Will Cryptocurrency Really Bring Us Freedom?
In this age, when freedom of speech and freedom to earn and spend have become important ideological issues, using the cryptocurrency token in a discreet manner has become a question too. Increasing cybercrime reports and the endless illegal transaction between accounts has made the government aware of its surroundings in the crypto market, but in the war of the Titans, the common man suffers.
True, Cryptocurrency can cushion the effects of inflation, but does it really help the common man use his tokens at his will? Perhaps not! According to a recent report by Fast Company, cryptocurrency helped Venezuelans deal with inflation and the issues related to liquidity. Experts, however, believe that increased cashlessness will lead to lesser freedom. One, because it will not be directly regulated by us; two, it would always be under government scanner; And three, it depends on the miners and the cryptocurrency-accepting organizations when they are ready to release the digital money.
Bitcoin, which is considered to be the most transparent will not have issues in the market. But the companies that have opaque policies will have greater issues, subjecting to law enforcement in certain cases. Unlike Bitcoin, cryptocurrency companies like Monero, Zcash, and Beam propagate the idea that is a person holds any money, he would be the sole owner of it and is not answerable to anyone else. But that is not how the industry works.
The emergence of centralized blockchains, such as stablecoins and bank chains will function in the ways opposite to how the decentralized cryptocurrency is intended to function.
Blockchain is more popular than cryptocurrency
The technology, as such, has started gaining momentum among the banking and other financial sectors. This is because the transaction and the process can be tracked well to improve the functioning of the same. In a recent news report, it was said that an employee of HSBC bank urged the US Commodity Futures Trading Commission to make more positive noise about the positivity of blockchain. During the technology advisory committee meet senior Vice President, HSBC, Jesse Drennen said it would be beneficial if the positive word was spread out pertaining to blockchain technology.
The main reason behind the skepticism of using blockchain technology could be the regulatory body and how it would react to the usage of blockchain technology by new investors. Drennen said,
“Certainly there is a sensitivity to how the regulator may feel about such technology and supporting the activity that the parties are rolling out.”