Bitcoin faces socioeconomic problems in today’s society. People are still unsure what the best bitcoin wallet will look like in five to ten years time. Governments across the world have differing opinions on a global decentralized currency. Many individuals in positions of power want to keep Bitcoin down, so that they can maintain their power. Meanwhile, skeptics across the world also avoid new innovative technology as ignorance sweeps across the globe. The bitcoin wallet providers of today face unique challenges in the political sphere. It’s necessary to explore how a global decentralized currency can evolve, and become accepted by both the general public as well as political parties.
The Best Bitcoin Wallet Critique by Academics
It has become a fun pastime for academics to critique new and innovative technology. Many have gone after Elon Musk for attention, and now digital currency is facing that same threat. The blockchain is an immutable ledger of all transactions and information that has been stored on it. Some see information as dangerous. Academics who are out of touch with the industry think that too much information can be a bad thing. One particular person is Golumbia, who is a left-wing advocate who seeks to stop freedom and cryptography. He believes that there are ideological motives behind Bitcoin’s rise. To Golumbia, Bitcoin is a right-wing extremist software created by Trump supporters. This is certain one of the boldest and worst claims we’ve heard of so far. He’s even written a book and has opposed the US President, Donald Trump. While it is true that many supporters of freedom also support Trump, there is no clear association between the two. The academic has further incited claims that the the best bitcoin wallet supporters comprise of people on the left too. However, the code has clearly coded it for right supporters. Some have called this character “completely insane” in his article. This just proves how much resistance Bitcoin will face ideologically, as ridiculous claims can still become newsworthy in today’s digital age of technology.
Bitcoin will make things Efficient, and put people out of work
There’s a growing market for robots and automation. We’ve recently seen a huge jump in the self-driving car industry, as Elon has posted a video of a Tesla automatically driving without humans. This is going to make the market more efficient, just like Bitcoin will. Unfortunately, many of those involved in the industry will try to stop efficient technological advances from evolving. People want to stay where they are, and not move to a different job and learn new things. After all, humans are creatures of habit – not efficiency like BTC transactions. Companies like IBM estimate billions of dollars can be saved by putting cryptocurrency at the forefront of the finance sector alone. This means many finance workers will face challenges in keeping their positions five or ten years from now. Just like oil and gas workers, these people will try to oppose Bitcoin’s growth. Efficiency is good, but does not benefit everyone in the short term. People have to constantly innovate to keep up with today’s age.
Bitcoin Theft is a concern
Just recently, Shen Bu was robbed. This man held a large amount of both Ethereum, Bitcoin, and Augur. The market was not kind to him, as the attackers used instant transmission services to trade the digital currency. As a result, there was no hope for recovery. Bitcoin thefts have occurred in the past and will occur in the future. Political allies of Bitcoin will have a hard time convincing others that the product is secure, as there is no perfect way to hold your investments. With decentralization of money, users have to take care of the funds they have by themselves. Banks no longer exist in this regard, as people become their own banks. Bitcoin really innovates in this area, but drawbacks are also a very real thing. Millions of Bitcoin have been taken in the past by wallet websites that take BTC inputs and store them without the user’s complete control. This creates a higher risk for people who own digital currency, as they have little control over the coins in their Bitcoin wallet. As a result, education should be a priority in the evolution of Bitcoin.