Over time, however, many of these aspirations of supposed financial liberation have in fact been disregarded. Although the system is technically decentralized, most of the mining operations (extraction of these alphanumeric strings that make up this tool) and the large quantities of Bitcoin already “in circulation” are actually concentrated in a few hands. This goes against the principle of fair distribution and decentralization. In short, it is repeating the same pattern of traditional finance that the proponents of digital currency wanted to fight. Furthermore, the entry of large financial institutions, investment funds and ETFs with underlying cryptocurrencies has transformed Bitcoin into a speculative asset rather than an everyday medium of exchange. Its volatility makes it impractical for trading and it is mainly used as an investment tool like stocks, bonds and other similar products. In short, it is a new financial toy. Finally, contrary to the ideal of total freedom, many governments and financial market supervisory authorities are introducing regulations to monitor and control cryptocurrency transactions, also requesting collaboration and regulating the so-called exchanges which are the online points for entering and exiting from this world, to implement control rules for anti-money laundering purposes. Finally, despite its origins, Bitcoin is rarely used for everyday transactions. Its perceived value as a digital reserve has prevailed over its original function as a medium of exchange. Some consider it a form of “digital gold”, that is, a safe haven against inflation or economic instability.
