There are 2 Schools of thought about Bitcoin and the copycat Cryptocurrencies like Ethereum,Dash,Monero,and the one I have an account with - Steemit/Steem.
But as Bitcoin was the first and best known I will refer to it alone, but comments and opinions will relate to all Cryptos that use the blockchain technology.
There are those with radical views who are ecstatic in the belief that the days of government and banks controlling their lives and activities are numbered.
They claim Bitcoin technology is untouchable. It is a decentralized system operating on a Blockchain.(Video explaining Blockchain here - https://youtu.be/k53LUZxUF50) - It doesn't need the current central controlling agency of banks or government.
The revolutionaries subscribe to an outcome as predicted below -
Will the Bitcoin revolution bring Anarchy?
Anarchy, State, and Utopia is a 1974 book by the American political philosopher Robert Nozick.
To support the idea of the minimal state, Nozick presents an argument that illustrates how the minimalist state arises naturally from anarchy and how any expansion of state power past this minimalist threshold is unjustified.
Many of the current radicals consider Bitcoin technology will eventually lead to anarchy and bring about the reduction of state power to that imagined by Robert Nozick in his book.
Bitcoin is making world headline news. It is established and accepted in many countries, but it’s full power and latent forces for disruption and anarchy are not fully understood
In short, Bitcoin could be the trigger for a coming digital rebellion – “a catalyst for change that creates a new and different world,” to quote Jeff Garzik, one of Bitcoin’s most prolific developers.
The Deniers
I said at the start that there are two sides to the story,but it is difficult to find very much counter information from threatened government and banks.
Either they are complacent,believe that it's a bubble that will soon burst,or confident they have a strategy to defeat it.
There are smatterings of news that some countries are cracking down by legislating against it's use, but I copy below in italics some of the views on sidestepping government interference.
Realistically, the chances of every government on Earth all outlawing bitcoin is pretty slim. It’s already been accepted and used by too many people. There’d be at least a minor uproar if the government came in with their guns and started kidnapping and extorting everyone involved in bitcoin.
And, if there was even ONE country that didn’t, that country would all of a sudden find itself receiving billions of dollars of investment into the country and thousands of very intelligent people would be moving there.
Perhaps this is why Theresa May, Angela Merkel and globalist Donald Trump all want to make “global rules” for the internet!
And this is not to mention that the more governments try to outlaw bitcoin the more the demand for bitcoin will likely increase as anyone who can still buy it will be running to get it before it is too late.
And, not to mention, it’s not very easy to track who actually owns bitcoin. If you are smart it is impossible. And there is no way to confiscate it without your keys. This is probably why Morgan Stanley recently said they want the “master keys” to bitcoin!
And, furthermore, many other altcoins like Dash and Monero are built with extreme privacy in mind. If they really manage to hamstring bitcoin then watch cryptos like Dash and Monero skyrocket in value… and there will be nothing the globalists can do.
So, all those expecting that big government will put its boot down on cryptocurrency don’t understand cryptocurrencies. It’s just math. There’s nowhere for the government boot to smash.
And here's a lone voice for the status quo
The Government is light years ahead, I feel sorry for the guy who thinks they're smarter than the Government. And of course (government) they could destroy it, all they would have to do is put a $5,000 dollar penalty for using it. The price would go to $0.
To sum up
I am intrigued by this new currency and the claims made for it.One of the reasons I joined Steemit - which is the social media site of the crypto currency Steem - was to learn and ask questions.
I am no fan of government or politicians but they have the responsibility of providing public services,such as police,education, and health and social care,which are the foundations of stable civilisation.
I've asked on Steemit how will taxes to pay for public services be assessed and collected in this decentralized independant financial utopia,but not received a serious answer.
I can understand the euphoric atmosphere evident on the platform.Many have been on Steemit and in Steem since its beginning in July 2016 and will have made life changing gains in their accounts.Consequently they are in denial that it could end
I joined in January this year and am excited to see my $70 in Steem grow to over $1000 in a couple of months riding on the Bitcoin bandwagon.(See my Blogger post - How my Steemit account is benefiting from the price rise of Bitcoin) at this link -
http://bit.ly/2tIzi2V
But country's have to be run and paid for,and how that is going to happen is the 64,000 Crypto question that needs answering.
The best place to learn about the currency is at the coal face (No pun intended - err miners - coal face) Join Steemit. Earn and Learn. - http://steemit.com
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