Are you here for the profit? Are you here for the tech? Well, for me, cryptocurrency is far larger than just the tech. I explain below
Majority of people believe cryptocurrencies are always about technology. New ‘internet money’, ‘decentralized currency’, and stuff like that. But if you ask me personally, that’s not what I think about cryptocurrency. Yes, the underlying technology behind cryptocurrency is this innovative tech called blockchain. BUT, cryptocurrency itself is never just about the technology. It’s more of an ideological statement that money should be decentralized and not controlled by one single entity.
Bitcoin was created a decade ago and first gained popularity years ago when some communities on the internet believed that the greediness of banks caused a financial crisis in 2008. Satoshi Nakamoto (creator of Bitcoin) believed that in the case of fiat currency, the central bank must be trusted not to debase fiat currency. However, the history of fiat currencies is full of breaches of that same trust. Hence, he believed money should be based on cryptographic proof, without the need to trust a third party middleman.
Even from this statement alone, you can see Satoshi (and the early adopters of cryptocurrency) think central banks should not be allowed to control all of our money. Personally I agree with this. I do not see cryptocurrency just from the technology perspective. I see it from ideology and political perspectives as well.
To believe in cryptocurrencies, it means you also believe that financial power should belong to people who support the currencies in the first place. To believe in cryptocurrecies, it means money should not be centralized in the hands of the higher-ups in the central banks (whom, by the way, are not elected directly by the people). In my opinion, this is the core belief of cryptocurrency.
Of course, the current situation in crypto communities is not as simple as believing in its ideology. Many people are here only for the profit or only here for the tech. But I’m here for all the three of them. I love the tech, I want my profit gains, but above all, I believe in the ideology. I believe money should belong to the people and not controlled by centralized power in the government.
Because power tends to corrupt and absolute power corrupts absolutely. It does not mean I hate fiat currency. It just means a better system is needed in our financial industry and no one single entity should be able to control money. It’s outrageous to see how money control a large part of our society but we do not really have a right to control its policies and valuation.
That being said, I believe cryptocurrencies can co-exist with fiat currencies. Obviously, I’m not a radical or anything like that. I believe central banks and governments will never stop using fiat currencies but fortunately some countries have begin to accept cryptocurrencies as well. We definitely live in interesting times!
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