Bitcoin evolution or money revolution? The cryptoverse

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1 year ago

Despite the fall of the crypto-verse in recent times, it is undeniable that the process is still ongoing and is far from over.

Yes, new words are going around, like Marvel or DC comic book production.

And Bitcoin has opened a new category in the digital scene.

Well, to be more exact, they come from the cyberpunk literature of the eighties, and that in our days seems to take shape and life. 

Beyond the technical language that permeates and begins to gain ground in the headlines, you can't deny that the conditions are being configured for reality to surpass fiction.

People are (gradually) assimilating the new monetary and financial paradigm based on technological convergence masked in mobile telephony.   

Technology that offers to make our lives easier, but with a high price to pay and that few are aware of.   

 It is all about control, and money is one of the means to do so. 

This is a central idea that I consistently develop when I speak in my environment about bitcoin and the alternative it offers us to free ourselves from the total domination envisioned by the cyberpunks.

Likewise, I also spread it in my articles here, from the edges as they emerge along the way. 

The problem I observe is that people don't seem to care and are entrenched in fiat money.

People are asleep despite the strong jolt to freedoms received with the measures during the pandemic (which is not over yet).

In the meantime, I will insist on spreading what little I know about it.

It is almost unbelievable that people ignore the threat, which is gradually migrating from pockets to cell phones, is being ignored.

Let's start with the basics.

Do you know what money is?

It seems obvious, but it is not:

Any connoisseur will tell you that money is 

  • A medium of exchange

  • A unit of account 

  • A store of value

Well! Let's look at it practically, money is a record of remunerated favors we receive from others, and vice versa.

Yes, as you read it. Money is an accounting record. 

So, remember the money in your so-called bank account is just an entry in your favor.  

Yes! In reality, you don't have money because it is administered by someone else from whom you must ask permission.

 Besides, the prevailing money is the fiduciary (promise to pay based on the community's trust in the issuer), which has the disadvantage that it can be printed at will to the detriment of the value. 

Let's stop here for a moment. 

You may have heard of fiat money and use it as a synonym for fiduciary money. They are not the same thing, although they are intimately linked. 

Fiat money is a form of fiduciary money issued by the government of a state.

Remember, when a bank issues you a debit card, it backs it up with a debt book entry, and this is for the equivalent of fiat money.

It is a subtle technicality based on trust between the parties: you, the other party, the bank, and the government.

In the end, you are unknowingly enslaved to the system with few freedoms provided by cash.

The problem is that cash transactions are rapidly disappearing, and governments are restricting you from paying with cash to avoid alleged money laundering. 

The ultimate goal: is to take coins and banknotes out of circulation to implement CBDCs.

By way of general culture. In the recent past, there were: commodity money (metal coins - value intrinsic to the price of the metal) and representative money (banknote - backed by another asset and can be convertible to the value it represents).

As you may have noticed, whoever has absolute power over the issuance of money and controls its value has (enormous) power over you.

We take it for granted that this is the way things should be, but to your surprise, it was not always so, nor does it have to be so.

October 28 has a doubly special significance for me.

Firstly, it is the birthday of my only daughter, my youngest.

And secondly, in 2008, a still unknown Satoshi Nakamoto posted the Bitcoin White Paper. 

On January 3, the genesis block was mined on the Blockchain. 

Although, to be precise. It was not until six days later, with the mining of block 1 the mother network of all cryptocurrencies was operationally constituted.

Bitcoin was created to redefine the current financial system and take power away from the entities that govern the dominant system.

If money is a record of the movement of value. 

Then Bitcoin is the best method of recording value in history, thanks to the convergence of Blockchain technology and cryptography.

However, I wonder,

Will it be a natural evolution of money, or will it have to be imposed through a revolution?

How long does it take for a technological revolution to take hold?

We now see the benefits of decentralized money. But like any human creation, few stop to think about the unintended effects.

 So far, I see Bitcoin as an escape hatch from the onslaught of a global technocracy that aspires to total control, including our own minds.

Of course, in today's world, be careful to identify which is the real bitcoin.

Newspeak is all the rage.  

So, take a look at Bitcoin Cash. I'm telling you, it's the revolutionary bitcoin, not the evolutionary bitcoin towards a CBDC.

An original article by @Jnavedan

The thumbnail by   methodshop on Pixabay 

Cover image by Gerd Altmann on Pixabay 

I end by thanking all my colleagues in the community, who add value every day here. As well as all my sponsors for believing in the content I share with you.

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