With the recent news of Net Neutrality being repealed by the FCC, we wanted to know how this would affect cryptocurrency going into 2018. Here’s what you need to know:
Blockchains and the web
Cryptocurrencies for the most part have benefited from past net neutrality regulations. For example, when Net Neutrality was first ushered in by the Obama administration in Febuary 2015, Bitcoin’s price increased 300%. Before these regulations, Internet Service Providers (ISPs) could disrupt, slow, or possibly prevent users from accessing certain websites or services.
Many worry corporations like Verizon and Comcast will use their new found freedom to block access to or prevent their competitors from being in direct conflict with them. Because these providers now have even more influence, this means that the government can keep a very close eye on the internet. Which means that if Cryptocurrencies ever evolve to a point where the United States government condemns them as illegal, internet providers will be looked at to solve the issue.
For example, this could mean slowing down blockchain information sites or preventing access to cryptomarkets. This would mean that internet providers would have a stronger influence and act as a proxy to the government. This obviously is the absolute worst case scenario. Many doubt that it will ever get that far, but the fear remains present to many on the internet to this day.
Satoshi supports Net Neutrality
On the bright side, things might not all be bleak in the end. After all, the entire purpose of cryptocurrencies, as stated in Satoshi’s Whitepaper is to create a currency to avoid government censorship. Perhaps this event will serve as a kickstarter to an even brighter chapter in the world of cryptocurrency.
Because these rules have just been revoked today, the end result for the crypto world is yet to be determined. While many fear this will lead to ISPs cracking down on crypto websites, many also remain fiercely optimistic. Some even suggesting that this is the fuse needed to kickstart even greater public awareness about cryptocurrencies. Only time will tell for sure.