Bitcoin Shows we Don’t need Government for Money — What Else do we not Need it For?
Bitcoin, the revolutionary cryptocurrency, just reached a value of $2780/£2150. I’m not going to get into the merits of it in this post instead I want to recognise what it truly is —a replacement or alternative to a basic government function.
At a fiduciary level unto now currency has only been entrusted to government, but cryptocurrency can be seen as a direct response and alternative to that antiquated model.
Cyptocurrency, or any other platform developed and distributed currency, isn’t going to replace traditional money any time soon but it’s growth inspires in me a question of inheritance to other functions.
If people realise that they do not need governments to control currency what other things will we realise that we can take control of ourselves?
What other government functions will be replicated, replaced or augmented in a way that gives the public has greater control, influence and importance.
This is an entirely new model far removed from the privatisation of industry and it is likely only to gain momentum as things like Cryptocurrency continue to expand in importance.
If you break down the basic functions of government you are left with the following:
- To form a more perfect Union
- To establish Justice
- To insure domestic Tranquility
- To provide for the common defense
- To promote the general Welfare
- To secure the Blessings of Liberty
What then will be replaced as a function of government, or can a Tech platform take care of all of the above?
As VR proliferates the world will there be an inflection point whereby it may become beneficial to join platform based governments which govern what can occur on their platform?
Before then there are more pertinent implications or possibilities.
If you allowed/accrued any earnings to remain in the form of a Cryptocurrency does it make sense to depend on traditional government? Wouldn’t it make more sense to contribute to some for of tax which takes over the majority of government roles without the same level of bureaucratic necessity/nonsense that accompanies physical governance.
To me this is the most intriguing question inspired by the rise of Bitcoin and the likes, and that is without even considering the implications of Blockchain, which we will leave for another day.
My initial inclination is that of all the functions government serves the only function which a distributed network of platform governed individuals would struggle to replicate or replace is defense.
All bets are off.