Bitcoin has even been the subject of controversy in the United States over the assassination of George Floyd. A Dallas protester holding a placard reading "Bitcoin will save us" went viral on the internet.
He was not alone. Bitcoin intentionally or unintentionally sends political messages. Because it challenges established interests for hundreds of years, it has a strong ideological connotation.
Its very existence was a protest against the way the banking system is structured, where an incredible number of billions are required to be spent so that it does not collapse.
The intention of its founder, Satoshi Nakamoto, was clear. Don't need banks. The time was right. In the immediate aftermath of the 2008 financial crisis, many were upset or even angry with governments and the banking system. A rift has developed between citizens and economic authorities that has never closed. Equally, after the last cynical statements of the Central Banks about printing money, it was strengthened.
The choice is not between physical money or digital. Few of today's money is intangible in some databases in banking institutions. It is a choice between state money, completely controlled and a more free system . Not out of control, not without rules, but without human intervention. Protected from the arbitrariness of power, but also the cost of intermediaries.
The philosophy with which the bitcoin network is structured does not take place in the traditional dilemmas, left or right. Nor in the old arguments of capitalism over the socialism that characterized industrial societies. It has nothing to do with the capital and labor dispute or the dilemma between more or less the state.
In post-industrial society, the conflict is between control and freedom . The information gained more weight than material goods. The digital footprint consists of who we are and what our activities are.
Some find it worrying or just annoying that the digitization of money has led to lower and lower levels of personal privacy. Why, while e-money has been around for so long, is it a threat especially now? Because recently it became possible to analyze data that was necessary for the effective conduct of personalized monitoring, on a large scale .
We've all come up with an idea of ??how far technological advances in personal preferences have progressed, when a Google search for a product can lead to Facebook ads for the same product minutes later. Governments and advertisers are increasingly exploiting the profiles of each person's preferences and decisions. These profiles are like individual fingerprints , unique. In addition, they become more sophisticated with each new purchase. Money is increasingly becoming a system of control and domination.
Where is the limit?
It is a fact that bitcoin attracts people who are bothered by the increased power intervention in their private lives. It takes the side of freedom, protection from corruption and arbitrariness of power. If you don't support freedom of speech, if you think control should be suffocating because experts or rulers know better, you're never going to support bitcoin.
Those who want the central government to have great power over individuals because they fear anarchy, if they think that privacy is dangerous, if they are not seduced by the perspective and freedom that the Internet has given to individuals, it will be difficult for philosophy to agree with them. of Bitcoin. While others see privacy as important, most do not seem to care. They have not realized the danger. Yes, now it's just annoying. But it can be dangerous in an authoritarian regime. Who knows if we will slip into a less democratic form of government tomorrow? The circumstances of the pandemic and the measures adopted have limited our freedoms - justifiably or unjustifiably - in an unimaginable way until yesterday.
What is the limit that we will accept as normal to willingly hand over our rights? Restricting individual freedoms by invoking force majeure is a dangerous precedent. Today it is a virus, tomorrow it is a terrorist. Restricting travel has undoubtedly saved lives, but not without price. We know from history that it always starts with small concessions . Then bigger ones follow. Until we accept a totalitarian regime as normal, with the excuse of defending our security.
If a second wave of the virus appears in a short time, how long will we accept to stay in quarantine? One month; Two; A year; What is the personal limit of anyone who agrees to limit themselves? Not to mention its financial strength.
A dangerous idea
Maybe bitcoin will ultimately fail , for reasons that are not necessarily known today. However, it has managed to show how a currency can exist without state control. That there is an alternative to the monopoly of issuing money by the intertwined system of bankers and politicians. He proved to us that hierarchy or bureaucracy is not a prerequisite for success. There are people in between, but not a company or an institution or an organization or a state. These are being replaced by networks.
If we want to be realistic, it will be difficult to make the wildest dreams come true through bitcoin. Just as the dreams of the early Christians for a more peaceful society did not come true. One lesson that history teaches us is to have a moderate optimism about utopias and idealism.
The fact that things are not ideal in the field of cryptocurrencies, reminded us of the circulation of the digital currency "George Floyd". Its founders claim that it was created in memory of the undefeated Floyd and at the same time is a way of financing the "Black Lives Matter" protest movement. Many suspect it is a shameful fraud . However, bitcoin has helped create more conscious citizens. It is impossible to worry about what money is. We spend energy to acquire them, to spend them, to invest them. But anyone who learns how they are created, perceives with a different perspective their function in society itself.
Opponents of bitcoin often claim that "it is not supported by anything." The argument has now waned, as there are now many reputable analysts and institutions that argue that there is an inherent value. But even they underestimate it, trying to find only market value.
Even more important is that your property cannot be confiscated by any authority. They can't freeze your bank account, cut your deposits, impose capital controls. This is the most reliable protection of personal wealth that has ever existed. Is it possible that these characteristics are not taken into account when talking about an average value safeguard?
All great ideas are dangerous, said Oscar Wilde . By this criterion, the mentality that emerges from bitcoin is extremely dangerous.
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