Excerpt from Chapter 2: New Challenges
Bitcoin & The Future of Money
“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.” —Satoshi Nakamoto, founder of Bitcoin
Conventional currency, cash—money— as it stands, is the prevailing force in most of our lives, and the underlying motive behind just about all historical events. It represents a trusted system that maintains and enforces the status quo, i.e., the establishments’ order. Disrupting that system would mean a whole new world—a world where power is broken down and democratized, as in made accessible to all vs. the few who control it. So, if virtual currencies were just the natural progression of money, the evolution of portable power, the succession from physical to digital; for some, that would be a scary thought, for others, it could mean liberation.