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Satoshi’s Aim is gradually getting Defeated, we are doomed.
With the current adoption of cryptocurrency by countries and individuals, we are beginning to witness an increase in the issue of KYC when it comes to registration or signing up on these centralised exchanges which the governments are putting into place. This KYC process comes in different forms and shapes which most times require users to make use of their passports, social security numbers and even utility bills bearing their residential addresses as a means of identification. Now, the pertinent question to ask is; what was the initial plan of Satoshi Nakamoto when he/they invented cryptocurrency?
Before the invention of cryptocurrency, the financial system of the world was being run by circular banks which were controlled by the government and individual countries and the world at large. This financial system known as banking gave the government the power to do and make laws which most times placed the investors at the mercy of the government.
When Satoshi and others who saw the dangers that the system will create in the future began to look for a way out, they found out something which will give the investors and users more autonomy with less government interference. They invented Blockchain which became the bedrock of cryptocurrency. What has been the government’s reaction since then? It is not a hidden fact that the government of the world has been on the move to regain control of the financial system including the blockchain but it has been a futile effort and this is why they have decided to adopt cryptocurrency even if it means forcing the blockchain to become more like an E-banking system.
This is currently what the world is facing and I am left to wonder; is Satoshi’s aim of creating the blockchain not getting defeated? This is a question we must all look at critically because of the rate at which KYC’s are being done in centralised exchanges, I doubt if the aim won’t be defeated in the future.
Just like every other government of the world, the Nigerian government banned cryptocurrency just to go and create theirs. It is not a problem that they created theirs, but the problem is that they have also made it compulsory for users to carry out KYC which entail that the government will be in control of whatever one is doing even though the transaction is confirmed in the blockchain, the government will control the amount of whatever trade users would want to make. They can decide to place the system on hold any day they want without giving users prior information. This is purely going against the reason why blockchain and cryptocurrency were created. Once users are no longer in control of what they do with their money, then it is as good as making use of the circular bank just like before.
It is not about the general adoption of crypto by governments of the world, it is about the motive behind the adoption which I believe is geared towards regaining control of the financial system of the world by the government at all cost. We are at a crossroad because even privately owned centralized exchanges where users trade their crypto to their local fiat have also taken the path of the government when it comes to KYC. I do not blame these centralised exchanges rather I blame the government for making it hard for circular banking institutions to work with these exchanges in the area of helping users to cash out or get their fiat. The truth is that the government could have followed another way if they intended good for us but because of the need for them to always control what we do they decided to toll this path that has led us all here. I do not know how or where this will take us to, but one thing is certain, the aim of Satoshi will be defeated if we continue like this.
One of the questions I have asked myself is, must we undergo KYC as a means during the process of registration in these centralised exchanges? The answer is yes as we all know with reasons like; it will help prevent fraudulent activities and help beginners not to fall into the hands of scammers. The truth is looking at how the centralized exchanges work one would always be on edge because of not being in control of the private keys (seed phrase) of the centralised exchanges. What this means is that if hackers break through the defence system of the centralized exchange, it is over for any user who has stored assets in these exchanges. Now, if this is the case, why then do we think that centralized exchanges are better than decentralised exchanges? For me, I feel the centralised exchanges are more like E-banking platforms with a little difference which is the blockchain for confirmation of transactions.
This is why it has become so easy for the government to continue to hold us, hostage, at all times because the centralized exchanges have given them leverage through their compulsory KYC processes. What the government will just do is to make policies that will make the centralised exchanges within their environment submit whatever information they wish to get. Just like the Nigerian government banned Twitter and the time they can reach an agreement with the CEO of Twitter who would not mind if those agreements may affect the privacy of the users of the platform as long as it keeps bringing in profit, he would succumb to the control of the government. This is exactly what I am envisaging in the crypto space when it comes to centralised exchanges. There should be a serious discussion o the way forward which is the total adoption of the decentralised exchanges at all costs to avoid going back to the era of government autonomy of the financial system of the world. It may not be happening now but at the rate at which KYC issues are happening and the adoption of crypto by the various government of the world, it is certainly not going to be inevitable. I fear for a time when we will have to wait for the government to approve our transactions before we can carry them out through the blockchain.
I hope Satoshi Nakamoto’s aim of inventing cryptocurrency will not be defeated.
Happy New Month to all of you and may this New month bring us more wins...