Cryptocurrencies have been gradually getting its due as the number of countries around the globe incorporating crypto regulations have been on the rise. Even the biggest of centralized financial institutions and banks are looking to either provide crypto services or launch their own version of cryptocurrencies to milk on the trend.
The biggest resistance for a wider cryptocurrency acceptance and use has been possed by the advocators of centralized institutions who believe that without the centralization in consensus like the banking system crypto use can lead to unmonitored financial freedom for criminals that can create anarchy like situation.
The same banking systems have brought us trillions in debts and there is no going back from here. Actually, the centralized system is designed in a way that it is rigged to favor the rich and powerful be it a crony businessman or the operator of the drug mafia. If you have enough money you can get away with any law barriers.
Every year banks are responsible for laundering 42 trillion illegal criminal money, and even when these banks are caught in the process, they get away with paltry fines and continue to launder money. Thus, the banks posses a much bigger threat than crypto use for criminal activities would ever do.
We will look at various arguments against cryptocurrency use and try to debunk a few necessary myths resisting the wider acceptance of the decentralized economy.
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Banks Hold Monopoly Over People’s Own Money
Centralized banking institutions have been there for centuries, and even though there have been a ton of technical advancements over the years, these banks have not passed on the benefits of these advancements to the people. It was with the advent of Bitcoin and other altcoins, people realized that banks are just playing with power and the amount of service fee they charge looks kind of criminal now.
If centralization is the best way to move forward then why does it favor the only the top brass who only need the services of these banks to help them manipulate the system and evade as much as taxes as they will. On the contrary, Cryptocurrency is backed and aided by the Distributed Ledger technology and its quite difficult to manipulate the system, as it is not controlled by anyone.
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Cryptocurrencies Can Put an End to the Unfair Advantage for Launderers
The biggest argument of centralized system worshippers is that the anonymity feature aid the criminals go unnoticed and thus a wider acceptance can lead to a much bigger problem. However, if we are talking about the finances criminals have been directly using the banks, bribing top brass to get their way out of the system.
On the contrary, the use of crypto for illegal activities is quite limited and its still the centralized institutions to be blamed. Most of the crypto scams happen on centralized exchanges and due to the carelessness of the operators. Crypto use might be anonymous but it’s still possible to track the destination of the transactions and since the system is decentralized, it’s easy to get the community behind to track down these transactions.
Take Silkroad, the dark web illegal market place, whose operator used to host many traders selling drugs and products which are illegal. However, the operator is behind the bars now because the agencies put their complete effort to nab him, and no amount of technology saved the guy to fall in the clutches of law enforcing agencies. The guy is facing a life term without parole.
However, how many bankers or brokers who have been caught helping criminals faced the same wrath. It is obvious that the crypto use would put banks out of business and they are leaving no stone untouched to expand their propaganda about crypto being harmful to the society.
The criminal aspect is a totally different ball game and has more to do with how regulators form the law and nothing to do with the crypto technology. It’s like blaming banks for someone picking my pocket and banks not able to tell me who since they have their serial number printed on the fiat currency.
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Cryptocurrency use does not pose a threat to anyone accept the banking systems who want you to believe them when they are calling the crypto a bubble and also when they launch their own form of crypto or offer crypto related services. however, they don’t want you to question on why they charge you a bomb for transacting your own money, and continually deduct various taxes.
The criminal aspect related to crypto use is very limited when we compare it to the banking frauds. In spite of that, the cryptocurrency space has been investing in minimizing that aspect by bringing in monitoring tools to the market. But banks despite bringing us to the financial meltdowns uncountable number of times want you to go by their flawed fairytale.
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