Sometimes it is best to go back to the basics.
In the quest for Lambos and mooning, we miss what is truly important about cryptocurrency. With all that is going to take place over the next couple years, it is perhaps best to revisit what makes cryptocurrency so powerful.
If we boil it down to the core, what is the most important characteristic about cryptocurrency?
To me, the answer lies in the fact that we finally have sovereign money. This means that it is out of the control of any single government or entity.
For those who are involved in this industry for a while, it is something we take for granted. But if we consider the power of that, it is something that should really excite everyone.
Through the use of cryptocurrency, there is no purchase that can be blocked. Decentralized blocckhains have built in mechanisms to ensure that does not happen. Thus, one is free to buy whatever he or she desires. As important, one is capable of receiving money for whatever product or service is desired.
Of course, this brings to mind "illegal" activities. What is interesting is legality is a matter of perspective. For example, cannabis is illegal according to the United States government. Yet, in many states it is legal. Since the banking establishment is regulated by the Feds, cannabis operators are shut off from the banking system. They essentially become third world entities, removed from the banking system and having to operate in cash.
The porn industry is legal. Yet, it too is facing difficulties as organizations move to cut off the access to financial transactions. This is causing major problems within the industry.
It matters little what you believe in or stand behind. Perhaps you are one who detests porn and thinks it should be shut down. Thus, you might be apt to conclude this is a good move. However, as we are seeing with speech, there are those with differing views who are willing to turn the tables.
Censorship happens on both sides. Without cryptocurrency, we will see a move towards "censoring" of transactions. Believe that it is right to cut sex workers off from conducting business? That is fine as long as one realizes there is another group that is perfectly willing to stop purchases for guns and ammunition. For each person who wants to stop payments to a group such as Planned Parenthood, there is one who wants to stop the flow of money to churches.
Money is often a tool that is turned into a weapon.
Unfortunately, it is through the political process that these ends are accomplished. We even see it on an international level where countries like Iran and Venezuela, that upset the United States, are basically cut off from the global monetary system.
Cryptocurrency removes all of this. With all the different currencies that are out there, people have hundreds of choices of how to transfer value. Since these systems are run based upon block validation, which is done by nodes all over the world, it is out of the reach of the political establishments.
The big conversation these days is the establishment of digital currencies by central banks. This is basically a laughable point. It is a move towards economic and financial slavery. Freedom is nowhere to be found under this system.
Currencies of this nature will take the benefits of cryptocurrency and turn it completely around. It will be a system of surveillance and control. Governments and other entities will be able to stop (censor) any transactions or accounts. At least today, one can opt to conduct business in physical cash.
Facebook is already censoring information that it does not like. Sure, it hides behind its Terms of Service bullcrap but we all know what it is. Does anyone think the same thing will not happen with the Libra? It is a control mechanism that is run by major corporations. Anything that threatens what they want to happen will get wiped out.
Analysts at JPMorgan came out and said that Bitcoin is a threat to the SWIFT network and, thus, the USD as the reserve currency. My answer to that is good; it is about time.
Cryptocurrency is sovereign money which means that it gives control to individual people. Transactions can be watched but they cannot be stopped. This is a step forward on the path to freedom.
It is something we tend to take for granted yet it is very powerful.
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