2015 will be remembered as the year bitcoin and its blockchain entered the mainstream, penetrating the highest levels of the global financial system, the arts, and social media, even what at the moment is known as the internet itself, but at what cost will this be as we move forward to its core principle of decentralisation?
Bitcoin first appeared on the scene after the height of the global financial crisis in 2009 as an experimental alternative to the current system of central banking. This was the first time in history people could send value worldwide instantly, practically free without having to trust a third party and everything verifiable on its public blockchain all which is self-regulatory.
This was free from all governments control and no corporate entity was holding power, the new trust was not to pay the bearer but instead in mathematics.
Since my venture into the rabbit hole of the bitcoin world in 2012 I have been astounded to see that even the most intelligent of people believed paper money was still backed by gold and that the banks were here to provide us with a service and protect our savings and investments from thieves.
Basically people had become so dependent on the corrupt system that they were blinded by the perceived nature of these corporate entities, robbed of their finances and freedom only to become slaves to a debt ridden monster and left with no other choice than to keep the gerbil wheel going or lose their family home, not be able to pay bills or feed their offspring.
Debt is being used as a comply or die weapon and has many people around the world trapped in the cycle who can never get out of it, including major governments which we have seen with the likes of Greece and Portugal.
After years of no support and a campaign to destroy bitcoin without success these same entities are jumping on the bandwagon now with an ace up their sleeves called the “distributed ledger”, trying to con the people once again only this time I believe their bluff will be called as their ace is no good to the royal flush that is the bitcoin blockchain.
These same corporations that have been found by the United Kingdom’s Treasury research to be the biggest collaborators of money laundering in the world, cleaning the money through their systems for the biggest cartels and terrorist networks in existence free from prosecution.
Are these the same clientele we want to grant control of this great innovation and give them the power to manipulate against us again?
As a child my grandparents always told me that money talks all languages and knows no borders, they didn’t trust banks and kept their money in a massive safe in their bedroom. It took for me to witness the devastating effects of the financial crisis on hard working people losing everything they had earned for me to really understand the lessons they were teaching me.
As we move forward into 2016 I believe it will be the most exciting year for bitcoin yet. It has gotten the attention of all the world’s major Banks, Visa, MasterCard and even American Express but what will the cost of their involvement be? Can we move forward without them or them without us?
So far the evidence I have seen is that bitcoin has become a dirty word, they are trying to separate it from the blockchain which cannot be done. They are creating their own private blockchain and digital currency while infiltrating the industry with VC money to take control of some of the best companies that have been the real innovators in the bitcoin space.
Personally I don’t believe what they are doing will succeed as their “distributed ledgers” cannot compete with the security the blockchain provides nor can the transfer of their digital coins, then again they could offer a guarantee to pay the bearer but we have been there before and seen the consequences.
The people for the first time in centuries hold the power of the direction of the future financial system and it will be up to each one of us to decide which way this all goes, will it be more of the same with a lick of new paint or a new decentralised global system free from middlemen, corruption, war and greed?