I remember in 2017 chasing pokemons was such a hype all over the world that people would accidentally drive cars in people's back yards just to collect pikachus... Some of them were crypto enthusiasts by the way, as my good friend of mine, who taught me the ABC of crypto. I still remember that he called BTC a sort of digital money, not like cash or VISA of course, but more like the future of money.
Digging more into the topic and ultimately investing, trading and earning it, I started to see it more as an asset rather than digital money, and tbh I don't believe BTC will ever become a payment currency, like Satoshi has probably designed it to be. There will be banks, governments, and big financial institutions issued digital currencies that would do the job for that. Like the digital Russian rubla, Russia's own CBDC that's supposed to be launched as a pilot phase in 2021.
Elvira Nabiullina, the head of the Bank of Russia, stated recently that this form of electronic cash will for sure offer its users privacy, but not anonymity like cash does. Something like I said multiple times on my blog, once cash goes extinct...bye bye privacy and anonymity which in my opinion is a fundamental right. Every damn existent transaction and earned, out there in the circulation or on a digital wallet penny, will be under total control of central banks and governments. Word.
“Still, we shouldn’t confuse the anonymity with confidentiality of digital ruble transactions. Indeed, there will not be the same level of anonymity that is supported by cash transactions. But confidentiality is expected to be enhanced. The central bank will keep the register of the central bank’s digital currency. Whether someone else would be able to see the transactions will depend on the approved model of a digital ruble.”
You wanted mass adoption and financial instituions to kick in and pamp your BTC?... Well, there you have it, it's central banks, payments servces such as PayPal and even BMW that's getting into the crypto arena. The long awaited mass adoption is here folks, but it's not quite what we expected to be. At least not what I was expecting... By the way, PayPal's not done for now with throwing good news at us and BTC's price, as are rumors saying that it's in talks to acquire BitGo. Someone has to be in charge with the custody of your BTC, right?
Well... not yours actually, as you guys are mature enough to store them on wallets and keep the damn keys safe, but some aren't and PayPal takes care of everything for its 230 million users that will soon have access to crypto. What a good pal PayPal is, same as the damn bankers were back in the days when gold was the currency of exchange sort to speak. What did they do? A favor to gold seekers of course, took their damn gold and gave em banknotes... fucking paper banknotes, and the noobs loved them and ever since the banks can print pretty much as much as they wish.
Now they're doing the same thing, taking the gold from us, which is Bitcoin, the blockchain tech, and the whole crypto concept and giving us digital rubles and bank issued digital currencies. It was not supposed to be this way though. It was supposed to be decentralized, private, disruptive, and ultimately in the hands of the people, but gradually is getting into the hands of the governments. Why? Because we wished for it...
We wanted more regulations, more acceptance from governments, financial institutions to kick in, and so on... and now we have them, and that's just the beginning. I wonder for how long will Monero survive once the world leading bankers spread their tentacles and get in control of the new money... Don't you feel like history's repeating itself? No?
It sure rhymes though...
Thanks for attention,