Bitcoin: The Future of Finance? Or a Relic of the Past?

    I know.. That’s a really controversial take in today’s world. Especially given the fact, as a blind man could've seen, Bitcoin recently has forced itself to push over the 90,000USD mark as of early November, which is truly a remarkable thing. I don’t believe anybody, myself included, would be able to discredit that fact. I first remember when it broke over the one dollar line; What a time that was. However, that's not exactly the question being addressed when we ask, is Bitcoin already starting to become a relic of the past? No, that question stems much deeper than first appears, and is much more of a grey subject area than most may realize. With that in mind, is it really the future of finance as Bitcoiners would preach in their almost cult-like nature? Or are there underlying problems creeping up on Bitcoin at an ever accelerating rate? That ultimately, may slowly sentence it to death. Today, without maybe being able to give a direct answer, we will try to underline what's really going on here. Once being presented with the argument, hopefully you’ll stop and think, and come to your own conclusions on the matter, and maybe where you might stand.

The Formative Years..

    Where do I even begin, what an extensive history for such a short lifetime. But, I guess a reasonable starting point might be the very beginning of it all, before the craziness, before the first of the bull runs, and that being a certain whitepaper being released by one Satoshi Nakamoto. As some might hail, truly a man ahead of his time. Now this particular whitepaper, whether he realized its true potential at the time or not, started a revolution within online communities. Granted, it’s extremely difficult to understand the true potential of Bitcoin for anyone, even given its almost 16 year lifespan at this point. And that really extends towards the ever growing number of economists involved with the space, to the most dedicated of Cypherpunks, here from the very beginning. Nobody was expecting what happened, and nobody could have guessed on the true scale of what was to come of over the following years. I must say though, even if you’re not the most familiar with the project, I recommend giving the whitepaper a read. Truly fascinating stuff, especially given its socioeconomic timing, which I do not believe was any coincidence. Really this single paper was the beginning of it all, and that even extends to my personal favourite of the cryptocurrencies to some degree, that being Monero. They really all owe their foundations to that one, original whitepaper. Now as time went on, many of you might remember a popular dark web marketplace of the time going by the name of the ‘Silk Road’. Ironically, the main byproduct of the webistes success however, was bringing Bitcoin to the eyes and ears of many for the first time. I can personally remember, this was the case for a lot of my friends during this period, who maybe hadn't been as buried in a computer as myself during those first few years. But as guilty as you may think I am for this fact, I can remember answering all of their questions on what Bitcoin was, mostly to aid them in their usage of the website. Whether their end goals were to my knowledge or not.. Mother if you ever read this.. For better or for worse though, and regardless of you take on his guilt, Ulbricht and the 'Silk Road' really were one of the earliest adopters of the digital currency on a large scale, and forever made an impact that may have been one of the major catalysts for the success of Bitcoin, and maybe even cryptocurrency as a whole. Which in the end, I truly do believe helped take the space to where it is today. I must say, at the time anyways, the movement was filled with positive energy across the board, and there really was the feeling as if something truly was being accomplished. However.. pastures wouldn't stay so green for long.

An Always Climbing Price..

    Over time, the price of Bitcoin would continue to rise. And as that price grew, a different kind of movement was slowly building a foundation for itself. No longer was Bitcoin, or the other cryptocurrencies that followed for that matter, about decentralization and anonymity; Or placing financial power back into the hands of the people. Some may have believed that's what the movement was still about, but truly it wasn’t anymore(Just to quickly add, I don’t believe Monero quite falls under the same niche, at least when we consider its functionality and actual usage in today’s world, and if you follow the price trends.. Maybe you believe that to be bias, you are reading this on a blog called The Monero Post I will add.. But to me, that really holds true). No, the movement had morphed itself into something else entirely. And I think as myself and so many others truly believe, that was due almost exclusively to the motivational influence money carries. The average Bitcoiner now, was slowly becoming entirely motivated by financial gains, and the fallacy of achieving financial freedom through this new technology. Things change, and nothing is set to stay the same forever, but I think the momentum behind Bitcoin had changed so drastically, it was almost unrecognizable. And as more and more newcomers flooded to the project, this really put a bad taste in the mouths of some of the more veteran supporters, who had been here since the beginning, and whose motivations were not entirely the same as this newer generation. Ultimately, this caused many to leave behind the project in favour of another. Or simply for some, just putting cryptocurrency behind them as a whole. Money isn’t everybody’s primary motivation when it comes to things like this, and many felt alienated, as if something they loved and potentially had invested a lot of time and captial into, had been taken away from them. Only to be shaped into something else entirely in the end.

Money Isn't Everything..

    Just like it says, money isn't everything, not for all of us anyways. Sure what a true relief it is to become financially secure in the end, but I don't think that's the point for a lot of us. No, I think there is just more to it than that. I know personally, the aspiration of financial freedom is certainly not what originally brought me to the space, at least not in the ways I'm referring to now. For myself and so many more, the point was to take our money back from the people who had taken so much from us, and take back control. You truly wouldn’t be able to convince me that’s what's motivating the progression of Bitcoin anymore, and you wouldn’t be able to convince me that’s what it’s all about. Maybe that’s somehow for the better overall, but I'm not a believer, and I’m certainly not convinced as it sits. I just don’t agree with the direction Bitcoin is going anymore, I don’t think I ever will again from the consumer standpoint. But then again, Bitcoin isn’t worried about whether I’m happy or not at the end of the day. To add to my point, I recently saw a post on reddit that was an ad for Xapo Bank, it read “Trust r/Bitcoin to keep your Bitcoin secure.. Or Xapo Bank”. The post was later taken down, but I’m not going to lie, seeing that really turned my stomach. I mean do I agree with the madness that is r/Bitcoin right now? No.. Not at all actually, I give myself as much space as humanly possible nowadays. But in the end, I hold just the opinions and experience of one person, and they seem more than content without my participation in the sub reddit - all the more hair I can keep on my head. But I think highlighting that ad underlines a key point in the argument when we ask, is Bitcoin already becoming a relic of the past? Changes like this for the space, really take it away from what that original whitepaper was all about, and I don’t think it’s for the better. Satoshi’s wallet has remained untouched all these years, and yes, one could make the argument he is dead.. But don’t think that is what’s going on here. I really do believe that the wallet remains untouched, because like I opened this section with.. Money isn't everything.

In Summary..

    With the ever increasing adoption of Bitcoin through the number of banks, corporations, or politicians supposedly in support of the project, it really is a fascinating time for the space looking ahead. Change is coming, and whether or not that’s a positive thing I think has yet to be decided. But for myself, it's not a project I'd like to be involved with anymore. And perhaps almost the opposite of myself, with all this mainstream attention you could be ready to lock in, doubling down on your potential profits going forward. Honestly good for you, and I truly mean that. But as I think I’ve tried to underline, that’s simply just not the case for all of us when we think about what's going on here. You don't have to agree with what I've said here, I hold just the opinions and values of one. But maybe, after reading this article you'll stop and think to yourself, are you truly in support of the project anymore? Are there better alternatives available? And maybe.. Just maybe, right under our noses, without the majority of us even catching on.. Has Bitcoin truly become a relic of the past? Now really stop to ask yourself, looking down the barrel of it's future, is that something you want to continue to invest your time and capital into?

- Rondalin