Has Bitcoin Lost Its Way?
Jun 29, 2018
Sometimes it’s important to step back and look at how cryptocurrencies are changing and adapting. If you compare the journey of cryptocurrency from the very first Bitcoin to the currencies of today, you’d be right in thinking that cryptocurrency in its essence has taken on a bit of an ironic flip.
This is course doesn’t have to be a bad thing, but it’s worth thinking about.
When Bitcoin was produced, it aimed to be a decentralised form of currency that gave its users freedom from the financial control of governments and banks. It allowed users to control their own assets, save it how they want and spend it how they want. Within this, Bitcoin wanted to spearhead a currency for the people, not for the corporate world. However, as cryptocurrency has grown and as investment has become trendy, we are seeing more and more control of cryptocurrencies by holders with lots of money. When it began, Bitcoin was a very socialist concept yet now, it is very much a capitalist asset.
Is this a good thing or a bad thing? We’ll let you decide.
There are advantages to the capitalisation of Bitcoin and cryptocurrency. Of course, it makes adoption more likely and it makes it easier to integrate into our society, a society that is after all, capitalist. However, you must ask yourself, has crypto lost its way in the process? Is this an asset that is really in tune with those who need to take back control from the corporate big dogs? Or, is this just another way for the rich few to exert their power on the masses?
Another big question here, can crypto actually find its roots again? Interestingly, I believe it can. Although cryptocurrency is a bit of a capitalist dream at the moment, when it becomes adopted and when more people are given access to it, indeed, cryptocurrency can get a hold of its roots and can once more be used to help normal people take control of their assets, away from the pressures of banks and governments. If anything, capitalisation is actually just a part of the development. Perhaps in this instance, we could suggest that cryptocurrency hasn’t lost its way, instead, it’s just had to take a new route, in order to get to its final destination?
Whichever side of the fence you sit on, crypto is changing our world. In some instances for the better, in others for the worse. Let’s remember though, this is a new technology and is of course something that will learn from us in the same way we can learn from it.
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