With the challenges the space has faced this year, I find it helpful to backtrack a bit and consider the utility of blockchain technology from a wholistic perspective. What it represented when it started and how it is perceived now. The pros, cons, challenges and overall vision of the space which should exceed price fluctuations in the decision making process.

After the banking crisis of 2008 that led to a global economic collapse, a lot of people realized how trapped they were in the current monetary system and how the safety net it proposed could quickly be taken away. Bitcoin was a new way address transparency issues with the monetary system with its open source, decentralized technology.

With the introduction of countless other crypto currencies and expansion of the space, it seems like we are heading towards centralization bit by bit. Some projects and platforms affiliated with crypto are unashamedly centralized and it does appear as though the overall vision might have been lost. The introduction of CBDCs has further shown just how much blockchain technology could fall under regulatory control if allowed.

Decentralization has its own downsides to be honest. It gives too much room for bad actors to take advantage of the system, and there is simply no shortage of them. Yet there is no shortage of those kinds of people in just about any space. It has even been more profound in the traditional scene which has been in play for decades now, and some have been able to realize great wealth and influence by gaming the system.

If we are still looking for a place that promises the most in terms of financial freedom, particularly pertaining to decision making, the blockchain still provides it. The ability for players to get involved on a global scale with ease and just about enter or exit the system as they please is a powerful symbol on its own. Perhaps it is why young people are particularly attracted to crypto currencies, not minding the volatility.

Conclusion

It is also good to ask ourselves what the alternatives are, if there are any. No other space promises as much as crypto nor hands over so much leverage to the individual. Even for those projects that fail, we have a choice when it comes to decision making and can participate on a global scale which far exceeds what most traditional banking systems offer. The way I see it there are still tons to for the space, and the value it offers will only continue to expand.

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