BITCOIN AN UNSTOPPABLE FORCE, US CONGRESSMAN TELLS CRYPTO HEARING

In a surprising turn of events that has sent ripples of excitement through the cryptocurrency community, a US Congressman has publicly acknowledged the futility of attempting to halt Bitcoins progress. This episode is sponsored by Nexo.io, Circle and Kraken. On this edition of the Weekly Recap, NLW catches up on the latest U.S. regulatory news, includiDuring a recent congressional hearing, Patrick McHenry, representing North Carolina's 10th District, delivered a powerful message: Bitcoin is here to stay, and efforts to stifle its growth are ultimately in vain.This declaration marks a significant shift in the narrative surrounding Bitcoin in the US, where it has often faced opposition and skepticism from lawmakers. 比特幣（btc）在國會的困境主要中心化在反對者身上，但本周的聽證會也看到美國政客們接受它總是超出他們的控制範圍。But what does this mean for the future of Bitcoin and the broader crypto landscape? During testimony on July 17, U.S. Congressman Patrick McHenry, who represents North Carolina s 10th District, told lawmakers directly that attempts to stop Bitcoin were futile.Is this a sign of increasing acceptance and understanding of digital assets within the US government? p Trying to halt Bitcoin is a waste of time, congressman warns U.S. /p A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:And what are the potential implications for investors, innovators, and the overall financial system? Bitcoin an Unstoppable Force, US Congressman Tells Crypto HearingThis article will delve into the details of Congressman McHenry's statement, explore the reasons behind his perspective, and examine the potential impact of this acknowledgment on the future of Bitcoin and the digital economy.

A Turning Point: Bitcoin Acknowledged as Unstoppable

For years, the narrative surrounding Bitcoin in the US Congress has been largely one of caution, concern, and outright opposition.Lawmakers have voiced concerns about its potential for illicit activities, its volatility, and its impact on traditional financial systems.However, the recent hearing saw a remarkable departure from this trend. Patrick McHenry warned lawmakers that they would ultimately fail if they attempted to control decentralized cryptocurrencies. All reactions: 78. 6 sharesCongressman Patrick McHenry's statement that attempts to stop Bitcoin are ""futile"" represents a significant turning point in the ongoing debate about the cryptocurrency's role in society.His bold declaration suggests a growing recognition that Bitcoin, and perhaps decentralized cryptocurrencies in general, are beyond the reach of government control.

This acknowledgment carries significant weight.It suggests that at least some US lawmakers are beginning to understand the fundamental principles of decentralization and the challenges associated with regulating or suppressing technologies that operate outside of traditional regulatory frameworks.This recognition could pave the way for more constructive dialogue and more informed policy decisions regarding cryptocurrencies in the future.

Congressman Patrick McHenry: A Champion for Innovation

Who is Patrick McHenry, and why is his statement so significant? Bitcoin an Unstoppable Force, US Congressman Tells Crypto Hearing via Cointelegraph Cryptocurrency CryptoMcHenry is a Republican Congressman representing North Carolina's 10th District. In the US, news about Bitcoin (BTC) is usually about opposition from Congress. However, for the first time, the latest hearing also saw an acknowledgement from the US lawmakers that the cryptocurrency is not in their control. Patrick McHenry, the lawmaker representing North Carolina s 10th District, divulged that attempt to create hurdles for Bitcoin was [ ]He has been a vocal advocate for technological innovation and a strong proponent of policies that foster economic growth. Otros, en general, no lograron establecer una distinci n entre Bitcoin y las monedas digitales autorizadas, espec ficamente el proyecto Libra de Facebook, que constituy la base inicial de las audiencias. Para McHenry, sin embargo, con legislaci n o sin sta, Bitcoin prevalecer .His understanding of emerging technologies, including blockchain and cryptocurrency, has set him apart from some of his colleagues in Congress.

McHenry's perspective is rooted in a deep understanding of the technology behind Bitcoin and its potential to disrupt traditional financial systems. Cohen is one of the leading crypto native lawyers in the United States and advises clients on complex legal and regulatory matters related to blockchain, cryptocurrency, and tokenizationHe recognizes that Bitcoin is not simply a digital currency but also a groundbreaking innovation that could revolutionize the way we interact with money and conduct financial transactions. At second Libra hearing, congressmen invoke Satoshi and call Bitcoin unstoppable as they continue to scrutinize Facebook's promises.His advocacy for understanding the technology to prevent ""ill-informed"" legislation showcases a commitment to evidence-based policymaking.

Why is Bitcoin Considered Unstoppable?

The concept of Bitcoin being ""unstoppable"" is a complex one, but it stems from the core principles of its design and operation.Here are some key factors that contribute to its perceived invincibility:

• Decentralization: Bitcoin operates on a decentralized network, meaning there is no central authority that controls it.This makes it extremely difficult for any single entity to shut it down or censor transactions.
• Global Network: Bitcoins network spans the globe, with nodes and miners located in virtually every country. U.S. Congressman Patrick McHenry, who represents North Carolina s 10th District, told lawmakers directly that attempts to stop Bitcoin were futile. The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.This geographic distribution makes it nearly impossible to coordinate a global effort to suppress it.
• Open-Source Code: Bitcoins code is open-source, meaning anyone can access, review, and contribute to it. Juli erkl rte der US- Kongressabgeordnete Patrick McHenry, der den 10. Bezirk von North Carolina vertritt, den Gesetzgebern direkt, dass Versuche, Bitcoin zu stoppen, vergeblich seien. Die Welt, die Satoshi Nakamoto, Autor des Bitcoin-Whitepapers, und andere sich vorstellen, ist eine unaufhaltsame Kraft, sagte er.This transparency allows for continuous improvement and makes it difficult to introduce malicious changes.
• Cryptography: Bitcoin relies on strong cryptography to secure transactions and protect the network.This makes it extremely difficult to hack or manipulate.
• Network Effect: As more people adopt and use Bitcoin, its network effect grows stronger. Before we talk about what happened at this hearing, and more specifically, how Congressman McHenry managed to endear himself to all blockchain and cryptocurrency fans, it might be helpful to present a very brief biography of him here. Patrick Timothy McHenry is the U.S. Representative for North Carolina's 10th congressional district.This makes it more resilient and resistant to attacks.

These factors combine to create a system that is remarkably resilient and resistant to censorship. The CLARITY Act unleashes a historic wave of pro-crypto momentum, cementing U.S. leadership in Web3, safeguarding self-custody, and supercharging digital asset innovation with unstoppable force.While governments can attempt to regulate or restrict Bitcoins use within their jurisdictions, they cannot completely shut it down or control its operation.

The Legacy of Satoshi Nakamoto and the Vision of Decentralization

Congressman McHenry's statement also referenced Satoshi Nakamoto, the pseudonymous creator of Bitcoin, and the vision that underpinned its creation.Nakamoto's whitepaper, published in 2008, outlined a revolutionary concept: a decentralized, peer-to-peer electronic cash system that could operate without the need for trusted third parties like banks and financial institutions.

This vision resonated deeply with early adopters of Bitcoin, who saw it as a means of achieving financial freedom and escaping the control of centralized institutions. U.S. Congressman Patrick McHenry says bitcoin is unstoppable and every regime that's tried to shut it down has failed.The idea of taking control of one's own finances, without the interference of government or banks, was a powerful motivator for many. The announcement of Libra as a cryptocurrency has hit the crypto community with a lot of reactions, especially from the US government. The plight of bitcoin has also seen so much attention especially from naysayers in Congress although this week we experienced a turn of events in the opposite direction as United States politicians accept [ ]And it continues to drive the development and adoption of Bitcoin today.

The ""world that Satoshi Nakamoto envisioned"" is one of greater financial inclusion, transparency, and autonomy.It is a world where individuals have more control over their own money and are less reliant on centralized institutions. J In the past week, the Blockchain/DLT/DApps landscape witness a sharp increase in attention thanks to Libra. Which paved a path for other enterprises like Bank of American, IBM, andWhile this vision is still far from fully realized, Bitcoin has laid the foundation for a more decentralized and democratic financial system.

The Contrast with Facebook's Libra (now Diem)

The congressional hearings that featured Congressman McHenry's statement were initially focused on Facebook's proposed cryptocurrency project, Libra (later rebranded as Diem). 米議会には仮想通貨悲観論者が多いことに注目が集まりがちだが、今週開かれたフェイスブックの仮想通貨リブラに関する公聴会では、ビットコインに関してはコントロール不能と認める議員も相次いで見られた。However, McHenry and others drew a crucial distinction between Bitcoin and Libra.While Bitcoin is a decentralized, permissionless system, Libra was designed to be a centralized, permissioned system controlled by Facebook and its partners.

This distinction is critical because it highlights the fundamental differences between decentralized cryptocurrencies and centralized digital currencies. Full US Congress Hearing on Facebook's Crypto: LIBRA:Decentralized cryptocurrencies like Bitcoin offer greater financial freedom and autonomy, while centralized digital currencies are subject to the control and oversight of the issuing entity.Some lawmakers failed to grasp this crucial difference, treating all digital currencies as a monolithic entity. crypto bitcoin. Another week, another round of Crypto Tidbits. As is seemingly the norm, Bitcoin saw a tumultuous week, trading from everywhere from $9,100 to around $11,000.McHenry, however, clearly understood the difference and recognized the unique potential of Bitcoin.

The CLARITY Act: Fostering Innovation and Protecting Self-Custody

The mention of the CLARITY Act in the research snippets is also significant. In what was meant to be a U.S. House of Representatives hearing to examine and push forward a bill to establish crypto market structure policies, Democrats and Republicans clashed over PresidentWhile the specifics of the CLARITY Act were not fully detailed, the reference to ""safeguarding self-custody"" and ""supercharging digital asset innovation"" suggests that it is designed to provide a clear legal framework for cryptocurrencies and to protect the rights of individuals to control their own digital assets.

Self-custody is a fundamental principle of Bitcoin and other decentralized cryptocurrencies.It refers to the ability of individuals to hold and control their own private keys, which are necessary to access and manage their cryptocurrency holdings. U.S. Rep. Patrick McHenry (R-N.C.) has urged the United States to spearhead Bitcoin (CRYPTO: BTC) innovation, underlining the necessity of understanding the technology to prevent ill-informedBy safeguarding self-custody, the CLARITY Act would empower individuals to take control of their own finances and participate in the digital economy without relying on third-party custodians.

The CLARITY Act, if enacted, could unleash a wave of innovation in the cryptocurrency space by providing greater regulatory certainty and encouraging investment.It could also solidify the US's position as a leader in the Web3 revolution, the next iteration of the internet built on blockchain technology.

The Importance of Understanding Bitcoin

Congressman McHenry's emphasis on the ""necessity of understanding the technology"" behind Bitcoin is crucial.Many of the concerns and criticisms leveled against Bitcoin stem from a lack of understanding of its underlying principles and potential applications. From the weekly Long Reads Sunday top 5, produced with BlockTV.Find me on Twitter:By urging his colleagues to learn more about Bitcoin, McHenry is advocating for more informed policy decisions.

Here are some key aspects of Bitcoin that policymakers (and everyone else) should understand:

• The Blockchain: The underlying technology that powers Bitcoin, a distributed ledger that records all transactions in a transparent and immutable manner.
• Cryptography: The use of cryptographic techniques to secure transactions and protect the network.
• Decentralization: The absence of a central authority and the distributed nature of the network.
• Mining: The process of verifying transactions and adding new blocks to the blockchain, which also serves to secure the network.
• Wallets and Private Keys: The tools and methods used to store and manage Bitcoin holdings.

By gaining a deeper understanding of these concepts, policymakers can make more informed decisions about how to regulate cryptocurrencies and how to foster innovation in the digital economy.

Addressing Common Concerns About Bitcoin

Despite its growing acceptance, Bitcoin still faces several common criticisms and concerns. For those early adopters of Bitcoin the promise of crypto was the freedom to take control of their own finances without the interference of government basically making central banks and governments irrelevant. But until now, the threat of crypto was [ ]Here are some of the most frequently raised issues and how they can be addressed:

1. Volatility: Bitcoins price can be highly volatile, which makes it a risky investment.However, volatility has decreased over time as the market has matured.Furthermore, volatility is often seen as the price discovery phase of a new asset class.
2. Use in Illicit Activities: Bitcoin can be used for illegal purposes, such as money laundering and drug trafficking. Bitcoin a US$ 103 mil impulsiona os ativos da MARA em dire o a US$ 5 bilh es e participa es triplicam ; Meta explora integra o de stablecoins para pagamentos, aponta reportagem ; Op es de Bitcoin podem abrir caminho para novas m ximas de pre o do BTC Veja comoHowever, studies have shown that the vast majority of Bitcoin transactions are legitimate, and law enforcement agencies are becoming increasingly adept at tracking illicit activity on the blockchain.
3. Energy Consumption: Bitcoin mining can consume a significant amount of energy, which has raised concerns about its environmental impact. 📖 Bitcoin an Unstoppable Force, US Congressman Tells Crypto Hearing. U.S. Congressman Patrick McHenry, who represents North Carolina s 10th District, told lawmakers directly thatHowever, there is a growing trend towards using renewable energy sources for mining, and alternative consensus mechanisms are being developed that consume less energy.
4. Scalability: Bitcoins network can only process a limited number of transactions per second, which has raised concerns about its ability to scale to meet the demands of a global payment system.However, scaling solutions such as the Lightning Network are being developed to address this issue.

By addressing these concerns and demonstrating the benefits of Bitcoin, the cryptocurrency community can help to foster greater acceptance and understanding among policymakers and the general public.

The Future of Bitcoin and the Digital Economy

Congressman McHenry's statement that Bitcoin is an ""unstoppable force"" suggests that the cryptocurrency is poised to play an increasingly important role in the future of the digital economy.As more people adopt and use Bitcoin, its network effect will grow stronger, making it even more resilient and resistant to censorship.

Here are some potential developments that could shape the future of Bitcoin:

• Increased Adoption: As awareness of Bitcoin grows and its infrastructure improves, more individuals and businesses are likely to adopt it as a store of value and a medium of exchange.
• Institutional Investment: Institutional investors, such as hedge funds, pension funds, and corporations, are increasingly showing interest in Bitcoin, which could drive up its price and increase its legitimacy.
• Regulatory Clarity: As governments around the world develop clearer regulatory frameworks for cryptocurrencies, it will become easier for businesses to operate in the space and for individuals to invest in Bitcoin.
• Technological Innovation: Continued innovation in the Bitcoin ecosystem, such as the development of scaling solutions and privacy-enhancing technologies, will improve its functionality and usability.
• Integration with Traditional Finance: Bitcoin could become more integrated with traditional financial systems, such as through the development of Bitcoin-backed loans and other financial products.

While the future of Bitcoin is uncertain, it is clear that it has the potential to transform the financial system and empower individuals with greater control over their own money.Congressman McHenry's recognition of its ""unstoppable"" nature is a significant step towards realizing that potential.

Actionable Advice for Individuals and Businesses

So, what can individuals and businesses do to prepare for the future of Bitcoin and the digital economy?

• Educate Yourself: Learn as much as you can about Bitcoin, blockchain technology, and the broader cryptocurrency landscape.There are many online resources, courses, and communities that can help you get started.
• Consider Investing: If you are comfortable with the risks involved, consider investing a small portion of your portfolio in Bitcoin.However, be sure to do your own research and only invest what you can afford to lose.
• Accept Bitcoin as Payment: If you are a business owner, consider accepting Bitcoin as payment for your goods or services.This can attract new customers and provide you with access to a global market.
• Explore Blockchain Applications: Explore how blockchain technology can be used to improve your business operations, such as through supply chain management, identity verification, and data security.
• Advocate for Responsible Regulation: Engage with your elected officials and advocate for responsible regulation of cryptocurrencies that fosters innovation and protects consumers.

By taking these steps, you can position yourself to benefit from the growth of Bitcoin and the digital economy.

Conclusion: Embracing the Future of Finance

Congressman Patrick McHenry's declaration that Bitcoin is an ""unstoppable force"" represents a significant moment in the evolution of the cryptocurrency.It signals a growing recognition among policymakers that Bitcoin is here to stay and that attempts to suppress it are likely to be futile.This acknowledgment could pave the way for more constructive dialogue and more informed policy decisions regarding cryptocurrencies in the future.

Key takeaways from this article include:

• Bitcoin is a decentralized, global cryptocurrency that operates without the need for a central authority.
• Congressman Patrick McHenry has publicly acknowledged that attempts to stop Bitcoin are futile.
• Bitcoins ""unstoppable"" nature stems from its decentralized design, global network, and open-source code.
• Understanding Bitcoin and blockchain technology is crucial for informed policymaking.
• Individuals and businesses should educate themselves about Bitcoin and explore its potential applications.

As Bitcoin continues to evolve and mature, it is likely to play an increasingly important role in the future of the financial system and the digital economy.By embracing innovation and fostering responsible regulation, we can unlock the full potential of Bitcoin and create a more inclusive, transparent, and efficient financial system for all.The journey has just begun, and Bitcoin, it seems, is leading the charge into the future.