An important test for this technology?
It is certainly a unique period for the blockchain world, and talking about tests is of fundamental importance at this historical moment. Cryptocurrencies are called upon to express their greatest technological values in an unusual situation.
The entry of cryptocurrencies into this conflict has allowed everyone to play their cards without too much political maneuvering, but by effectively accepting this alternative in a desperate situation.
This historical phase becomes a real test, not only for cryptocurrencies themselves, but also for those who will interact with them and build part of their economy around them.
Why this test?
Because a sector like this requires “real” tests of strength, where resilience in critical situations like the current one must be the main characteristic of a blockchain and thus of a cryptographic currency.
We have often seen unpleasant situations where “decentralization” is often put to the test both for engineering issues but also for issues related to the lack of distribution of nodes within the network.
It is natural to think, therefore, that to tackle this emergency, the technology must be in an advanced state where censorship resistance and decentralization must be perfectly linked in order to achieve the true purpose for which cryptocurrencies are born, namely disintermediation.
Not many cryptocurrencies boast this characteristic (we could talk about it for hours), but this topic must be strongly reflected upon since the crypto world, if it wants to interact best with the real world and thus detach from its habitat, must be ready for everything, and it is clear that this is not possible without a solid technological base, and not just theoretical.
Undoubtedly, Bitcoin is the turning point in this war from this point of view, and this has also been noticed thanks to the attitudes of the counterparties, which have had to gear up.
On the one hand, Russia, which accepts any payment in Bitcoin, also accelerating adoption in the country, and on the other hand, Ukraine, which exploits Bitcoin’s great flexibility to receive donations, which are fundamental to resistance against Russian attacks.
Sanctions issue.
Among the various hypotheses, the one that has gained a lot of ground is that Russia could somehow avoid global sanctions through cryptocurrencies, a decidedly misleading hypothesis since Bitcoin, in particular, is not a tool that can support the exchange of an entire national economy on such a large scale. Moreover, in cases of great international tensions, large economic movements are easily detectable and could be blocked by regulatory bodies or the exchanges themselves.
What could happen now?
Russia and Ukraine are experiencing the great utility of Bitcoin and cryptocurrencies, perhaps with different expectations, but still linked to a way out from the physical world.
They have understood that especially in times of war, having a digital asset that is exchangeable and solid becomes essential, in addition to the fact that convenience and security are undoubtedly greater than the physical transport of valuable objects/materials.
Conclusions.
In a world where a possible “bitcoin standard” could exist, it would make a conflict between nations much more complex. This is because two nations linked by the same currency would be strongly disincentivized from conflict.
However, this is only a hypothesis, but the importance of this conflict in the blockchain world will certainly provide an opportunity to improve and make the various protocols more and more trustless so that in the future, we can rely on a technology that is truly free, but above all decentralized.
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