The development of Bitcoin and the open public blockchain created a disruption in the world’s technological arena and financial system. It is something that the traditional institutions have never seen before. That’s why a lot of Bitcoin and cryptocurrency enthusiasts feel that there is a need for mass adoption and market capitalization in order to further the potentials of Bitcoin as a wealth generating tool.
Despite the dominance of this particular thought, Andreas Antonopoulos challenges the need for bitcoin mainstreaming and offers an entirely different view of Bitcoin’s success. According to him, mass adoption and market capitalization only bring failure to the very essence of Bitcoin and open public blockchains. By taking the route of mass adoption, we compromise the principles that are essentially attached to the creation of Bitcoin.
A lot of people suddenly became interested with Bitcoin and altcoins when their values relative to fiat currency suddenly rose to surprising levels. People rushed to invest in cryptocurrencies with hopes of quickly getting rich. However, they also soon discovered that such a get-rich-quickly scheme can also be a get-poor-quickly decision.
Despite the fluctuating values of Bitcoin and altcoins, firm believers of the blockchain technology still have high hopes for the future of cryptocurrencies. Most of the passionate actors in the crypto world are those who would like to create revolutionary changes in the way we conduct financial transactions. These people are very positive about the way blockchain technology can create a borderless financial environment that can operate on a global scale without any restrictions. They are very ecstatic on the way blockchain technology can help provide financial access and liberty to people who live in places with despotic governments, corrupt banking institutions, and unstable currencies.
If the measure of cryptocurrency’s success is anchored in its financial greatness, then it only creates a hollow significance to blockchain’s development. Bitcoin was not developed to further the existing gap in wealth distribution. It was not also designed to contribute to the systemic control and abuse by regulatory authorities. If mass adoption and market capitalization would be seen as the end-goal for Bitcoin, then let us brace ourselves for further monopolistic actions by the government and traditional investors.
Bitcoin’s success can only be achieved when the principles of a free, decentralized, and accessible currency are promoted across the globe. The blockchain technology’s success rests on its potential to provide more freedom and inclusiveness in the global financial system.