On September 15, 2008, the fall of Lehman Brothers marked a downward economic spin that would come to be known as the Great Recession. This economic downfall would plague the American economy well into the early 2010s, would cost over 8 million jobs, and upwards of 16 trillion dollars in net loss from the U.S. economy. It led many to question the financial institutions of our nation, as well as the government, trying to find answers in the turmoil that became of the U.S. and global economies. Just a few weeks later, a revolution commenced that would redefine the monetary systems that have seen unquestioned supremacy amongst earth’s societies since the birth of civilization: Bitcoin. A cryptocurrency with unknown origins, Bitcoin has become a sensation, gathering a wide range of support and opposition, from drug dealers to Wall Street investors, all the way to crumbling Third World nations. This monetary system has completely challenged the established currencies of the world, and has put into question the future of the world’s financial operations.

Initially publishing its white paper in November 2008 and succeeding by its launch in January 2009, Bitcoin was founded under vague circumstances by a man under the pseudonym Satoshi Nakamoto. In the founding document, Nakamoto detailed Bitcoin to be a cryptocurrency tasked to be a “system for electronic transactions without relying on trust.” In the view of Bitcoin and its users, the transactors of the current monetary systems (all of which are regulated by the governing body of a particular economy) can not trust their third party intermediaries. It is believed that at this level, the possibility and frequent occurrence of corruption against transactors occurs. But with a peer-to-peer system, any need of a third party is eliminated, allowing for uncorrupted transactions to take place between their respective parties. This all takes place through Bitcoin’s open-source software, consisting of a blockchain, or a public ledger where transactions are recorded and maintained. Nakamoto designed the system to only consist of a total of 21 million Bitcoins, which are mined by using a computer’s processing power, and are only released at timed increments, with an exhaustion of the source around the year 2140.

In the relatively short time of Bitcoin’s existence, it has acquired a base of support unparalleled to that of any other currency. However, it must be noted that the intentions and motives of these supporters vary greatly. There are many who see the currency strictly in terms of the revolutionary means it possesses to change the current structure of our societies and their “corrupt” financial systems, using the currency in relatively harmless manners. Still, there are many that have taken advantage of this system to develop and expand the black markets of the dark web. This subsection of the deep web (generally defined as any site that can not be accessed through a search engine or requiring a special network/credentials) is the location of illegal transactions, including weapon transfers, illegal gambling, and human trafficking. Because of the anonymity of Bitcoin, the means to fund and conduct such services has become easier now than ever, ensuring greater safety for those conducting these illegal activities. Regardless of motive, it cannot be disputed that those who participate in Bitcoin transactions are part of a revolutionary movement, but this begs the question of whether or not this revolution will ultimately benefit its users and society as a whole.

For every upside of Bitcoin, there lies an opposite downside that has made many skeptical, if not outright against the currency. As it stands, Bitcoin serves as an international currency applicable to all people from around the world. Assuming that this continues to be the case (which is most likely so, considering any division along geopolitical lines would only hasten national regulation of the currency — something the very purpose of it is meant to defeat), in the event Bitcoin was to see an international acceptance by sovereign nations, the world would be on the verge of being one economic bloc. The final step would be having a governing body over the currency. Now, though this very regulation is against the founding purpose of Bitcoin, one must step back and turn through the pages of history and ask, When is the last time there was a fundamental part of society that a governing body did not take control of? Whether it be taxes, property, or even human services and occupations, there has always been a vying by governing bodies to control. In the event that a government were to take control and regulate Bitcoin (as seen with recent attempts by the U.S. government to establish regulations on the currency, it is not impossible), that entity would have control over a global economy, and in turn enable it to become the controller of all politico-economic matters. The result is a international regulated currency subject to the whims of international affairs more than any currency to date, controlled by an entity that has complete control in world affairs. It may seem like something out of a dystopian novel, but it is such a real possibility that one cannot ignore its possible occurrence and the dangers it brings with it.

As of December 15 of this year, Bitcoin holds a value of 17,900 USD — an increase over 596 million percent from its founding value of $.003 in March of 2010. If there is any example of an entity with such power as to put the world on edge in the infancy of its creation, and only augment its impact with time, it would be Bitcoin. This currency has potential, both good and bad, like no other seen to date. Regardless of how one may feel about it and its implementation into society, I can only ask that opinions are formed not based on the short-term but rather the long-term of what this currency can and will be. Such a powerful force must be dealt with with caution, and considered with the utmost respect of its influence and impact, both current and latent. So often through history, decisions are made with such disregard that their effect is not foreseen, and a crisis that could have been averted is encountered, along with its consequences. And although this caution and reflection should be applied not just to Bitcoin, but rather to all decisions made in today’s world, I believe there is something to cryptocurrencies that warrants a special kind of consideration of who we are as people and as humans what path we want to see our civilization take.