What controls our economy, is a very fundamental question. And the answer somewhat lies in a piece of paper proudly calling itself the world’s leading currency, while attracting the other currencies to be its crawlers. We know it as the U.S. dollar, and also as the game changer of the world’s economy. If it suffers, the world suffers. If it prevails, the world prevails. But it also reminds us of those old Hollywood American teen movies in which a bully threatens other kids, makes them follow him all around the campus while he keeps on acting like a Don Corleone of its own Godfather.
Intentionally or unintentionally, USD has been granted the role of an economy controller. While many of you may call it yet another conspiracy theory, but the results have always been out there. The recent weakening of the USD, and eventually affecting the European market, is the latest example.
But the question is has the world adapted this methodology in such a manner that it now becomes an addiction? Is there any space for an alternative to keep our economy prevalent without depending on the USD? In 2008, an attempt was made with the inception of Bitcoins – a digital currency that was, and still is, unregulated and unmonitored, while not requiring any controller over it.
How it changed the people’s mindset is by making them believe in an alternative, a better alternative. The currency represented free-will, open mind, and eventually a democratic approach towards lifting our dependency on traditional currencies. Meanwhile, this is also the currency which was called unconstitutional, illegal, a stimulator of malicious activities such as drugs and weapon trafficking, and by so many other terms by regulatory bodies all around the world.
But it would be astonishing to know that it was the U.S. financial authorities that first laid out a campaign against the use of Bitcoins – making all the Bitcoin exchange operators and users criminals with a single signature. The U.S.-centric plot was simply aimed at reducing the Bitcoin to a size of a shrink by simply planting fears into the minds of its users.
But the question somehow is, haven’t the illicit activities like drug and weapon trafficking, or money laundering existed before the launch of Bitcoins? Why only this digital currency had to take the blame of socio-imbalance of the society? It is like banning USD because a smug used it to buy marijuana.
The U.S. authorities have turned the most attractive feature of digital currencies – its anonymity – into its most villainous trait. The simple yet complex “MY WAY OR HIGHWAY” theory by Feds have wrongly inspired many other countries to do the same to a currency which can be much better than it actually promises to be.
Imagine why the second largest economy China first announces to support Bitcoin but later shakes every ground on which the currency is being used? And why many other countries such as India, Germany, Russia, seems to have been on a “no comment” mode when it comes to the digital currency?
Is the bully winning the battle?
Eventually no. Because Bitcoins were never made to please an authority, maybe that is why it a called decentralized, and unregulated currency. The whole idea is to eliminate the role of third parties during the transactions. Maybe that is why, despite much pressure from the higher authorities, Bitcoin is still emerging to be the next best thing.
The currency has set trends for more digital currencies. Today, we can see Bitcoin’s alt-currencies Litecoins, Dogecoins and others following the same footsteps and creating a different road to rule the finance markets of future.
There is still a long way to go for these digital currencies. The only support they have is from the people it has appealed by far now. Joel Bowman of The Daily Reckoning also thinks that these currencies do not need a permission to remain in the financial era, and they do not depend on State legitimacy.
“In the end, Bitcoin is a bet on the other side of The State’s coin; the free market side. It’s a bet that voluntary trade will, in the end, overcome neanderthalic force and coercion. It’s a wager that the conversation currently underway in the shadowy ‘black’ market is far more intriguing, far more complex, far more nuanced and exceedingly more interesting than the yip-yapping that distracts the undead, mainstream TV-consumer for an hour or so around feeding time every evening.”
And Bitcoins, as well as Litecoins have by far proved the same vision. The currency poses as much threat to society as any other currency. The only thing about them that makes a difference that it makes people the master of their own money. They are fully democratic indeed!
For people, it is also an obligation to never misuse it for wrong purpose. Learn from Dogecoins and Litecoins that were recently used for charity purposes. It should also be recommended to U.S. and other countries to try projecting these digital currencies for the betterment of society. It is not about controlling the economy, it is more about enhancing it for a better future, so as dreamed by Bitcoin’s developer Satoshi Nakamoto.