Can Cryptocurrencies Provide Absolute Freedom?

Cryptocurrencies appear as fintech tools for financial freedom.

• The appearance of Bitcoin in the real world made a noticeable impact in the financial domain. The monopoly of banks and fiat currencies faces some challenges.

• Cryptocurrencies are blockchain-based digital currencies transacted on a decentralized computational network free from centralized control.

<> Hence, cryptocurrencies appear as fintech tools for financial freedom.

<> Cryptocurrencies promise freedom from centralized control of fiat banks.

Can cryptocurrencies provide financial freedom?

• People always highlight the decentralization trait of cryptocurrencies.

Since cryptocurrencies are decentralized use cases of blockchain technology, cryptocurrency transactions remain practically anonymous and untrackable by government tax systems.

• There comes the freedom of the users of cryptocurrencies.

Can decentralization always provide financial freedom to cryptocurrency users?

<> The question seems unreasonable, but there is substance.

The decentralization trait of cryptos may be deceptive.

There remains a certain degree of illusion of freedom in decentralization.

• You may ask me how? It is a valid question.

• If a particular cryptocurrency vanishes, what would the holders do?

• You may ask, "What do you mean by vanish?"

A cryptocurrency vanishes means the particular crypto network doesn't exist!

• Some cryptocurrencies indeed disappear from cyberspace without any warning.

If a crypto coin vanishes into the blue, there is no centralized contact to complain!

<> Thus, the decentralization trait of cryptos may be deceptive and vulnerable.

Cryptocurrency is partly an illusion of freedom.

• Decentralization is cryptocurrency's most notable trait.

Decentralization is also an inherent loophole through which super-tyrannical economic crimes may take place.

• Crypto freedom is partial, and there is nothing called “absolute freedom.”

Freedom sometimes comes as a gift yet it remains illusionary.

The illusion of freedom in cryptocurrencies exists and it can multiply.

Conclusion

• The power of freedom in cryptocurrencies comes from its decentralization.

• The illusion of freedom also comes in cryptocurrencies due to decentralization.

Decentralization can be a double-edged sword for a cryptocurrency-based economy.

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I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.

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Nov 18, 2023