Russian ex-world chess champion Garry Kasparov believes that bitcoin has many advantages over fiat currencies.
According to Kasparov, steady growth in blockchain, bitcoin and other cryptocurrencies is inevitable. First of all, this is due to the fact that cryptocurrencies and blockchain provide privacy. Users’ personal information is often in the hands of third-party organizations, so there is a growing demand for tools that improve data security. Kasparov believes that regulators are exaggerating the use of cryptocurrencies for illegal purposes. Any technology can be used both for evil and for good, be it blockchain or nuclear technology.
Bitcoin allows people to independently control their funds, while with fiat currencies, this function is performed by the state. Society needs blockchain and cryptocurrencies in order not to fall under the total control of external institutions. Among the advantages of the first cryptocurrency, Kasparov also pointed to limited emission.
“The advantage of bitcoin is that its release is limited to a magic number of 21 million. If we talk about the US Federal Reserve System (FRS), it is not known how many trillions of dollars will pour into the market tomorrow. But this will hit your pocket great. Therefore, people are looking for alternative ways to protect their savings in times of inflation and uncontrolled government interference in the financial system, ”said the former chess player.
In April, well-known cryptocurrency critic Mark Cuban stated that Bitcoin could prove itself if the global economy collapsed due to the loss of confidence in the fiat system as a result of the massive emission of money by the authorities. However, Bitcoin should be easy to use, even for those with no technical skills.