We’ve touched upon this sort of issue before, but it’s a topic that comes back again and again.
Bitcoin was produced as a site of liberation, a decentralised product designed to allow people a chance to break away from the capitalist financial system, a way to take control of your own money across a democratic medium. With no banks and no authorities having control, it seemed that Bitcoin would be the tool for ultimate freedom.
However, is this the case?
When we look at Bitcoin now, it actually seems to be more of a capitalist dream, than a tool to enable the working class to stop their money being exploited by rich few.
This is a topic that is fully up for debate. Many still believe that Bitcoin does offer the working class the chance to control their own assets and on the surface, it appears that this is the case. But then when you look deeper, you see that the markets have now reached a point where in order to actually take advantage, you need to have money already, a luxury not experienced by many.
Capitalist forces now seem to have control of Bitcoin, and many other cryptocurrencies too, but, is this the fault of Bitcoin, or is this just a natural progression, one that we should expect within a capitalist society?
Sorry, there are a lot of questions here and not a lot of answers
Don’t get me wrong, Bitcoin is a good thing, and cryptocurrencies in general have the power to empower a lot of people but at the same time the upper classes seem to be able to benefit from them far more than the labour classes. How can this be when the product was initially designed to allow the labour classes to escape from just that?