With more Wall Street giants taking a liking to cryptocurrency, one might think this technology is yet another capitalist tool. Yet, blockchain and Bitcoin have roots in communism. Call it a technological take on the original ideas of Karl Marx. With crypto popularity at an all-time high, are you and your family safe?
CRYPTOCURRENCY AND COMMUNISM: UNDERSTANDING THE ROOTS
Karl Marx, author of the Communist Manifesto and the father of Marxism stated that capitalism was a flawed system and the world would eventually shift towards communism. In this new world, people would earn rewards based on their labor and power would become decentralized. Does any of this sound familiar? Take crypto miners for example. Miners receive “block rewards” for solving the complex equations and recording transaction. Furthermore, blockchain technology depends on the ledger being transparent, and completely decentralized. It’s the stuff of communist dreams but can it really infiltrate our society beyond where it is now?
CRYPTOCURRENCY AND COMMUNISM: IS IT ENOUGH TO BEAT CAPITALIST
Due to it’s anonymous and decentralized nature, many communists believe that Bitcoin and blockchain technology were specifically designed to take down the modern capitalist system that dominates most of the world. Using this technology, a financial revolution very well might be possible since it removes the power from the hands of just a few and distributes the wealth. This is all very nice in theory but how realistic is it? Sorry to say, but cryptocurrency is capitalist in nature and will stay this way.
CRYPTOCURRENCY AND COMMUNISM: CAPITALISM WINS
Sure, cryptocurrency and blockchain will change the way we make transactions but it will not bring about a communist revolution. People are getting rich off of cryptocurrency and that in itself is capitalist behavior. Ultimately, it will likely improve our current system but not replace it entirely.
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