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Technology Will Kill Bitcoin

October 21,2017 00:19

Big governments and big banks will crush Bitcoin, but they won't kill it. The technology that created Bitcoin will do it, one day. Investors chasing after Bitcoin as its ...and more »



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Big governments and big banks will crush Bitcoin, but they won’t kill it. The technology that created Bitcoin will do it, one day.
Investors chasing after Bitcoin as its price trades close to $6000, hoping that they will find other investors to sell at higher prices, are confusing the promise of the technology behind Bitcoin with the promise of Bitcoin as an alternative form of money.

Coin
% 24H
% 7d

 
Bitcoin (BTC)

4.92
6.45
Ethereum (ETH)
-1.44
10.76
Litecoin (LTC)
0.87
2.56

**As of Friday October 20, 2017, at 7.30 pm
Source: Coinranking.com
Without doubt, the technology behind Bitcoin, called blockchain, has the potential to change capitalism, by bringing efficiency and transparency to everyday transactions.
Bitcoin as an alternative to national currencies has the potential to change capitalism, too, by democratizing transactions, and shifting power from central banks to the people.
That's why we called it “people's currency” in a previous piece here.
The trouble is that both promises are expected to face a great deal of opposition by economic elites. Using blockchain technology to fight corruption that holds most emerging economies back from becoming developed, for instance, is expected to face stiff resistance by the local elites that benefit from corruption.

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