Bitcoin is a digital crypto currency that can be transfered from person to person through the internet without going through a bank. The bitcoin network is secured …
What Happens if Bitcoin Becomes the Currency of The Future?Bitcoin is a digital crypto currency that can be transfered from person to person through the internet without going through a bank. The bitcoin network is secured by people called miners which is a third person that verifies the transaction between a buyer and a seller… every verification is then recorded as a code that is then put onto a public ledger where anyone can review the code, creating the perfect transparency and advanced security.
Now, you might also think that we already have digital currency like paypal or even credit cards, but the difference again is that this currency is completely independent of banks and the government. While credit cards and paypal is digital… it’s still moved as currency that belongs to a certain country without the security or speed to instantly use it across the world without a bank slowing down the process.
THE END OF THE DARK WEB AND BLACK MARKET?
So far, the black market on the internet and bitcoin seem to go synonymously like Bill Cosby and leaving your drink unattended…. They both lead up to unwanted illegal activity.
Hackers ransoming companies for bitcoin has been a recent problem where even Disney was hacked and held ransom with the threat of releasing Pirates of the Carribean if Disney didn’t pay their demands in bitcoin. Which is kind of ironic because that’s kind of what real pirates do… minus all the rape, blood shed, and early childhood onset diabetes from their frosted sugary cereals.
However, this is currently based on a system where bitcoin ISN’T the only form of currency… If bitcoin becomes the ONLY form of currency, then it’s a totally different story.
The real nature of bitcoin leaves perfect paper trails and proof of acitivity because of the nature in which bitcoins encode every transaction. Therefore, if no other forms of currency existed, it wouldn’t be as easy to convert and launder the bitcoin into another form of value or currency. Also, if bitcoin were the only currency to exist, countries would probably enforce stricter account creation that ties to a persons real identity, for the sake of preventing tax evasion, so people wouldn’t be able to create anonymous accounts as easily. All purchases would be transparent and THAT puts a real damper on illegal activity.
The darkweb and blackmarket in general would either seize to exist, or have to adapt a new barter system to exchange their goods for something other than money in order to hide their illegal activity… Like, for every photo of an underaged child you buy, you’d have to ship the seller a loaf of bread…. or an equally enticing picture of your younger self.
Keep in mind that the fight against the darkweb isn’t an infringement on your legal rights to purchase things anonymously… I’m not talking about your right to buy korean bootleg dvds or fake iphones… I’m talking about the more serious illegal items like drugs, dangerous weapons, bombs, and every person in Liam Neesons immediate family.
But it is a good question to ask how people would feel then about having all their purchases an open book?
Anonymous spending would seize to exist.
There are definitely benefits to having currency that doesn’t leave a paper trail. Bitcoin did afterall, have a key role in helping anonymously fund WikiLeaks, an outcome that had good results. Also, some people like to do positive things like donate to certain charities, but for some personal reasons, not want to have their name affiliated with an organization with strong political or social ties.
A wife may ask her husband why he’s donated so much money to the LGBT foundation and wonder if it’s the same reason he calls her Chad during foreplay. The Chad…
A poll taken in Britain showed that 70 percent of Britons would not be happy if governemnt agencies had record of their spending… They valued privacy…. But then again… what the fuck does “privacy” with your spending really mean? What are you trying to hide? When someone invites you over to their house and tells you, “Oh, you’re welcome to go into any room… EXCEPT for the one with the sound proof door locked with padlocks and a chain”… your first thought isn’t that it’s a wine cellar… It’s probably a sex dungeon….
But whether it’s a secret human centipede farm, or just a surprise present for your spouse… secret spending would be eliminated for better or for worse.
Cipher - Electronic Light by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/)