In this discussion, I’m speaking specifically about Bitcoin, since there are many crypto assets that are not set up exactly like Bitcoin. However, most aspects apply.
Here’s 4 ways Bitcoin, crypto assets and blockchain technology can improve society and our lives:
- Control — over YOUR money.
- Democratic / Agnostic / Borderless — there is no hierarchy; every person or entity that transacts is on equal footing.
- Censorship-resistant — since it is built as decentralized, there is no sole authority that can make judgments about who transacts or what is transacted.
- Transparency / Immutability — because the technology is set up to allow anyone to view all previous blockchain transactions, there can be no way to falsify or doctor those records. This builds the trust necessary to transact blindly with anyone or anything without having to know the identity on the other side.
When you have all these things, you have freedom. It gives power back to the people, where it belongs.
But with this freedom and power comes responsibility to foster it and use it properly.
That is why governments are fearful of it; they can’t fully control it and thus are threatened by it.
And yes, it can be dangerous if you’re not used properly. However, that goes for every new disruptive technology. Use it wisely or pay the consequences!
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