Celebrate Independence Day!

Happy Fourth of July from Coin Cloud!
By 
Coin Cloud Team
, published on 
July 2, 2021
Celebrate Independence Day!

In the United States of America, the Fourth of July marks the unanimous adoption of the Declaration of Independence, officially separating America from Great Britain.

From the dawn of America’s conception, the idea of independence, freedom, and the rights of individuals has been one of, if not the, strongest themes present. These freedoms include the right to own property and assets. It’s no surprise that the people of a country founded on individual rights have been eager to adopt digital currencies like Bitcoin. After all, cryptocurrency is one of the most financially free options available to us right now.

Decentralization and Independence

How does digital currency offer us financial freedom? A word you might be seeing a lot if you’re getting into crypto is “decentralized”. But what exactly does that mean? Decentralization’s meaning is implied by the word itself. Digital currency like Bitcoin is literally “not-centralized.”

In other words, Bitcoin isn’t distributed or regulated by any central authority. When thinking of a central authority, you might think, “Oh, so it’s not controlled by the US government.” But decentralized currency goes farther than just not being regulated by the US government. Bitcoin and other fully decentralized currencies aren’t even regulated by an independent group.

That’s right, not even the creator of Bitcoin controls Bitcoin in any way. Rather than being distributed and regulated by any kind of authority, Bitcoin is regulated by each individual person that uses it. That might be a little confusing at first, but it’s not too scary of a concept, I promise.

Note that this discussion on decentralized digital currency does not include proposed Central Bank Digital Currencies (CBDC), like the Fed’s digital dollar, China’s digital yuan, or the digital euro. If adopted by various countries’ central banks, those digital currencies would be the equivalent of centralized stablecoins. But that’s a whole ‘nother blog post.

Bitcoin Mining

You’ve heard of Bitcoin “mining” right? It’s how bitcoin is created and initially acquired. So, if you’re not a Bitcoin miner, the bitcoin you’ve purchased originally came from somebody who is one.

Bitcoin mining isn’t literally going into a mine. It’s actually the process of a computer running various equations until they “solve” one. The solving of this equation is what makes your transactions (like sending bitcoin to a friend) valid on the blockchain. So put simply, Bitcoin miners are rewarded bitcoin for validating others’ Bitcoin transactions. It’s a self-regulating process entirely run by the people who use Bitcoin. And thus, completely decentralized.

Happy Independence Day

This is all very cool but, how does it relate back to American independence? As of June 2021, the US considers investment in digital currency an asset like any other. The Fourth of July celebrates US citizens’ freedom to own and manage assets. And digital currency (an asset) celebrates one’s freedom to own and manage their money.

US independence and digital currency go hand in hand. They are both symbols of the personal freedoms that are being celebrated this Fourth of July. So, happy Independence Day and enjoy your digital currency!

To buy and sell digital currency with cash — another pretty cool freedom — find your nearest Coin Cloud DCM.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 3,500 locations nationwide, in 47 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell 30+ virtual currency options with cash.

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