How Bitcoin can benefit governments and authorities?#nostr #bitcoin #zap
Governments bear operating costs when printing, storing, transporting and releasing conventional money. On the other hand, Bitcoin depends on miners who validate transactions and earn new digital coins as rewards. Here's how Bitcoin can benefit governments and authorities.
Gaining citizen trust: It's no secret that most people around the world don't trust governments. This is because many people see government agencies or authorities as corrupt, especially in developing countries. Bitcoin can help governments earn citizens' trust by improving transparency in transactions. Bitcoin's underlying technology creates a transparent public ledger that allows users to monitor and track all transactions. Therefore, citizens can verify government transactions and claims on the blockchain when a country embraces and uses Bitcoin.
Data protection: Most fiat money transactions involve personal information such as Social Security numbers, full names and addresses. Unfortunately, data breaches have allowed criminals to access that data and use it for malicious activities. Bitcoin does not require such information from transactional parties. Therefore, embracing Bitcoin can help governments and authorities prevent data breaches when transacting with ordinary citizens.
Improving efficiency: Bitcoin transactions are faster than conventional payment methods. In some cases, government agencies take days to confirm receipt of payments from citizens. By embracing and using Bitcoin, government agencies can be efficient and responsive to the needs of citizens.
While some governments are looking for ways to incorporate Bitcoin and its underlying technology into their operations, others are reducing it and outlawing it. For example, China has banned Bitcoin mining, which means it is illegal to mine this virtual currency. At the same time, El Salvador has made this digital currency a legal tender. Therefore, different governments and authorities perceive Bitcoin differently.
freebitcoin / Free₿itcoin
npub1ve…4vp7p
2023-11-23 04:25:00
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npub1vez5zekuzc3qk989q5gtly2zg9k2gz4l3wuplv5xs8y3se09yussg4vp7pPublished at
2023-11-23 04:25:00Event JSON
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"content": "How Bitcoin can benefit governments and authorities?#nostr #bitcoin #zap\n\nGovernments bear operating costs when printing, storing, transporting and releasing conventional money. On the other hand, Bitcoin depends on miners who validate transactions and earn new digital coins as rewards. Here's how Bitcoin can benefit governments and authorities.\n\nGaining citizen trust: It's no secret that most people around the world don't trust governments. This is because many people see government agencies or authorities as corrupt, especially in developing countries. Bitcoin can help governments earn citizens' trust by improving transparency in transactions. Bitcoin's underlying technology creates a transparent public ledger that allows users to monitor and track all transactions. Therefore, citizens can verify government transactions and claims on the blockchain when a country embraces and uses Bitcoin.\n\nData protection: Most fiat money transactions involve personal information such as Social Security numbers, full names and addresses. Unfortunately, data breaches have allowed criminals to access that data and use it for malicious activities. Bitcoin does not require such information from transactional parties. Therefore, embracing Bitcoin can help governments and authorities prevent data breaches when transacting with ordinary citizens.\n\nImproving efficiency: Bitcoin transactions are faster than conventional payment methods. In some cases, government agencies take days to confirm receipt of payments from citizens. By embracing and using Bitcoin, government agencies can be efficient and responsive to the needs of citizens.\n\nWhile some governments are looking for ways to incorporate Bitcoin and its underlying technology into their operations, others are reducing it and outlawing it. For example, China has banned Bitcoin mining, which means it is illegal to mine this virtual currency. At the same time, El Salvador has made this digital currency a legal tender. Therefore, different governments and authorities perceive Bitcoin differently.",
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