This difference diversifies the very few projects which have followed the steps of the original Bitcoin, from the endless projects that took advantage of the cryptocurrency revolution in order to make some groups of people rich, giving a very bad name to all cryptocurrencies. The digital coins are supposed to follow a philosophy, making the payments easier and border-less for everyone, offering an alternative solution to the world. A solution that is uncontrollable by the banking elites or anyone else. This is meaning of “Decentralization” which is interwoven with the Proof of Work model and the Community’s presence.
The Community should be the one that drives the whole project. After all, the big differences between the original cryptocurrency philosophy and the Banks, are the two big “D”: Decentralization and Democracy. Decentralization functions as a prerequisite for Democracy by having no central authority taking decisions and holding everything valuable for you, without you. Democracy requires justice, equality and freedom.
But you can never have justice when a Central Bank is pumping money in the market, making new rules every few years that herself is breaking.
You can never have equality either when the golden boys of the Central Bank and their friends know from the previous week that some of the rules are going to change, or when they are hiding specific banking accounts from the public while other people cannot enjoy the same.
Finally, you can never have freedom when a third party like a bank is holding your assets, a third party that needs days in order to make a transaction for you , like sending funds to another country with extra charges. A bank that many times has the “right” to close your account without prior notice and make you wait for months in order to release your blocked funds, or a bank that can even go bankrupt and loot your balance. In addition, we should think of those who cannot open a banking account at all for many different reasons like having no easy access to a bank or they don’t fulfill the requirements to open one.
With the idea of a digital coin based on the blockchain technology and the Proof of Work model, the three pillars of the Democracy can finally be there :
You can have equality because the coin supply is based on immutable inflation rules with a specific plan.
You can also have justice , because the rules are the same for everyone. Every transaction for every address can be tracked because all of them are stored in the public ledger (aka blockchain) , a copy of which can everyone have.
At last but not least, you can have freedom because you are truly free to send funds without borders. With fixed minimal fees and without the danger of a third party to inflict any damage to your funds, because there is no third party that holds your funds anymore. There is only a decentralized network , part of which can everyone be. The consensus of this network is leading to the verification of every transaction and to their recording in the blockchain. Everything is now transparent, fast, fair, easy and border-less.
It is more than obvious, that a cryptocurrency project which respects the Bitcoin legacy and has a noble cause, has to be a Community driven, fully Democratized and Decentralized one. It cannot be another Central Bank, another financial company or, even worse, some fraudulent people who demonstrate another premined project, acting as a cryptocurrency and blockchain masquerade.