Buying Control Of Money
What I Think Is The Mystery Of Bitcoin
I first found out about Bitcoin a few years ago. I do not recall the exact year I have heard of Bitcoin; that goes to show you that Bitcoin meant nothing to me, and I had no desire to partake in another form of digital transactions. Do not get me wrong. I am a very open-minded person, and I am willing to try anything that sparks an interest. The thing is I never took the time to research Bitcoin because I did not come across enough sources at the time and there was no word-of-mouth that could provide me with information or testimonies.
I will say that I am truly thankful for this challenge – “The Mystery of Bitcoin.” I say this with strong gratitude because it gave me the opportunity to take the time and do some digging on this enigmatic currency. When I read the title of the challenge, I said to myself, “Yeah, what is the mystery of bitcoin?” During my research, I developed a better understanding of why people are taking advantage of this digital currency and even came up with my own theory.
Before I get into my theory, I want to provide an explanation of what Bitcoin is. It is basically a digital currency (or I should say cryptocurrency) securely transacted between two people without the middleman. It is decentralized which means it is not stored in the bank’s main computer that holds the ledger. The system is transparent, and those who take part in using Bitcoins are able take a look into the records and view all of the balances and transactions that can be tracked down. This peer-to-peer method was created by Satoshi Nakamoto who published a document titled “Bitcoin: A Peer-To-Peer Electronic Cash System” back in 2008.
Allow me to get into the reason for this system. I believe the idea of Bitcoin or any cryptocurrency has something to do with trust and control. Before I talk more about that, I want to discuss a little bit about banks and the government. In history, our trust model changed to trusting the government, and that was one of the reasons why cash was created. As a result, banks became essential and centralized. Banks use a centralized system; and this is to avoid the “Double Spend” problem. It would be unethical to repeatedly copy files that represent money, right? This is why banks’ solution was to become centralized. We rely on the banks to handle our transactions. The banks rely on a computer that manages a ledger of transactions and balances of all accounts. Here is the thing with banks. They are not transparent at all. They can access your account because they have control over it. Imagine have your funds confiscated and your account frozen. It is a powerless feeling. Any corporation that manages the money supply must have immense power. However, there is a downside of it. As I mentioned earlier, the banks or government have all control of the accounts. Also, there have been fraudulency. Do you recall the issue with Wells Fargo when over a million fake accounts were created? And how about when US Congress had to clear billions and billions and billions of dollars of bailout packages due to poor management?
There appears to be a global control in the system. According to Collective Evolution’s Facebook post, banks are on top of the food chain, and us regular (working 9 to 5) citizens are at the bottom of the food chain. Now, when I say banks, I mean financial leaders who control the big banks. As Collective Evolution puts it, “We are all being played.” For more information on Collective Evolution, click here. If you would like to check out their Facebook, click here.
This is where Satoshi Nakamoto comes it. Could it be that Mr. Nakamoto saw how much control the government has over our money and decided to come up with Bitcoin? It is possible that he saw that it was an issue and where it was leading to. Maybe he predicted the outcome and planned to help the community gain control of their money. As a result, he wanted to create the Block Chain which is protected and worldwide. He wanted the community to manage the transactions and control the records. After all, Bitcoin solves the Double Spend problem without the middleman. Who actually wants the central authority transferring our own money? Sure, if you buy Bitcoins, you are actually purchasing control of the banks. But at least, Bitcoin is opened to everyone without credit checks, interests, and definitely without the risk of having your funds frozen. Now that we have the internet, information such as news, articles, and even books are decentralized. Why not money?
But what happened to Mr. Nakamoto? Was he a real person? If so, is he deceased? Could it be that he changed his name because maybe he knows something about the government that we do not? Maybe his disappearance is something so far-fetched - and I am trying to think outside the box here. This may not be a popular theory, but I think he was a time traveler from the future. Maybe he lived in an era when more and more people became poor and possibly slaves to the government. According to NOVA from PBS, it is possible that time travel exists. After all, we live in a very strange world.
If I knew then what I know now about Bitcoin, I would have taken an advantage of this cryptocurrency community so I could have complete control of my money. Today, one Bitcoin alone is equivalent to over $48,000. Imagine having that much money; that is a salary right there. In the beginning, the cost of one Bitcoin was less than a dime. That is something I can randomly find deep in my purse or on a sidewalk. Ten thousand Bitcoins for two pizzas in 2010? Really? I could only dream of how much US dollars I would have saved if I accumulated a lot of Bitcoins from when it all started.