Cryptoland
17 January 2022
I'm not a fan of cryptocurrencies. Bitcoin, the original and most "successful" of them, has not followed its creator's vision of being a decentralised currency that allows people to make payments to each other without having to go through traditional banking systems. Rather, instead of Bitcoin being used as a digital currency for purchasing online, people are using it as an investment, speculating on its price and hoping for “massive gains”. This is evidenced by both its high price per coin and its volatility. Hardly any Bitcoin transactions are actually involved in buying or selling goods, and the high price of Bitcoin these days means that the Proof of Work idea for securing the Blockchain (the shared list of transactions that records all transfers of Bitcoin) ends up using over 1,000kwh of electricity for each transaction. The promised decentralisation of Bitcoin is also mostly a myth these days. What Bitcoin has become is a way for greedy people to make money from other greedy people. Its creator, the enigmatic “Satoshi”, is probably despairing of what happened to his creation - if he's still alive.