Recently, a Bitcoin enthusiast who teaches Bitcoin development took to Twitter to announce this, “I really like how Bitcoin never does this to my business.”
Well, what happened here is Stripe, an online payment processing company for internet business blocked a “likely fraudulent payment” from Justin Moon’s account, the person who reported this.
The company very nicely put it in its message to Moon that “No action is required” on his part but this is only a first time notification and they won’t be emailing about this again in the future.
Though Bitcoin enthusiasts do like to state as one did here, “Bitcoin is always here for you,” a Twitter user called out in part, “You don’t need BTC to solve this problem, you need a better designed consumer payment network for moving fiat.”
As Moon agreed that “you don’t need BTC for this. But you do need BTC for other features, like a fixed supply that nobody can change. No other project credibly offers this.”
But here another question arises of “your crypto payment processor can do the same thing.” The leading cryptocurrency was originally created with the idea of peer to peer exchange and eliminate the middleman after the financial crisis of 2008. The idea has been to give the people the control of their own money.
However, with the involvement of crypto payment processors which due to the lack of crypto’s mainstream adoption are the solution for this, puts the same problems in the crypto industry as well.
Recently, in France during the Yellow Vest Bank run, a group of activists encouraged the supporter to set off a bank run by emptying all their bank accounts about which French banks remained unfazed as one media news editor stated,
“There is very little chance it will work. The amount of money French people have deposited in banks is estimated at €1.5 trillion, according to the Bank of France. Of this amount, €390 billion is currently (available). Every French person would, therefore, have to withdraw €5,800. This is very difficult, if not impossible, considering that cash withdrawals from ATMs are limited.”
Events like these get the blood pumping of the Bitcoin and crypto enthusiasts. About this, Bitcoin proponent Max Keiser stated back in December,
“If every French person converted 20% of their bank deposits into Bitcoin, French banks would collapse and a lot of bloodsheds could be avoided.”
He believes Bitcoin can become the “part of global insurrections against banking occupation” and “the first global insurrection to fight against globalism and the global dominance of central banks.”
It’s been only a decade since Bitcoin first came into this world and it is still a long way from adoption and going mainstream.
There are big hopes and expectations from Bitcoin to become a reserve currency, global currency and even an internet currency, but moving forward only time will time if Bitcoin will still remain the king.