August, the month named after the first Roman emperor, has begun strong for the sovereign king of cryptocurrencies. After a heavy correction in July, Bitcoin seems rested and ready to continue its conquest toward world dominion much like the Roman Empire 2000 years ago. While Emperor Augustus may have his face minted in ancient coins, Bitcoin has the potential to become the face of modern money on a grander scale.
Bitcoin has shown its strength as an uncensorable money numerous times. The decentralised blockchain ensures that the system cannot be censored or manipulated, and every attempt so far has failed. It is therefore no wonder that Bitcoin has gained increasing popularity in an era where states, companies and other parties are trying to violate our personal information and restrict our freedom.
Aside from private citizens, Bitcoin’s uncensorable nature also provides a shield for larger parties. States such as Iran and Venezuela have shown an interest in using cryptocurrencies to bypass sanctions – and it seems to be working. This week we will take a closer look at some of these cases.
In other news we have increasing investor interest, threatening letters from the American tax authorities and DARPA’s blockchain projects aiming for an unbreakable code. Additionally, an update from Facebook confessing their cryptocurrency Libra may be published later than expected – or not at all.