Marx believed that power would become decentralized and distributed among the people, eventually destroying bureaucracy.
You might wonder where does blockchain technology come in here. Blockchain technology relies on a distributed ledger that records every transaction in it. It is transparent and open to everyone. It cannot be controlled by any authority, making it an ideal scenario dreamed of by communists.
Bitcoin has its share of criticism from communists who consider it against Marxist ideas because it creates a new form of inequality between classes. At the same time, many communists see encrypted digital currencies as not offering any rewards for work but rather as a form of economic gambling. Again, many cryptocurrency adopters hold communist and socialist political leanings.
Let’s see how these opinions are divided.
For some communists, Bitcoin could be the gateway to the “ideal economy.”
Bitcoin garners support from communists because the entire system revolves around decentralization of the infrastructure and removing power from the hands of a “selected few.” However, being new, viewpoints are divided. Some socialists see encryption as a way to break free from being wage slaves, while others view Bitcoin and other encrypted digital currencies as a capitalist idea.
According to communist ideology, every worker should receive rewards for their work. Everyone should receive equal rewards for the work they do. This is what Bitcoin fulfills. Due to the lack of a central regulatory authority overseeing encryption operations, the system is entirely decentralized and the peer-to-peer (P2P) system is what makes it communist. Miners mine the blocks and receive rewards.
The nature of encrypted digital currencies is what leads many to believe that this new digital currency is actually communist in nature.
Some communists see that since encrypted digital currencies are decentralized and cannot be traced, they could help in a financial revolution and even “shake up the stability of the current banking scenario.” They believe that the encryption revolution could indeed lead to communism and the “ideal economy.”
And for some, Bitcoin is a capitalist nightmare.
Opposing views see that miners use their previously acquired capital to mine blocks, making it inherently capitalist. Communists want a society without borders and without money, wanting to abolish capitalism. Encrypted digital currencies may be an alternative to traditional money but are still “capital” nevertheless. And they have the ability to generate capital, which is why they are considered largely capitalist in nature.
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The article is written by Haddad Osama
