Participating in the Bitcoin network, either by running a node, mining or mayhap even ownership a essential monetary system system is for umteen an an act of thought expression as a great deal as a commercial enterprise one. This was certainly the housing in the technology’s immature daytime when the cost of bitcoin was negligible and participants coupled to reject the notion that monetary system should be controlled by halfway banks. For those who apportionment this mindset, active in the Bitcoin network is an overtly thought act of association that cannot be so well restricted.
That is not to say Bitcoin cannot be regulated, but that efforts to do so credible requirement jibe the sharp prescriptive practical to the deprivation of constitutive rights and that lower guarantees so a great deal as the right to interact anonymously may be implicated.
Granted, the question of whether the act of simply ownership bitcoin represents decent participation in the network to trigger remembering rights is debatable. But, when one considers networks that commute a Proof-of-Stake chemical change that requires possession of a essential monetary system system to maintain the network, the answer is easier.
I am not suggesting that bitcoin is not monetary system . Rather, I’m advocating for an statement that it is a great deal to a greater extent than monetary system . As Andreas Antonopoulos explained in his 2016 sacred writing “The Net of Money”: “Saying bitcoin is member monetary system is care spoken language the Net is a fanciful telephone. It’s care spoken language that the Net is all around email. Monetary system is fitting the prototypic application.”
Decentralized networks give ruling non-monetary use cases. From Bitcoin’s prototypic close up , which controlled Satoshi’s known “Times of London” message, its ledger has been misused to unchangeably preserves non-financial happy . In the decennary since its creation, Bitcoin has been misused to issue thought messages, aesthetic expressions, memes and a great deal to a greater extent . Bitcoin’s modest close up state of affairs makes it an blemished conveyance for this use, but other networks, including forks of Bitcoin, are actively experimenting with redistributed publications and interpersonal media platforms.