Philosophy of cryptocurrency part 3 - Privacy and control
ForstersPhilosophy

Philosophy of cryptocurrency part 3 - Privacy and control


Part two covered cryptocurrency's ability to have us more engaged with our investments. It brings a level of intimacy and rawness into investing with governance allowing us the ability to have a vote in the direction our investments take. This ability in itself raises our level of interest in our investments and the direction they are going in. 

One of the revolutionary aspects of this and crypto and blockchain technology in general is that it is giving back control to the layman. Step two highlighted how our investments give us control on various companies and technologies. 

Another form of control that the blockchain is giving us comes in the form of privacy.
Control over our money, control over our business and control over who has access to see what we are getting up too.

 The blockchain and for example bitcoin, is actual, in general, very public. With your wallet address I have access to see the amount of bitcoin in there, the transactions that have been made and for how much. It is a public ledger. This is good for business, for holding people accountable. If I want to hire a plumber, I may decide to pay him in bitcoin so that the financial trail is recorded for me. 

There are however many private crypto's. Monero being the leader. But I am going to cover why privacy is important.

We have seen recently that El Salvador legalised bitcoin recognising it as a currency. In a country where over 50% of the population is unable to open a bank account due to lack of documentation, we see here, another fantastic advantage to crypto. The ability to be your own bank account, anyone with access to a phone has access to being there own bank and be in control of there own money. This is massive for people that literally have no access to a bank account before hand. 

Additionally to this. The privacy aspect that cryptocurrency's like Monero give to us mean that the money kept inside your bank is your money. No corrupt governments can come in and take the money, or block access to the money or block where the money can be sent too. With privacy in cryptocurrency no one can interfere with your business unless you decide to put your business on a public ledger like bitcoin. A common counterargument to this is that this can be used for crime. While this is true. Fiat money is already being used for crime. However I'm not going to get into that argument here.

For families living in tough conditions in countries that have tyrannical sorts of rule cryptocurrency and privacy is a literal life saver. Giving families access to money that cannot be manipulated by the government. This allows families a psychological safety net knowing that there money is safe and secure. This safety net gives struggling families a foundation to build and progress there lives on. Without this safety net, families that find themselves with no access to a bank account are constantly susceptible to the struggle of trying to find employment that pays in cash only.

Additional to all of this, for the layman Privacy is just something that we are entitled to as a right and is something that has slowly been slipping away piece by piece as governments slowly start to spy on us more and more. The blockchain does not only secure our financial privacy. But also there are developments being made to secure out internet privacy. Various blockchain VPN's are being developed allowing us to take back our privacy online . Governments do not have the right to know how much money is in our bank accounts or what we are doing with our money, nor should they have the ability to control the direction that our money goes in. Privacy coins ensure that this cannot happen. This also protects us from possible worst case scenario situations. In case of political uprisings or even cyber warfare from other countries. Keeping your money safe in a privacy coin ensures that under no circumstance can your money be taken away from you without your permission. This should be the standard.

Personally, I am looking forward to this being the standard. I already sleep better at night knowing that my money is safe on a ledger wallet and I am sure there are many families out there grateful to blockchain technology now that they have access to there own bank account

We are now starting to see the advantages of the blockchain unfold and there is still much much more to the story... Soon to be revealed in part 4 

Thanks for reading 

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forstersphilosophy
forstersphilosophy

I am a 28 year old philosopher who has a passion for travelling. I have a first class honours degree in Philosophy and my main philosophical interests revolve around consciousness, ethics, the mind in general which also leads to a passion of Jung.


ForstersPhilosophy
ForstersPhilosophy

Hello guys, My name is Thomas and I am a 28 philosopher/traveller and crypto enthusiast. I will mainly be blogging around a project i am slowly working on which is about building a personal mythology to act as a guide to life, but I will also be blogging about metaphysics, consciousness, science and anti-science ;D Religion, spirituality and much more, including trying to mix crypto and philosophy My blogs are usually light hearted and you don't need a philosophical background to understand.

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