Equality and Governance on the Blockchain — No, Government Cannot Confiscate and Control….

When it comes to Blockchain technology everyone is equal. Sure some might have more hash power than others but that does not mean that that they are unequal because there is nothing stopping them from obtaining more hashes themselves if need be. For instance, if the Governments were to embrace Bitcoin or Ethereum or others of their ilk, they would just appear from the outside to be like another giant mining pool with giant farmed style CryptoCurrency mining spread out in various different locations.

The only edge they would have is the amount of Bitcoin that they mine daily which on the flip side is what processes the transactions and in turn performs a service for those that use Bitcoin daily but do not mine it themselves.

Governments and Big Banks would probably build various layers on top of Bitcoin or other existing Blockchains such as EmerCoin, Ethereum or others like them, some with their own side chains for various functions like running smart contracts which would slowly replace large wasteful bureaucracies that plague Governments through enormous costs all balanced on the backs and paid for by the tax payers at great costs.

It is a logical fallacy that if Governments were to start accepting Bitcoin as a global reserve currency that they would in turn assume more control over us its citizens and our finances. In fact it would be just the opposite as we would have zero need for Banks and would keep our finances on us at all times through devices or memorization of a phrase or passkey.

The only way that they could obtain, levy, steal, or coral our finances would be through the use of torture and would need to be carried out one at a time per individual citizen. This would be impossible to be carried out within a society of people that are aware, awake and well informed and especially are brave enough to express their individual thoughts on these maters instead of towing the party line all the while knowing that if the Government can do it to one they can do it to anyone.

Plus in this type of scenario the Banks would be few and would yield very little power along with a downsized Government that primarily functions on smart contracts and would eventually hold little power other than its own functions. We would then see the rise of a private sector that would be held to accountability along with whatever banks still exist and various Governments that would eventually be more celebratory than anything and all held to the same standards of accountability as any individual Citizen within this ecosystem.

Bitcoin and other publicly based open source ledgers that would make up the Blockchain based smart contracts platforms and tokens that fuel these contracts will one day change the world as we know it. This will happen sooner than later and has already begun.

#blockchain #cryptocurrency #ethereum #bitcoin