The craze on cryptocurrency is spreading like wild fire. And yes, governments around the world had been intrigued too as they have started to create their own versions of digital currency. Estonia created Estcoin, Japan with J-coin, Sweden with the E-Krona project, and Petro by the Venezuelan government. These are just a few of the many governments exploring cryptocurrencies.
These government backed coins are called central bank issued cryptocurrency while others called it digital fiat. Regardless of what they are called they are not true cryptocurrencies. Why? True crytocurrencies are decentralized and it is one of the features why many people love the crypto. It is not governed or controlled by any entity as opposed to these government backed coins.
Venezuela is suffering from years of high inflation. There are over 3 million Venezuelans who have fled the country since 2014 seeking for food in nearby borders to feed their empty stomachs. Authoritarianism has gone from bad to worse and Venezuelans have the least power to change their rulers through campaigns for change or via free and fair elections simply because they fear for retaliation. It may seem that there are no other options for the people of Venezuela but technology gave hope to those who believe.
Many Venezuelans are experimenting with Bitcoin to avert inflation and tight financial management. There had been a lot of factors that concealed the liberating potential of Nakamoto’s invention. Lear more about crypto trading here – https://pheeva.com/bitcoin/trading/best-crypto-trading-bots/.
Among others is speculation, fraud, and greed. But for the Venezuelans and others who are living in high inflation and authoritarian rulers, they have seen Bitcoin as a valuable tool to fight ongoing inflation and work around the present government based exchange.
Venezuela is not the only nation where people are able to use Bitcoin to escape present economic climate. Zimbabwe, China, and Russia are experiencing the rage of inflation and are looking into Bitcoins to work around the tightening financial economic standards.
The governments are interested in cryptocurrencies too. In this regard, we have to consider the dark side of this rising technology. Intellectuals have sent out warnings already that big data and AI (artificial intelligence) can possibly bolster authoritarians and tyrants everywhere. Venezuela, Saudi Arabia, and Iran have plans and are trying hard to change and centralize the concept of Bitcoin from peer-to-peer decentralized digital money to state-controlled cryptos such as the Petro. This will allow governments to successfully expurgate deals, control user accounts, and elude sanctions.
Cryptocurrencies such as Bitcoin is an insurance policy against an Orwellian future – written by Nassim Nichols
Decentralizing cryptocurrencies can result to opposing force. Other than Bitcoin, there are protected communications software and web browsers, privacy-preserving cryptocurrencies, mesh network units, and control-resistant storage programs. We could make certain that our financial systems and social networks won’t become tools for greed and control by continuously investing in these tools and making them better for the freedom and benefit of the majority.