The Governments SHOULD push Bitcoin mainstream, Help me understand why we SHOULD?

in bitcoin •  7 years ago 

I truly believe that blockchain is amazing and will change the world for the better, I just can't see how Bitcoin, and others like it can be a viable mainstream solution. I have been doing research on many blockchain technologies for a little over a month now, and I am really hoping that by posting this I may get some clarity on how I might be wrong.

My issue is that the transaction history is completely transparent. To paraphrase a Reddit comment I read some time ago:

"Say I pay Mr. Pizza Delivery Guy with Bitcoin, and he then goes back to the car and enters my bitcoin address into an explorer and sees that I have $80k sitting in that address; pretty strong incentive for Mr. Pizza Delivery Guy to come back and ask for a tip".

The Mr. Pizza Delivery Guy scenario is certainly possible, but who else would benefit from free and open access to everyone's account balances and transaction histories? Perhaps Governments, and Major Corporations? Bitcoin has market share now and who knows if it will maintain that position, but I believe that eventually people will come around to not liking the idea of having their account balances and transaction histories so openly available making room for more private currency options. This is why I believe governments and major corporations should be jumping on this Bitcoin train ASAP to ensure Bitcoin is pushed mainstream, thus making it harder for a private option to gain that market share.

"But Bitcoin addresses are not tied to personal identifiers", I would consider that statement naive and perhaps in a general sense that is true today, but if Bitcoin was to go mainstream it would not take very long before those dots are connected. Examples being:

  • An Amazon payment via Bitcoin automatically linking my address to my Amazon account,
  • Using a loyalty card at the local Banana Republic, or
  • Paying a parking fine.

All which would directly tie your bitcoin address to your personal identification. Considering how valuable this information is there is a good chance these corporations and governments would sell, buy, and trade this information to further connect the dots.

I would personally trust current banks to protect my account balances and transaction history more than trusting that Governments and Major Corporations wouldn't take advantage of what Bitcoin is handing them over on a silver platter.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @huntergump! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You published your First Post

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Congratulations @huntergump! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You made your First Vote
You got a First Vote

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Congratulations @huntergump! You have received a personal award!

1 Year on Steemit
Click on the badge to view your Board of Honor.

Do not miss the last post from @steemitboard:

SteemFest³ - SteemitBoard support the Travel Reimbursement Fund.

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @huntergump! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!