Chinese bitcoiner

Bitcoin’s Limitation Caught though Global Protests

There is always a censorship regarding crypto industry but the industry doesn’t lag behind for those censorship rather it is expanding its wings. However you can take Hong Kong protest against China as an instance. Hence in that situation people around the world are examining bitcoin along with other decentralized technologies and finding out their narrowness.

You can also think about the HSBC Holdings which closed the bank account of Spark Alliance HK as it was associated with protests. The move instigated protestors and donors to transact privately. During the protest, there was no internet connection in Hong Kong and people of the state were not known of the process of transacting with bitcoin, which is useful for receiving donations from abroad.

Mesh-network devices were not useful for a confrontational situation. At that situation protestors used Telegram because of the anonymity of their phone numbers. Though money relies on network effect, bitcoin and related technologies are not ready for usage in chaotic environments. But a different talk came out from Chinese bitcoiner with family in Hong Kong that people were moving their money abroad more.

Though 19 percent of Hong Kong bank branches were closed this week because of turmoil getting goods, service and physical money was really difficult. Sharing any circulating information that rages the violence level was prohibited by an order of Hong Kong’s High Court.

Tehran

A shut down on Internet was happened in Iran by the government during Revolutionary Guard crackdowns on nationwide in opposition to rising gas prices. At that time a Tehran-based bitcoiner was arrested for taking photos then promptly released and the arrestee said he, having a personal server abroad, had made a secure encryption protocol between data centers and a mobile network and he used to bypass several servers and networks to reach the edge servers.

The arrestee also told the Blockstream bitcoin satellite and mesh network technologies are not useful when there is massive internet desert. Another problem is that there are a fewer tech-savvy recipients to make digital transactions a worthwhile use of time.

Beirut

Now come to Lebanese protesters who conquered the Nejmeh Square and stopped parliament from meeting and that led to impediment in bitcoin trading by limited cash access from local banks and financial institutions. Two weeks before the incident takes place a few bitcoin traders found hackers had accessed their mobile phones and stolen cryptocurrency.

About the hacking issue VDL news assumed that the alleged hacker may have knowledge of the victims’ location and access to an account run by telecommunication company Touch, because the hack involved intercepting messages at the service level. WhatsApp and Telegram accounts are prone to be hacked so trusting your mobile phone identity is tough. The hacking issue is really a threat to the local community.

Imaginary Anarchists

As a nascent technology, bitcoin technology is yet engaged with a number of limitations which has been proved by above three incidents. A reason behind it can be users don’t have skills regarding the use of bitcoin and to go ‘’the anarchists route’’. Many bitcoiners prefer to stay deep underground these days and common people yet want to rely on traditional financial institutions. There is a scant liquidity which is offered by fragmented communities. Even there is a significant legal threat to locals helping neighbors bypass internet censorship in Tehran. People who have servers in Iran have received SMS mentioning that hosting, selling or distributing any VPN service in order to access filtered websites is illegal……..encouraging them to tell on those that are doing so. In case of storing wealth and receiving funds from abroad bitcoin is useful but transacting locally is risky.

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