We are entering a new era of money, that will play a significant role in our financial freedoms as finance transforms into Fintech.
As we finalized our move into cashless societies, cryptocurrency technology has given global commerce the ability to bypass traditional financial services – essentially removing intermediaries or middlemen involved in the lucrative money transfer industry.
In witnessing the inevitable transition to this new paradigm, one cannot help but chuckle at the die-hard proponents of our financial institutions, trying to hold on to their century-old monopoly – as their stubbornness is pathetically played out in congressional hearings.
Cryptocurrency with its underlying blockchain solutions have technology companies salivating at the opportunity of being the new intermediaries - providing banking and financial services to billions of unbanked people around the world. Noted example, Facebook's contentious move with Libra , and Google is not that far behind.
Furthermore, this digital technology grants governments increased power of surveillance and censorship over citizens. Therefore it is no surprise, countries are soon to launch blockchain solutions for their own national digital currencies (China, Russia…with many more to follow).
It is predicted that digital currencies and corporate cryptocurrency blockchain solutions from governments, private corporations & even central banks - will be competing amongst each other for a share of the global currency markets.
In this fierce competitive arena, Bitcoin will be a major force to contend. Bitcoin has been classified as a currency (not a security). It is designed to be a decentralized digital form of sound money. Bitcoin functions as a peer-to-peer cryptocurrency settlement protocol. You do not require trust in a custodial party to hold your Bitcoin cryptocurrency nor any intermediary to transact with your Bitcoin cryptocurrency. In having the largest network effect, makes Bitcoin the most secure blockchain - protected against attacks or takeover by centralized entities. Bitcoin can basically make banks and payment platforms obsolete. Since Bitcoin is governed in a decentralized manner, it is unconfiscatable, censorship resistant and provides a degree of anonymity.
The only way other digital and crypto currencies can compete with Bitcoin, is to aggressively propagate FUD (Fear, Uncertainty and Doubt) about Bitcoins utility as money. In fact, advocates of centralized finance and banking, through ignorance or deception, are promoting blockchain and not Bitcoin as the relevant technology – which is completely false. This allows them to tout their own blockchain solutions as revolutionary financial systems. The rise of blockchain solutions will give us choice of payment platforms, which will naturally lead to competitive fees and even international transactions may become seamless and quicker. However, make no mistake - Institutional digital currencies and corporate cryptocurrencies will be centralized and privatized.
Centralized blockchains are designed be under the control of authoritative entities. It is no different to the oversight banks and governments have over our monetary freedoms today - soon corporations like Google and Facebook will digitally host our crypto wallets like banks host our accounts. You can just imagine how this will reduce our autonomy and privacy further.
Expect the financial playing field to get alot bigger and "dirtier". Spreading misinformation and falsehoods to promote centralized private blockchain soutions over Bitcoin. Remember, only Bitcoin can allow you to be your own bank, while others will suit the purposes of private institutions - so choose wisely.
As long as Bitcoins evolution continues on its promising path, people who have been educated about Bitcoin will make the right choices for themselves and their families as we move into this new era of money.
Bitcoin Education is the way to mass adoption.
Hello, My name is Uzma