When Bitcoin (BTC) launched in 2009, it was motivated by the distrust of financial institutions and their fees and the inflationary practices by central banks during the Great Recession. Bitcoin was supposed to usher in an era of decentralization, financial inclusion and democratization.
Yet more than a decade later, with Bitcoin prices surging, we’re witnessing the digital asset being hoarded by large, centralized financial institutions, risking the principles behind its creation. Bitcoin is now in danger of being predominantly in the domain of the financially included — exactly the types of institutions that the creators sought to avoid in the first place.
Related: Why institutions suddenly give a damn about Bitcoin
Meanwhile, in the context of other potential applications of blockchain on which Bitcoin and other cryptocurrencies are built, Big Tech has matured in its midst, with many seeing the problems of anti-competition and the abuse of power that come with its size. Problems such as economic and financial control, data privacy, disinformation and the general usurping of users are the symptoms of structures that we have let become too powerful.
It isTitle: Pragmatism: The true key to unlocking crypto mass adoption
Sourced From: cointelegraph.com/news/pragmatism-the-true-key-to-unlocking-crypto-mass-adoption
Published Date: Tue, 26 Jan 2021 19:41:08 +0000