The number one most salient selling point of cryptocurrency is censorship resistance. The idea that this is something anyone can use for any purpose, and that the risk of transactions being blocked or reversed is statistically effectively zero, is the number one reason to use blockchain-based decentralized digital currencies to begin with. However, when estimating the long-term value of this, we have to see whether most people even want this key component. Does the population at large even care about the biggest thing crypto is selling?
The average person doesn’t know, or care, about financial censorship
The holy grail, the raison d’être, of cryptocurrency as we know it is its decentralization. While this aspect may be exciting and important to crypto nerds, the average person just doesn’t care all that much. This is because most people don’t experience their finances being censored on a regular basis. They work, receive money in their account, swipe their cards at merchants, and it all goes through. The whole concept of financial censorship is purely theoretical to them, and trying to use the concept to pitch crypto makes you look like a conspiracy theorist more often than not. Censorship isn’t visible to those who haven’t been censored.
The cumulative effects of a controlled financial system are present even in developed countries
Scratch beneath the surface, however, and you can start to see the problems of centralized financial control manifested, even in the lives of regular people in affluent areas. To start any account of financial service you need to go through AML/KYC checks, which even when relatively seamless can take a bit of time and require inputting sensitive information. If you’re traveling and didn’t notify your bank beforehand you may have your account frozen. That pesky gym membership or free service that still made you input your payment information can keep taking money out of your account without your di...