Since the founding of bitcoin about 9 years ago a lot of other altcoins have followed suit. In fact, a report had it that there are now about 1000 or more altcoins as result of bitcoin's success. The big question here is can bitcoin have made it to where it is now under a governmental control? The founder of the bitcoin Mr. Satoshi Nakamoto made it with a principle that it should be outside of anyone's control including himself or any government. That is the meaning of decentralization tag the coin is wearing today that has given it a universal coloration, unlike fiat currencies that are under the control of the respective world governments. China was the first to ban crypto money followed by Iran and now Morroco. Weather such bans will have any impact or not we are yet to know as altcoins are trending and waxing stronger by the day. I personally believe that going by demands such as Iran is making will erode the cryptos of their decentralization and anonymity of users. If this happens the universal liberty of users will be lost and may subject the acceptance and usage of it to the same impediments of controlled fiat currencies. Rogue governments such as Nigerian government under President Buhari may use it as the political weapon against the opposition to ruin the economic investment of those that disagree with his draconian economic policies.
Though some may argue that lack of control on the virtual monies may lead to abuse like the terrorists using it to fund their nefarious activities others say it might facilitate easy money laundering for criminals and drug barons. Logical as such arguments may seem the legal use of it outweighs the misuse. Cryptos have some advantages over fiat money which include the followings :
- Absence of banking protocols in the transferring of money to anywhere.
- Cheaper and easier means of sending money.
- Safe way of storing money by yourself thus making you your own banker.
- Can not be broken into like a physical bank when kept in your wallet.
- Anonymity of transactions.
- More secured to move about with, without threat to its security.
- Digitally compliant.
- Can be exchanged for fiat currencies.
- Cryptos can be inter-exchanged amongst itself.
- It has no physical boundaries.
- Defies inflations created by government economic policies.
- Some cryptos have surpassed gold in value and can be traded as a stock.
- More convenient to possess.
- can be used as a collateral.
*serves the use of money.
I stand with the decentralization of the cryptocurrencies so that it will still remain what it is today without prejudice to any recourse whatsoever. If the decentralization toga is tampered with I bet that this beautiful alternative to fiat money will never be the same again and every effort should be made to resist such moves by any government or groups. So long as the blockchains remain neutral and apolitical then cryptocurrencies and the ideas behind it will survive any kind of selfish and undue manipulations by powers that be for ages to come irrespective of man's political ideologies and economic tendencies as well as religious affiliations.
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