saying that it provides
[a chance] for the individual to be in complete control of his or her funds.
Bitcoin seems the ideal symbol and embodies the free speech movement — an uncensored currency. And hence to stop the practice of censorship, centralised entities in the financial institutions and the media will have to replace with decentralised applications.
Bitcoin to aid free speech
Several high-profile political analysts and content creators like Dr. Jordan Peterson, a professor of psychology at the University of Toronto, were also banned from its platform. Patreon also stated that the closure of accounts of “controversial” public figures on the platform was initiated and requested by Mastercard, a credit card payment processor.
According to some reports, Dr Jordan Peterson has now started to accept Bitcoin as a response to the controversial decisions of payment processors. As Joseph Young said, this continuous censorship by these centralised financial networks could push more content creators and people who have different views to the general society to cryptocurrencies in the long run.
Do you think the uncensored money like Bitcoin is the only solution to uncensorship? Share your thoughts in our comments section.