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Iran Could Become First Country Forced to Use Bitcoin

The significance of Bitcoin as a borderless and neutral money is becoming increasingly apparent as the U.S. is attempting to block Iran from accessing its bank account.

On Tuesday, U.S. ambassador Richard Grenell revealed that the U.S. government is extremely concerned about Iran’s plans to withdraw 300 million euros in cash held in German banks, Reuters reported. “We encourage the highest levels of the German government to intervene and stop the plan,” said Grenell.

Iran seems to be feeling the pinch of new U.S. sanctions imposed after Washington withdrew from the 2015 nuclear agreement. However, as the Trump presidency ramps the pressure on Tehran, Iran’s population has been increasingly turning to Bitcoin as a safe-haven due to its borderless and apolitical nature

In other words, the Bitcoin network does not care who you are or why you’re making the transaction. It is revolutionary in that it’s the first neutral form of money that can be freely transacted with anyone across the globe. What’s more, it can be easily stored — unlike gold — and control of the private key ensures that you have complete control of your money.

In the past, when corrupt governments devalued their local currency or seized assets from citizens, investors ran to the US dollar or gold. […] Today, many are moving into cryptocurrencies, where their money sits on a global distributed ledger that no central bank or government can touch.

The balance on your bank account, on the other hand, is for display purposes only. Not only are there strict limits on accessing your funds, the bank can freeze your account and the money that you thought you had is no longer yours — something that Iran will find out the hard way.

While the Chinese invented gunpowder almost 1,000 years ago, they were actually forced to use it in warfare when the Europeans subjugated their continent with guns in the 19th century. As history shows time after time, either you adopt the technology or someone else does and uses it against you. The same pattern repeats over and over — whether its guns, tanks, planes, bombs, banking, computers, the internet, etc.

Some Iranian officials have discussed possibilities of using cryptocurrencies to replace traditional international banking systems like SWIFT and bypass international sanctions. Unfortunately, the idea of Iran having its own national cryptocurrency is a farce.

Iran will sooner or later realize the value of a truly global, decentralized, and neutral form of money, with which transactions cannot be censored and funds cannot be frozen. With increasing pressure from the U.S. and its allies, Iran may just become the first country to use Bitcoin as financial dynamite.

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