BY RICHARD TEO
Staff Writer
Over a couple years ago, the idea of having digital currency was created, and alongside it was the “Blockchain.” The chain is a series of networks run through numerous computers that carry digital information regarding investments, purchases, and withholdings without being bound to any central government or authority. It has no material value but is valid to be liquidated. Prominent examples of this include Bitcoin, Dogecoin, Zcash, etc. However, the idea of virtual currency taking over real currency may make it easier to create a bridge between criminals and the average person. Without authorities to control the flow of it, it makes it dangerous for the nation to battle the legality of specific items. Guns, drugs, and even people can be sold without a trace or protection. Smuggling cocaine and illegal items are subject to this and will inevitably play a huge part in future danger to societies all around the world. Not to mention, the high levels of energy being consumed through data mining. The idea of “mining” for cryptocurrency is another alternative to earning it as a reward along with investing in stocks. “Taking Dogecoin to the moon” is a clear example of this where the people invest in the specific cryptocurrency/stock to promote its influence. What people are not aware of is that promoting a decentralized digital currency system may allow it to overtake the current system and could possibly rupture the entire foundation of our economy. Virtual currency within the blockchain cannot be taxed. That could potentially decrease the government’s power as it may not be rich enough to enforce certain laws when cryptocurrency takes over the world. The steady flow of money might be interrupted by Cryptocurrency’s lack of material/physical value that it may even cause industries to lose profit. Though it does provide more freedom to people, it costs the standardized protective system that the government asserts through the people’s accumulated taxation.