The blockchain technology has revolutionized how we transact and understand many things. From the start, blockchain aimed to be an anti-centralization movement of the powers. It was meant to be a way of bringing in accountability starting in the financial sector and slowly seeping into all other areas.
As expected, the progress of blockchain technology has faced head winds from the centralized world. Blockchain is a threat to centralized power because it kakes away some of their power and distributes it to the people. For those who have enjoyed unchecked power for years, this is unwelcome.
The first cryptocurrency, Bitcoin, has faced the most challenges. There have been many Bitcoin obituaries written, threats of bans and ‘bans’ from governments, professional FUD creators, negativity,… Talking heads on TV have accused the Bitcoin community of crimes or stupidity. In spite of all this, Bitcoin and other cryptocurrencies continued to thrive.
Crypto Situation Today
Today, crypto is more than Bitcoin or Ethereum. Gone are the days of mere speculation on what crypto might achieve one day. There are many technologies that can already be used to open up industries and improve efficiency. DeFi has proven to be more profitable than banks while Dapps are more efficient.
It is no surprise that governments and the centralized economies are rushing to the cryptoworld to get a share of the delicious pie. While this sounds great, care must be taken.
Support from the centralized economies must be celebrated but with caution. While a few might have good intentions, there are many Trojan horses. They pretend to be crypto friendly, they seem to have joined the crypto movement but they are fighting crypto from the inside. The centralized world has always been afraid of the crypto movement. Blockchain and crypto are a disruption of their power and money flow.
Leaders in the centralized economies cannot and must not be leaders in the decentralized economy. Unfortunately, due the false belief that crypto desperately needs adoption, the cryptoworld gives too much power to the leaders of big centralized economies. Why should an Elon Musk tweet or Mark Zuckerberg rumor causes too much impact in the crypto world. Why are Wall Street or big banks considered crypto experts? Do you think J.P. Morgan would love to see the success of DeFi? Why should crypto want for adoption or approval from centralized big business such as Twitter, Facebook or Amazon?