Bitcoin Has An Existential Crisis!

Let’s face it. We all have been through an existential crisis at one point in our lives.

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You don’t know who you are, life loses its purpose and you have absolutely no idea what you’re destined to do. Everything is so haphazard. You think your’e going crazy and you’ll always be stuck in one place. It’s a tough spot to be in and hope is all you’ve got.

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All of this is kind of inescapable! So, should we blame Bitcoin for having one too?

The Troubled Identity

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Identity is a tricky thing. Us humans rely on DNA to be our stable markers of identity. We’re all lucky that way.

Non-living systems like corporations, companies and organizations rely on legal systems and governments to bestow them with a stable form of identity.

Cryptocurrency and blockchain on the other hand don’t have that privilege. They decentralize their leadership without relying on any third parties to establish their identities. Not relying on third parties might seem like a catch here, it shouldn’t be because this right here is a problem for the crypto-world.

Bite The Bullet

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Cryptocurrency relies on subjective social-economical consensus mechanisms. When things slip out of hand, there might be an involvement of corporations and foundations to arbitrate and resolve the issues of identity which is actually an extremely fragile approach and it’s not something that goes along with the objectives of these systems.

What can cryptocurrecny really do?

Cryptocurrency needs to bite the bullet and needs to leave it to intersubjective consensus for more sustainability. Otherwise we’re not sure if the existential dread will end ever! It will require a set of practical values which constitute within the roots of the system and we’re sure Bitcoin this way will last forever and ever!

The Identity Puzzle

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Have you wondered what identity really is? If you closely look at it, it isn’t absolute! It’s rather assigned. Our name, birthdays, nationality and social security numbers all fall into it. Then we have our DNA, retina scans and finger prints. The thing is, human identifiers involve third parties. Even nonliving systems use third parties to establish their sense of identities through legal work.

But, when you build a system that dis-intermediates third parties to its very core and exists independent of legals systems and governments. That’s when we have a problem and the name of the problem is a public blockchain.

The Blockchain Dilemma

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We’re not talking about the enterprise blockchains, this type of blockchain has it out of trouble. It’s the permissionless and open systems like Bitcoin have been suffering from an identity crisis over the past few years. Bitcoin has always been doubtful about whether it should scale up as person-to-person (P2P) payment network system or should it pursue a more layered approach.

Bitcoin being a public blockchain does not have have a recognized leadership. Bitcoins are continuously exposed to competing ideas of what they are and should be. There is not a single institution or individual that has all the control, which is why diverse views about the protocol are going to exist.

It’s the 10th year of Bitcoin. It’s still struggling from existential crisis. Come to think of it, maybe that’s what part of its appeal!

Maira Zaheer

I love to write and channel my feelings into words. I'd like to quote my favorite author and poet. Who has taught me every word matters. “let me live, love, and say it well in good sentences” - Sylvia Plath. I'm here to fill your lives with some crypto-gossip. Contact the editor at editor.unfiltered@blockpublisher.com

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