Luddites have become historically famous for their protest against labor-saving machinery that threatened to, and eventually did, put most of them out of business. The plight of the Luddites has been felt many times over in the last two centuries. With the advent of new machinery, whole segments of industry are threatened, and either they adjust and find new ways of doing business, or they, like the Luddites, complain, whine, pass legislation, but are eventually forced to find new occupation.
It seems most current bankers and economists have felt pressured by the advent of Bitcoin. With titles like “Bitcoin Is Evil”, “So, That’s the End of Bitcoin Then”, or “Bitcoin Sees the Grim Reaper” the monetary elite continually attempt to dissuade you and I from investigating the merits of Bitcoin. Their continued attacks on the fledgling-yet-maturing cryptocurrency belay either a willful ignorance, an attempt to grab headlines, or a dread of obsolescence hearkening back to the Luddites. It’s difficult to face the real possibility of your entire industry becoming irrelevant.
Bitcoin, while painted by some believers to be the utter salvation of their long awaited liber-topia, is nothing short of a revolutionary technology. The possibilities surrounding the blockchain technology astound anyone that bothers to think about it for more than ten minutes. Bitcoin might not end world hunger or cure cancer, but it does make sending money to anyone, anywhere easy and fast. The public ledger function of the technology has the ability to replace any kind of property ownership verification schemes currently in place. And bankers everywhere must be wondering what they’ll do when bitcoin takes over the world.
Any adopter can send bitcoin to anyone they want, anywhere, with very little fees, in a matter of seconds. The recipient can in turn spend it within seconds. Without driving to a bank, scanning a check, or scanning a plastic card. Try to do that with your checking account or cash sometime…
It’s said that any press is good press. That seems to be confirmed in the explosive adoption of bitcoin in recent months. With big names like Overstock.com accepting bitcoin, we’ve moved in to the slouchy teenager phase of the currency. The exchange price, while volatile (as it should be considering its adolescent state), has rebounded quickly after every drop, in spite of pundits declaring it dead as far back as 2009.
Even the possibility of finding Satoshi, the purported inventor of Bitcoin, can’t slow down the growth of the new monetary monster.
Bitcoin is dead. Long live Bitcoin.