Bitcoin started back in 2009, and one of its core ideals was decentralization.
Bitcoin didn’t need a centralized authority to issue it, and it‘s legitimacy and value relied on the interconnected system of digital ledgers verifying the transactions.
We now live in a very different world than the one in 2009.
Governments are finally getting openly involved in the world of cryptocurrency.
I say 'openly‘, for in truth , we have no real idea if governments have been involved in cryptocurrencies - or not - since day one.
Block technology has expanded into areas other than just crypto – with it been widely discussed recently, in relation to the US elections debacle.
Governments are now looking at implementing block chain solutions for real world problems - as well as trying to bring different forms of legislation into crypto trading globally.
Opinions on cryptos are diverse.
...Some countries tax them as assets, others prohibit trading them whatsoever - while others don’t have any specific legislation regarding cryptocurrencies...
And some countries have gone one step further - and are now actively looking at implementing their own crypto assets.
The world seems to be going crypto, one way or another...
China is the country to watch.
China is preparing to release a digital-yuan - to be launched on December 12 , to coincide with a Chinese year-end shopping festival.
This would make China’s cryptocurrency the very first digital currency that's backed by an economy.
For many people , the centralized nature of government issued digital currency defeats the purpose of cryptocurrencies.
Why?
Because rather that deriving it's value from its users, it's a controlled currency , in all but name.
Rather than being an a political entity, it will be a very politically influenced crypto.
Are people going to even use a digital currency that's many of the same limitations of the central banks ?
These structures are against the very principles and ideals that crypto currency were originally formed on.
Is the very thing that we were trying to get away from going to usurp the ideological purity of crpyto currency?
Will it become nothing more than a tool of control and social engineering ?
This is an authoritarians wet dream, and with it - the end of freedom as we’ve known it.
IF this is going to be the case, then a global dystopia might well be arriving with it’s implementation.
Only time - and the peoples desire for living a free life - will tell.