Cryptocurrency

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 <p class="paragraph">Dr. Jordan Peterson — a best-selling author and well-known Canadian psychologist, with over 4.6 million followers on X — sparked a debate on September 14, about the ‘unbanking’ movement and Bitcoin (BTC) being a tool to “scrap banks”.</p> 
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 <p class="paragraph">Notably, Peterson’s post was made in response to Australian news regarding Macquarie Bank’s branches moving to “<a rel="dofollow" title="scrap" href="https://thebittimes.com/tag/scrap.html">scrap</a> cash, cheque, and phone payment services.”</p> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Maybe it's time to <a rel="dofollow" title="scrap" href="https://thebittimes.com/tag/scrap.html">scrap</a><br>Banks<br><br>Could<br>Bitcoin fix this? https://t.co/j6wldXMv7P</p>— Dr Jordan B Peterson (@jordanbpeterson) September 14, 2023
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 <p class="paragraph">Australia is not the only country looking to end (or <a rel="dofollow" title="scrap" href="https://thebittimes.com/tag/scrap.html">scrap</a>) the use of physical cash or other non-centralized means of exchange. In most European countries, the use of cash is already limited to smaller transactions, and Nigerian <a rel="dofollow" title="banks" href="https://thebittimes.com/tag/banks.html">banks</a> also have low cash withdrawal limits on their ATMs.</p> 
 <p class="paragraph">In this context, Jordan Peterson suggested that people should stop using <a rel="dofollow" title="banks" href="https://thebittimes.com/tag/banks.html">banks</a> and asked if Bitcoin can “fix this”, as it can be the alternative tool for the ones that are still looking for a cash-like experience with their money.</p> 
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 <p class="paragraph">Interestingly, the Canadian doctor had already demonstrated a will to use Bitcoin as a facilitator for global monetary transactions and was later introduced to Lightning Network custodial wallets by Joe Nakamoto (@JoeNakamoto), in order to receive borderless donations instead of using the fiat-based GoFundMe services.</p> 
 <p class="paragraph">Answering Peterson’s question, many renowned Bitcoin advocates commented in support of the cause. Like the host of the “What is Money?” podcast, Robert Breedlove:</p> 
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  <p class="paragraph">“Banks impart counterparty risk to the act of using money. Bitcoin in self-custody is money absent counterparty risk. So yes, Bitcoin fixes this.”</p> <cite>— Robert Breedlove (@Breedlove22)</cite>
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  <img decoding="async" loading="lazy" width="930" height="396" src="https://cdn.thebittimes.com/images/2023/09/16/68a5acdfdfe16fee7d057af191da69fd.webp" alt="Robert Breedlove answering Jordan Peterson" class="wp-image-128680" srcset="https://cdn.thebittimes.com/images/2023/09/16/68a5acdfdfe16fee7d057af191da69fd.webp 930w, https://cdn.thebittimes.com/images/2023/09/16/68a5acdfdfe16fee7d057af191da69fd.webp 300w, https://cdn.thebittimes.com/images/2023/09/16/68a5acdfdfe16fee7d057af191da69fd.webp 768w" sizes="(max-width: 930px) 100vw, 930px">
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 <p class="paragraph">Moreover, crypto enthusiasts from other cryptocurrency networks — that are also focused on offering a cash-like experience to their users through decentralized and non-custodial means — also showed up to the proposed debate, like Bitcoin Cash (BCH), Nano (XNO), Monero (XMR), XRP Ledger (XRP), Dash (DASH), ZCash (ZCH), Litecoin (LTC) and Dogecoin (DOGE).</p> 
 <p class="paragraph">However, the debate also brought critics like Aaron Day, a presidential candidate for the 2024 elections in the United States:</p> 
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  <p class="paragraph">“No, it couldn’t. The traditional banking system can do 50k-100k transactions per second. The CBDC pilot in the US can do 1.7 million TPS. BTC can do 7 TPS. You need to do some research before you spout BTC.”</p> <cite>— Aaron Day (@AaronRDay)</cite>
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  <img decoding="async" loading="lazy" width="930" height="446" src="https://cdn.thebittimes.com/images/2023/09/16/36ee0d8fb85e0df703b0975de71ae780.webp" alt="Aaron Day answering Jordan Peterson" class="wp-image-128679" srcset="https://cdn.thebittimes.com/images/2023/09/16/36ee0d8fb85e0df703b0975de71ae780.webp 930w, https://cdn.thebittimes.com/images/2023/09/16/36ee0d8fb85e0df703b0975de71ae780.webp 300w, https://cdn.thebittimes.com/images/2023/09/16/36ee0d8fb85e0df703b0975de71ae780.webp 768w" sizes="(max-width: 930px) 100vw, 930px">
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 <p class="paragraph">Day is a well-known critic of Central Bank Digital Currencies (CBDCs) and a supporter of using cryptocurrencies for cash-like experiences.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/jordan-peterson-suggests-it-s-time-to-scrap-banks-and-use-bitcoin-tbt62916.html">https://thebittimes.com/jordan-peterson-suggests-it-s-time-to-scrap-banks-and-use-bitcoin-tbt62916.html</a></p>

Jordan Peterson suggests it’s time to ‘scrap banks’ and use Bitcoin

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