The Satoshi Revolution
In 2009, a peaceful, technological, and orderly revolution happened. At that time, Satoshi Nakamoto released an open-source software which helped in peer to peer transfer of digital wealth called Bitcoins. This flashed over a transparent and immutable ledger called Blockchain.
This new model made the existing technology obsolete. Bitcoins can travel through the world without states or borders by following the commands of individuals. The process is immune to currency manipulation and inflation, and it is free from any interruption from powerful elites. Such transfers were pseudonymous with substantial privacy, which is provided by encryption hash functions and encryption algorithms. As Blockchain technology is immutable and is visible to all, there is no chance of corruption.
Initially, when Bitcoin was launched, no authority took any interest in the technology as it was not backed by gold and government. However, now businesses and banks are adopting the Blockchain technology as they have recognized the incredible power of the technology. Satoshi Nakamoto envisioned individual freedom though financial autonomy, but there are many criticisms of his vision, which are:
- There is no need for such financial privacy; only criminals, including drug dealers, tax invaders, and sex traffickers, need such privacy.
- The inevitability of massive fraud as there is no regulation.
- Cryptocurrencies are only financial instruments, and calling it a weapon in a battle between power and liberty is anarchist nonsense.