Revolution. That’s what! Those who are backing bitcoin and all its fame and glory in the current, clearly don’t know what the quintessential purpose of bitcoin was. No, it wasn’t making money; no, it wasn’t so the blockchain could be made more efficient. The developers behind the revolutionary cryptocurrency weren’t after ownership and riches, that’s not why they avoided patents and open source programs of development. They actually wanted to have freedom and privacy for everyone without them having to pay for it.
The Real Reason Bitcoin Was Created
Bitcoin being used for reaping unrealistic profits and riches is not the intended use of it. It’s a by-product of the cryptocurrency and the technology behind it, i.e. the mighty blockchain. It was really designed to be used for a political and social upheaval by placing more power in the hands of the people by shaking the government and destabilizing it to the core. It is instead being used for economical change by streamlining payments and quicker fund transfers, not to mention being used as a store of value.
The thinking that went into the creation and development of bitcoin was more than the average economic change. It was to revolutionize the world and send a message to the corrupt elite, namely -- governments and financial institutions -- that enough is enough. But this message of revolution put forth by the developers was swept under the rug and bitcoin’s image has gone from being a weapon of destabilizing authority to a tool of appeasement for bankers and politicians.
It is therefore important to realize what ideas led to the development of Bitcoins.
A “Bit” Of Bitcoin History to Jolt You From Your Slumber
Before Bitcoin was even created by the man himself, Satoshi Nakamoto, an engineer and scientist named Timothy May was responsible for the first ever 6-paragraph “Crypto Anarchist Manifesto” which was distributed back in 1988 to a few fellow technological anarchists who were like minded in their approach.
This manifesto was asking to create a computerized technology, -- that was based on a set of cryptography protocols -- to change the way governments dealt with regulation, taxation and control on any economic interactions. It was also mentioned in this manifesto that the protocols would significantly change how information would be kept secret, thereby changing the very nature of reputation and trust.
Of course, this is now the concept of the blockchain, which is open but it is in fact a secret because it is anonymous, recording all transactions in a block and allowing complete transparency. And it’s decentralized so it can’t be regulated by the government in a manner of speaking. Tim May may be feeling proud and dismayed at the same. Proud because of the realization of his mission and dismayed because it’s not being used as planned. Cryptography is not in the hands of secret military and intelligence agencies and that encryption allows us to stay safe from the prying eyes of these very government agencies. Only time will tell if T. C. May’s vision will ever be realized.
Remember, with bitcoin and cryptocurrencies, we’re in the first inning. Perhaps 1% of Americans own any at all. Crypto today is where cellphones were in 1992. But adoption is growing fast. Get on the train!