The Love/Hate Relationship with Bitcoin

The revolutionary bitcoin after Satoshi released the whitepaper in 2009 created a lot of the foundations for a new ecosystem with its open-source code based on game theory, an empowered community, new economics, and new behavioral trend surrounding financial transactions. We have an emerging peer to peer cash payment system.

All of this love and support comes from the programmers, social reformers, activists, and the millenials . Resistance comes from the centralized financial institutions

This resistance has come from the centralized institutions on the first few years, as many find decentralization a threat and a nuisance to the traditional fiat currency. With faster transactions and new millennial generation defying the old standard mindset of saving money in a bank .

Resistance comes from the conservative mindset where they have trusted the banks that have been established for centuries. As students, we have been taught to trust a centralized institution built on the foundations of elders on a fixed cultural mindset. We were brought up to be proud citizens of a structured system.

However, technology and especially financial technology is disrupting these old-school ideals. Bitcoin is an antithesis to what we were taught, a peer to peer cash system that is decentralized and built on trust from a consensus of networks that cannot be hacked and is pseudonymous. This revolution has been led by reformation groups, from programmers to activists. This has become one of the most powerful global grass-movements we’ve seen in the last century, and we know why. Bitcoin and cryptocurrencies provide a vision of a world in which financial transactions are not bound by a central institution.

Bitcoin has been utilized in both sides of the spectrum. In the dark side, we have it being used in the blackmarket aka the Silk Road case. On the bright side, this nascent currency has been used to empower women in developing countries as payment .

We don’t know if bitcoin will be replaced by a new cryptocurrency. It has certain flaws, but not with hackability. The biggest challenges lie in scalability and faster transaction speeds.

Curtailing all of this catastrophic events, we are seeing a new kind of disruptive system that will shift the consciousness of a globalized society on how we make financial transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *