Will Bitcoin Fail Without Democracy?

It’s often been said that money makes the world go round and Bitcoin, the world’s first digital currency, has certainly disrupted the global financial markets. In recent years, the level of peoples’ fascination with Bitcoin has skyrocketed and continues to grow. But is it sustainable? Well, it may depend on democracy.

Voting Rights and Bitcoin

Bitcoin has been touted as a future of money, but it seems certain that it won’t get very far without democracy. When it comes to cryptocurrency, the voting rights of the users who own coins are key to its sustenance. Without democratic voting to make decisions on ongoing development, there would be no chance for Bitcoin to pass the test of time.

What Can be Decided?

But what exactly do the users vote on? Good question. It really depends on the particular system built by the original founders of the cryptocurrency. For example, Bitcoin users can vote on:

  • Improvements to the system. Changes and improvements can be proposed, such as increasing the amount of coins that can be created, improving the speed of processing transactions, or modifying the rules of the system.

  • New features. The Bitcoin network is constantly evolving, and users can vote on new features for the system, such as changing the way mining is done, or introducing new security measures.

  • Bug fixes. When bugs are discovered in the Bitcoin code, users can vote to fix them.

Why Bitcoin Needs Democracy

Without democratic voting, Bitcoin would likely fail. Without users being able to decide on improvements and bug fixes, the value of the currency could depreciate. Any changes to the system could be made by the original founders, leading to a disasterous collapse of the system and devaluation of the currency.

Conclusion

So is Bitcoin a “sure thing”? Not exactly. The future of Bitcoin depends on democracy to make sure that needed improvements and changes take place. Without democratic voting rights, Bitcoin may not have the staying power needed to survive. It’s still too soon to tell, but for now it looks like democracy is the key to keeping Bitcoin alive and well.