When Bitcoin first began its ascent as a real asset, many crypto activists believed it could become a new world currency. Reality, however, has proved to be far more complex and multifaceted.
The first block of Bitcoins was generated personally by Satoshi Nakamoto a quarter of a century ago – in January 2008. Over 25 years, the perception of the new currency has evolved dramatically, competing coins and serious infrastructure of crypto business have appeared.
Today Bitcoin is certainly in demand, you can buy it, but it is not recognized as a means of payment, you cannot pay them in the supermarket (except for bank cards tied to a cryptocurrency wallet, but this is not a direct payment crypto, in fact your crypto asset is used as a collateral).
Other cryptocurrencies (ETH, Ripple) are much more suitable for retail settlements, but according to Lado Okhotnikov, they do not have the reputation and incredible charisma of Satoshi’s creation.
Crypto and Fiat: Is Real Competition Possible
The emergence of cryptocurrencies cannot be called an accident or a genius epiphany of the inventor. The main impetus for their emergence was the injustice of the modern financial system.
As an example of this injustice, Satoshi cited the possibility of withdrawing payment. Imagine that you agreed with the counterparty to deliver goods. He made a payment; you sent the goods. However, there is a technical possibility to withdraw payment, which is what the unscrupulous partner does.
As a result, you are left without money, and without goods. This is not the most common version of fraud, but it certainly exists.
In fact, the motivation of the ideological proponents of cryptocurrencies is much deeper – it is a fundamental injustice of the entire financial system. You can store cashless money only in bank accounts. You have a simple choice: either deal with cash bills, or give everything to the bank.
Ask the question: why can’t you create a personal e-wallet that does not depend on third parties in principle? The Financier will brush aside: “Why? We’re doing just fine”. The politician will threaten criminal prosecution for such seditious thoughts and will go with his friend Financier to discuss the future of the banking sector.
Once your money is in a bank account, you face a number of restrictions. You will pay commission for account transactions, money can be blocked at any time by the bank or the state, finally you lose your privacy. In fact, the notion of “bank secrecy” no longer existed. Your desire to keep your financial savings secret from everyone is not indicative of criminal tendencies, it is a natural desire of a healthy person.
“The modern financial system is built on illusions. The main illusion is the reliability of fiat money. It is argued that Bitcoin is not secure and therefore unreliable. Are you serious? And what is provided by fiat currencies? They are provided only by the honest word of the state. And you still believe the state on the word? Do you believe in a state that is increasingly involved in your life, in your affairs, in your family? I think you can only trust two entities: yourself and your common sense.”
Lado (Vladimir) Okhotnikov, Crypto expert, founder and CEO of Meta Force Platform
Another thing is that your wishes do not find an answer with the State and banks – they just want to know about you as much as possible and have the maximum possible access to your accounts. The circulation of cash is going to be limited, and banks become a mandatory forced service.
It should be specified: banks are not bad. Every phenomenon has two sides. Banks perform many useful functions without which the economy cannot exist. Lending, guarantees, deposits, letters of credit are all useful tools. The evil lies in monopoly. People should have a choice: to entrust money to the bank or to dispose of it independently, this is the real justice.
However, this contradicts the paradigm of banks’ monopoly on financial transactions. It is difficult to ensure that financiers voluntarily will share their main source of wealth. It is hard to expect special support from the State, as its economy is built on the dominance of the banking sector. The thought of losing control of one’s own currency would terrify any finance minister.
Despite the obvious problems, cryptocurrencies do exist. There is a simple explanation for this: today, the entire crypto market is vanishing in comparison with the currency, commodity and stock markets. So far it is safe for the financial system – what to talk about, if the capitalization of all cryptocurrencies is roughly equal to the capitalization of Apple. Gradually, however, as the system grows, the resistance builds up. Financial authorities and financial regulators perceive cryptos and blockchains as outsiders trying to bite off part of their business. Hence there is the instinctive desire to ban or to take control.
Blockchain in the Service of the State
The state-financial machine approached the issue of blockchain and cryptocurrencies creatively. They are not going to ban them, it’s an extra effort, and potential reputational cost. It is better to just take and limit the crypto market to safe frames, allow the guys to play in the sandbox.
At the same time, blockchain is a great technology, why not use it for their own purposes? Now the release of “national” cryptocurrencies (crypto dollar, crypto yuan, etc.) is constantly announced. It sounds beautiful, but it will lack the main feature of Bitcoin namely decentralization.
The blockchain takes the ability to control the movement of each coin. It’s their dream – the authorities can monitor our income, spending, savings, every move. One wonders how Satoshi Nakamoto’s ideas – a technology that was supposed to spread freedom – are turned around, and now he’s going to do exactly the opposite: restrict freedom. It’s a beautiful new world!
Would the introduction of national cryptocurrencies be a death sentence for Bitcoin? Not at all. Head of the SEC Gary Gensler somehow carelessly said that he perceives all cryptocurrencies, except Bitcoin, securities. Let’s not start a discussion now about the equity of the cryptos classification as securities, just note the exclusion of Bitcoin from the general list.
The SEC’s attack on CoinBase (the largest in the US) and Binance (the world’s largest) crypto exchanges coincided interestingly with a request from financial giants (BlackRock and Co) to issue Bitcoin-ETF. The regulator accused exchanges of illegal trading in securities, that is, all coins except Bitcoin, and immediately investors asked permission to trade Bitcoin through ETF derivatives on traditional exchanges.
From the standpoint of the analysis of the situation these facts are important. They show strategic plans quite eloquently. They may be subject to correction, but the direction is more or less clear:
- Bitcoin remains as a clean cryptocurrency, perhaps a few more coins that perform technical functions.
- The vast majority of crypto coins are declared securities or restricted by other legislation and are placed under strict control.
- The “national” cryptocurrencies become settlement money.
- Banks remain the backbone of the financial system.
Financial control is far from a complete part of the global plan. This transparency of financial flows allows you to control the entire business, which is sinking deeper into online.
Now add the already existing control of information flows and constant surveillance of users through smartphones and computers. Even smart TVs watch the audience with interest. We lost our privacy a long time ago, we have no more personal secrets, and we obediently do what our beloved blogger told us.
The picture is rather gloomy, about ten years ago it would have looked like the scenario of an anti-utopia film. That’s all, we find ourselves in a new financial reality.
This is somewhat different from the crypto community’s vision of the future.
Bitcoin: Digital Gold
And why is Bitcoin needed in the new reality? Paradoxically, it was in demand because of its imperfections. Because of its technology, it cannot be used as a retailer – payment takes too long. Fiat and the “national” crypto do not consider it as a real competitor. But it has another extremely useful feature – “digital gold”.
Hope, you are not going to pay in the supermarket by gold bullion. Of course not, you will store them and use them as a valuable non-cash asset.
Now imagine: out of nothing in the world there became an asset valued at trillions of dollars – once the initial goals are achieved, nothing will limit the growth of Bitcoin.
And this asset will be accumulated in the right hands, including through the mechanism of ETF. Precious metals, stocks, real estate, bank deposits… And here’s another asset that accumulates wealth.
“There is a misconception about Bitcoin as a future world currency. In fact, it is not technologically and organizationally suitable for this. It performs one function of money – a means of accumulation, but it is not suited for regular payments. And it is not necessary, it already works as “digital gold”, I think that in this capacity it will develop…”
The plans are quite beautiful, and seem to be working out quite successfully.
All this is a big policy, the movement of billions of dollars. It is interesting to think about, but how can it be used to your advantage?
Meta Force by Lado Okhotnikov: driver of economic growth
In the public consciousness of Satoshi, Nakamoto is the creator of Bitcoin. In fact, the crypto is secondary, its main discovery is blockchain. It is now seen as a tool for issuing tokens for various purposes. However, this is too narrow an approach.
Modern blockchain, radically strengthened compared to the first version of Satoshi by smart contract system, allows you to create not just individual applications, but entire digital universes – metaverses!
“We’ve already been given a tool with infinite possibilities. It’s a blockchain. We see it being used for purposes quite opposite to what its creator had intended. But we have the blockchain, and we can also work with it. The main thing is to use it correctly. Everyone can become the creator of their own digital universe, which is what we do…”
Decentralized blockchain-based metaverses create spaces on which external forces, even its creators, cannot influence. It only obeys the laws established by smart contracts.
Unlike, for example, computer games, which also create digital spaces, metaverses are connected to the real world and support the exchange of information, digital assets, and even a fiat. It is a parallel universe that exists regardless of your presence.
The team of Lado Okhotnikov introduced Meta Force – a special digital space focused on business development. Meta Force allows you to manage your projects with full protection from the outside world. It is impossible to cheat, block, steal – only honest work, honest work.
“Meta Force does not in any way oppose the System, is not going to resist. We just created a space of freedom where you can be yourself, where privacy is respected, and where you can really make a lot of money. It is not game tokens that you earn, but real cryptocurrency or fiat. We believe that metaverses like Meta Force will become a new sphere of the economy…”