How Bitcoin Has Become an Important Tool for NOLA Citizens and Businesses

How Bitcoin Has Become an Important Tool for NOLA Citizens and Businesses

Bitcoin has received increasingly enthusiastic praise from New Orleans over the years, which resulted in the city arranging a resolution in the Louisiana House of Representatives. The resolution praised Bitcoin for achieving success over the years and becoming an important resource for Louisiana citizens and businesses. The resolution, House Resolution 33, also congratulated on becoming the first decentralized asset to earn a trillion dollars.

Offer of Aid and Support

House Resolution 33 also encouraged city and state governments to consider ways to maximize benefits by using the decentralized technology in new and creative ways. The resolution also praised Bitcoin’s creator, Satoshi Nakamoto, who kept faith by supplying a pseudonymous name as the technology’s developer. “Nakamoto” was praised for his contributions toward greater economic security.

Praise for Bitcoin’s Fight Against Currency Inflation

Ironically, the bill also explained that Bitcoin and crypto assets help to hold down inflation. The irony comes from the rapid rise in the value of Bitcoin investments. Bitcoin has become a tool to protect investors against hyperinflation, and many experts think that Bitcoin might replace gold as a monetary reserve. That’s quite an accomplishment for an economic currency that wasn’t initially backed by anything.

Other Benefits of Blockchain Technology

The blockchain technology has even wider implications for businesses in all industries. Marine insurance companies are using blockchain to improve efficiency in claims, insurance lists and cargo manifests. The technology brings people closer together for peer-to-peer reviews, faster and more transparent insurance claims and proof-of-work confirmations. It’s all based on how blockchain works. Blocks can be compared to windows operating systems because each block contains data about the time, date and price of a transaction in cryptocurrency. However, it can be used to record other data like product features, signs of a natural disaster or the steps of any business process. The chain in blockchain consists of all the relevant information blocks. As a decentralized technology, everyone with access to the chain has an identical copy of every transaction in the chain. That increased transparency prevents fraudulent entries, which are quickly discovered by other users.

New Orleans Joins Miami in Support of Blockchain

Few states and cities offer such strong support of Bitcoin and blockchain technology. In fact, many entrenched economic systems bitterly oppose the technology because of worries that the system will supplant the status quo. Louisiana is one of the few states that ever praised the system publicly, and Miami Mayor Francis Suarez has stated that he wants Miami to become a major crypto capital. In a surprising move, Suarez wants to invest 1% of the city’s cash reserves in Bitcoin, and he hopes to greenlight paying all taxes in Bitcoin.

Surge of Interest in Bitcoin Generates a Backlash

The increased interest in Bitcoin and blockchain technology has skyrocketed since institutions began investing. Bitcoin investing is common among wealthy private investors and business institutions. This increased attention has resulted in an anti-Bitcoin campaign and significant corporate opposition. JP Morgan originally labeled crypto and Bitcoin a fraud, but the company is now hiring blockchain and Ethereum developers to build its own “fraudulent” crypto system.

Increased Support for Bitcoin

Despite highly visible public opposition, Bitcoin quietly recruits more supporters each day. Check out real-time crypto prices to appreciate how Bitcoin continues to grow. It might be the perfect investment vehicle for many people.

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