The mere fact that Bitcoin is decentralized concerns governments at global scale because only a centralized system can be in full control. Mark Zuckerberg argued in a recent statement that the people once believed in the decentralized nature of technology. Over the years, they’ve lost faith because governments are now using it to manipulate the masses.
“Cryptocurrency takes power from centralized systems and puts it back into the hands of its rightful owners – the people”, said Zuckerberg in a post on Facebook. Bitcoin is risky because it’s difficult to keep under control, although at the core of the crypto world lies a purpose: the ability of cryptocurrency to reconstruct financial systems leveraging transparency and eliminating the dire need to trust; and when there’s no reason to doubt there’s no chance for deceit or fraud.
High-level security, transparency and trust are three of the main benefits that Blockchain technology and Bitcoin can provide, and the democratization of money seems to be the greatest financial revolution of the century. Regardless, governments around the world are trying to make Bitcoin a pariah of society. Illegal trades, cybersecurity breaches, volatility, and ICO scams have persuaded countries like South Korea to regulate Bitcoin.
As cryptocurrency falls under government scrutiny in Asia, Europe seems to be on the verge of building a crypto-based empire. Countries like Germany, Switzerland, Denmark, Sweden, and UK see the good in cryptocurrency, the influence it holds, and, ultimately, the power it has to disrupt centralized governments and revolutionize financial systems.