POSSIBLY OMNIPRESENT. BUT OMNIPOTENT? NAH.
You've heard it said many times before on an otherwise smart and informative article, YouTube video, or tweet regarding cryptocurrency - most likely bitcoin (BTC) in particular - that certain 'bad news is good for bitcoin', whether it's a government scandal, stock market crash (May 2020, most recently), or even a ban on the machine-inhabiting manna itself (the King of Coins, BTC, of course). We all probably appreciate the enthusiasm, but not so deep within is the sinking feeling that something...something just aynt right (I know it's spelled with an 'i' but prefer how the other letter looks. Just has more style). We all know bitcoin supposedly was birthed as a righteous response to the mortgage-backed balloon-burst of the later first decade of this millennium. We believe morality is there, as well as tech genius. We know that King Coin (don't feel bad for BTC here: Crown Virus is what I call COVID-19) is a - say it with me - 'dependable store of value', and it's true, even as that catch-phrase grows in annoyability. We know bitcoin is a great hedge to fiat, especially in the event the drastic devaluation of the latter (Venezuela, for modern example). And yes, bitcoin can even be omnipresent to a certain non-divine degree. But what I don't get is it's stated immutability. It is not omnipotent, nor will it ever be. Bitcoin's existence as electronic data means that it's of little use if and when the power goes out. In this way, physical money such as gold, silver, and - gasp - even fiat is superior to bitcoin. Bitcoin is king only when the grid is on and the electric and phone bills are paid. Those simple things are required to access BTC or any crypto. But that inferior aspect of bitcoin and all cryptocurrencies are not the gist of this article. I'm here to discuss the second Achilles' heel of King Coin: it can be either legal or illegal, depending on where you live, regardless of your opinion about it.
BITCOIN PHARAOH?
Say you are the most forward-thinking citizen of Egypt today, and you, too, realize that bitcoin is a (say it) 'dependable store of value'. Like the title of the Miles Davis classic, So What? You can dream about bitcoin, but that's about it. You can't use it. Because your government said so. And let's say you have no desire or intention (or perhaps means) to leave. Now What (not a Davis classic. Heck, not even a Davis song). Same for Nepal; Ecuador; Russia; Algeria; Morocco; and other places. And there are many more territories where King Coin's harvest is hampered: not outright illegal, but banks aren't allowed to transact in the stuff. Kind of inconvenient, eh? But at least there's your smart-phone, a myriad of good crypto exchange apps to choose from, and VPN... But back to locations where bitcoin is not legal: let's talk a little about Russia. And China, since those two are quite the buddies nowadays.
RUSSIA SAID 'NO BTC'. CHINA HAS A DIFFERENT APPROACH.
As early as March of this year, Russia promised to, and did in fact, ban cryptocurrencies, stating that the ruble (or rouble, depending on spelling preference) is to be the dominant currency there. Period. No more trouble for the rouble. Neighboring mammoth land-mass, China, has a slightly different approach, but most likely the same aim: that nation introduced it's own government-approved / issued digital currency, the digital yuan. This was just weeks after the ban-promise by Russia. In this obvious if you can't beat 'em, join 'em move by China, BTC is a clear target of the digital yuan (another target being the US dollar, as China plans to globally popularize its government crypto). Just a few years ago in the same nation, crypto-exchanges were banned. One day, perhaps soon, bitcoin may be outlawed in China as well - with the admonishment going something like this: you wont need THAT anyone since we've made something better for you.
IT COULD HAPPEN HERE
No fear-monger am I. And I'm not natively contrarian. But to mindlessly uphold bitcoin in the face of such glaring realities is more amazing to me than the many great things BTC can do. And that's saying a lot, because I respect King Coin and am very into blockchain(s) and crypto-currencies - they're creative, seemingly magic (especially for this non-Coder), and multiply with each use-case. It's exciting to find out about crypto art galleries, DeFi loans, crazy NFTs, and even crypto real-estate exchanges (I'm not so much for the gambling, but hey, everyone has humble beginnings. Just look at Jazz). So when I say 'it can happen here' that's no fluff, tryin'-to-get-attention stuff. I believe it really CAN happen here. Bitcoin can be banned in the United States. It nearly happened here in 2012, and Trump the President had an unfavorable opinion of King Coin this past summer. Grayscale? Yes, I realize the crypto-friendly hedge-fund is buying up as much BTC as it and its super-wealthy clients can manage. Paypal, you say? Yes. Cornell U? Yes, yes, and much more bitcoin adoption has happened and will continue to. But, mind you, the US is much more influenced by big bad China than it'll ever admit. Surveillance, anyone? How soon is facial-recognition tech coming to an airport near you? No 'conspiracies' here, just facts: ALL nations are overly-consumed with over-surveillance. Because that makes them feel omnipotent, in a way bitcoin will never be, although they'll easily use it to track purchases and locations, to name just a few. I know you realize that.
Guy
