Many folks dabbling in crypto equate 'crypto' with money, though initially, it wasn't so. There was this infamous transaction where Bitcoin made a humble pizza, now legendary, the costliest ever due to it being Bitcoin's first transaction when it was almost valueless.
Fast forward a few years, and that Bitcoin is now valued over $20,000. You could treat yourself to countless gourmets with it. So, what happened? How did Bitcoin capture the world's attention in less than a decade and a half?
Let’s go back to the word – crypto – and what it really means .
Etymonline states,
The term 'crypt-' originates from a desire to keep things 'secret' or 'hidden' and has been part of English word-building since around 1760, linked to concepts of concealment from both Latin and Greek roots.
In essence – 'kryptos' stands for 'hidden' or 'secret'.
Reflecting on Bitcoin's meteoric rise and the broader crypto market landscape, it's reasonable to assert that maintaining privacy, or keeping secrets, holds undeniable worth. In today's post-9/11 scenario, we've entered an era marked by increased social scrutiny.
This might just be why the quest for financial privacy is becoming more pressing, especially where personal finances are concerned.
Money is Rights
For most of human history, the concept of money, as we perceive it today, wasn't available. Historically, social systems often revolved around a controlling elite, which implied the presence of a subjugated class akin to modern-day servitude.
These social hierarchies were known by different names throughout history, with 'serf' and 'peasant' often replacing the term 'slave'. The radical notion that everyone has inherent rights, including the right to own money, emerged in more recent times.
Privacy Matters
The ability of a subject The ability to conduct transactions safely and discreetly, without the prying eyes of third parties, encapsulates what privacy truly means. The universal entitlement to privacy is a principle enshrined in daily facets of life, such as income, academics, and financial states.
Imagine facing price gouging simply because merchants know about your wealth, or having a transaction declined due to a vendor's gripe with your legitimate online gambling activities.
When privacy erodes, the risk of economic manipulation and financial monitoring rises.
Today's financial framework struggles with centralization issues. Authorities that were meant to maintain public stability sometimes find methods to interfere or restrict personal finances.
There's always been an inherent tension between individual protection and privacy, challenging both governmental competency and ethics.
Before Bitcoin and virtual currencies carved a world of anonymous transactions, money creation hinged on centralized institutions under government supervision.
Cryptocurrency's appeal lies in offering anonymity and privacy. This aspect of anonymity is pivotal to the crypto industry's essence.
Privacy acts as a buffer against identity exposure risks, while also ensuring secret investment opportunities.
CBDCs Remove Privacy
The advent of cryptocurrencies has marked a revolutionary shift in global finance, enabling direct transactions between parties without intermediaries like governments or banks.
As Bitcoin adoption continues to surge, the importance of guarding personal privacy becomes ever more evident in diverse scenarios.
The intertwining of money and privacy underscores its role as a fundamental human right. Hence, the emergence of CBDCs poses potential threats, prompting citizens in places like Nigeria to find ways to evade the new digital currency.
There's pressure on the masses to adopt CBDCs. Governing bodies desire control and resort to more coercive measures as their persuasive influence dwindles.
It is also the reason why the Nigerian government The world leans towards armed conflict, signaling a probable push for CBDC usage globally, irrespective of public preference.
Nicholas Say was born in Ann Arbor, Michigan, has extensively traveled, lived in Uruguay for several years, and currently calls the Far East home. He provides insightful commentary on realistic development and the futuristic evolution of technology.
