Although I was aware of Bitcoin's existence from its inception, it was only a few months ago that I became interested on it. I have been consuming as much information as I can about it from all around the Internet and even from, egad! printed media.
Yet, one important player on this whole cryptocurrency thing is consistently left out from all discussions out there: Internet Service Providers or ISPs.
Perhaps Internet and phone service have so become part of our lives that they are transparent. Like air, we use the internet without worrying where it comes from. Maybe it is time to start thinking about it because although our beloved cryptocurrencies are decentralized, our ISPs are not.
I shutter to think what may happen if suddenly the major ISPs out there decide they want in on this crypto thing. And you know that the ISPs are few and owned by private concerns.
Am I too paranoid? I try to imagine how the ISPs may possibly affect the crypto space. Can they identify the packets that travel from miners to wallets and from wallets to exchanges and charge us more if we are mining or trading? Can they charge exchanges a surcharge?
Maybe Bitcoin and the alt coins are not valuable enough yet for these guys to care, but what about when Bitcoin is trading for say, $25,000 USD? Or maybe, these people have made enough money already and they won't bother us.
In my fantasies, I come up with a new and innovative way to move information around the globe without using the infrastructure laid out by the ISPs and thus make the crypto space truly independent and owned by the people. Alas, the Cryptonet lives only in my dreams.
I hope I haven't given anyone any ideas.
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Thank you!