The use of cryptocurrencies as a transfer of value without censorship, once again becomes clear as tech website The Hacker News saw its Paypal accounts frozen. Paypal didn’t provide a reason for freezing the accounts, but it would not be the first time that accounts associated with hackers or cryptocurrency users is being blocked.
Readers of the hacking news outlet immediately pointed out that The Hacker News should’ve been using cryptocurrencies, and bitcoin in particular. Centralized payment processors like banks, VISA, Mastercard and Paypal haven’t seen much positive light among tech insiders.
In recent months there have been plenty of cases where centralized institutions shutdown money flows towards certain organizations or individuals. Patreon has been blocking users, banks are not allowed to assist crypto companies, and Paypal has been avoiding crypto related transfers for years already.
The news about this latest Paypal blockade almost falls together with an article by TIME Magazine, titled ‘Why Bitcoin Matters For Freedom’. The title already says enough, but in this article the magazine pledges that the development of bitcoin and crypto should be the world’s number one priority as an escape from economic control and authoritarian regimes.
Also published on Medium.