In this special edition of the Weekly Flip Thru, I take a look at the ongoing events on Wall Street and explain why Bitcoin has been the solution all along.
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- How to Withdraw from a Bitcoin ATM — Are you looking to cash out your Bitcoin, but are not sure how? This guide shows you how to exchange your Bitcoin for cash safely and stress-free in a few simple steps.
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Over the last week, you’ve probably read plenty about the coordinated attack on Wall Street hedge funds by Reddit users from a group called WallStreetBets. And, to be honest, I’ve been eating it up. There is nothing I love more than a people’s movement that challenges traditional financial structures and targets the wealthy elite — hence why I’m in the business of Bitcoin.
In fact, I think this whole movement has a very Bitcoin-esque feel to it. The fight against corporate greed is a fundamental tenet of Bitcoin. After all, Satoshi Nakomoto left the following message in Bitcoin’s Genesis block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
Bitcoin was introduced at the height of the great financial crisis when trust in traditional banking institutions was at an all-time low. Satoshi’s vision for Bitcoin was to empower people to forgo conventional economic structures for a new kind of financial system that caters to the people’s needs and not the wealthy elite.
Today, a little more than a decade later, we are in the midst of yet another crisis. Again, banks and corporations are the recipients of massive bailouts. At the same time, the average American was given barely enough to cover one-months rent.
The Downfalls of a Centralized Financial System
Once the GameStop stock craze began to take off, Robinhood, the platform used by WallStreetBets, started to shut down trades. Why would Robinhood destroy its reputation with retail investors in this way? Because they are heavily embedded with the hedge funds under attack. In the crypto-space, when we talk about centralization’s downfalls, this is precisely what we mean. This type of behavior is a direct consequence of a centralized ecosystem.
Last week, I saw this tweet that effectively summarizes the situation for me:
This kind of double standard only exists in centralized systems.
Bitcoin Is Decentralization
The crypto community loves to spout off this idealistic vision of a decentralized financial system. But now, that idealism presents a genuine use case. Bitcoin was designed from top to bottom to be decentralized money. It cannot be manipulated by anyone, not even the wealthy elite. Decisions cannot be made unilaterally, like what happened when Citadel shut down trading on Robinhood. Bitcoin cannot ever stop users from making trades.
So what happens next? I think the author of this article said it best, “WallStreetBets, and GME is the battle, Bitcoin and the USD is the war.”
After the events of the last couple of weeks, it is clear that traders, retail inventors, and ordinary people are starting to see the glaring flaws in the United States Financial System. It is only a matter of time until people realize that Bitcoin has been fighting this same fight all along.
CoinFlip Does Not Shut Down
With all that being said, this is a friendly reminder that CoinFlip will never shut down. We will not stop you from buying Bitcoin and other cryptocurrencies. We are dedicated to making sure that you always have convenient and safe access to crypto.
As CoinFlip president and COO Ben Weiss told Forbes, never underestimate the power of retail.
“It’s fair to say that during unprecedented times the main street can get more passionate than ever to make a statement…Business executives should not see this as a threat, but as a goal to grow their brand to one where people can feel proud to be passionate about.”
We strive to make our business as transparent as possible. We are passionate about decentralized financial systems. Our mission is to give the world quick, easy, and secure access to the benefits of cryptocurrency. We believe that cryptocurrency provides an inclusive financial system, which puts individuals’ needs first. Since 2015, we have empowered those left out by the traditional banking system to join an innovative and inclusive global economic system.
CoinFlip in the News
- Bitcoin vs. Ethereum: Which Is a Better Buy? — U.S. News & World Report
- GameStop Story Provides These 7 Crisis Management Lessons For Business Leaders — Forbes
- Bitcoin ATM Boom, OKEx’s Lightning, India’s Blockchain Plan + More News — CryptoNews
- CoinFlip Grows By 359% YoY, Crosses One Million Transactions In 2020 — Bityard