By Daniel McGlynn
Compiled by: TechFlow
Open Money is a form of protest currency.
In other words, open money is anything that is the opposite of the mainstream narrative, or what you want it to be.
So, what does this mean?
It is indeed very interesting to watch how cryptocurrencies are demonized or promoted by politicians and corporate leaders.
Often, one hears statements like, “cryptocurrency has no value” or “it’s just a tool for criminals.”
On the other hand, there are those who launch meaningless meme tokens or frantically hoard Bitcoin, behavior that looks more like gambling than financial strategy.
But in reality, cryptocurrencies, or more specifically, open currencies, are not about pursuing some extreme ideology. Their essence lies in enabling people to find alternatives for the parts of the existing system that cannot meet their needs.
Practical applications of open currency may include more convenient cross-border payments, more efficient ways of storing value or generating returns, and monetizing creative works without relying on becoming an influencer or an affiliate merchant.
Open currency does not pursue extreme positions but offers a middle path.
The main advantage of an alternative system operating in parallel with the existing financial system is that it can provide a balanced pivot in times of chaos or turmoil.
Open currency is a tool that helps people find direction in extreme times while building personalized financial and informational products. These products can offer personal control and achieve global connections (sometimes both).
However, as cryptocurrencies gradually integrate into the mainstream system, will they lose some of their utility?
Use case ambiguity: An advantage
Not long ago, people found it easier to understand cryptocurrencies, or at least knew what they were not.
Early cryptocurrency users and developers often aimed to create alternatives, attempting to oppose the traditional system.
But in the past year or two, cryptocurrencies have gradually become more like a part of the traditional system rather than a completely independent existence. For example:
The launch of cryptocurrency ETFs and the influx of institutional funds;
Cryptocurrency becomes part of presidential political discourse;
Cryptocurrency-based prediction markets compete with traditional media during presidential elections.
Nevertheless, the core value of cryptocurrencies—the developers and teams exploring the boundaries of possibility—still need to continue innovating in the fringe areas.
Open currency: A hedging tool for dealing with change
Every year-end, people reflect on the past while looking forward to the future.
Recently, I noticed some news: the appointment of the new 'cryptocurrency tsar', the influence exhibited by newly formed cryptocurrency lobbying groups, and whether the incoming SEC (Securities and Exchange Commission) chairman has sufficient cryptocurrency-related experience. These headlines made me sigh; cryptocurrencies have rapidly shifted from marginal topics to the spotlight, and their pace of development is astonishing.
However, the trend towards 'legitimacy' seems to overlook the core significance of cryptocurrencies. It is important that we avoid being misled by this superficial 'legalization' and not sacrifice our original intentions, creating another 'too big to fail' financial system.
The world is undergoing rapid changes.
We need alternatives, backup mechanisms, and flexible systems that can scale from the personal level to the global level to address these changes.
We have explored how demographic shifts, advancements in information technology, and adjustments in the economic landscape drive change. In this context, decentralized, permissionless, and non-custodial assets will become particularly important in the future.
In summary, we are facing a future filled with uncertainty, transformation, and change.
On one hand, these changes may bring disruptive shocks; on the other hand, they may create new opportunities. In this context, we need a middle ground.
Open currency provides more options for people to deal with change in several ways:
Permissionless systems allow users to choose the most suitable system according to their needs (whether in finance, information, identity, or creative fields).
Non-custodial wallets and key management give users complete control over their assets, which is particularly important for enhancing asset liquidity, portability, and privacy protection.
Interoperable and programmable systems support various use cases for digital assets, such as peer-to-peer payments, cross-border transfers, or value storage of digital assets.
These characteristics allow open currency to not only maintain personal freedom but also empower users through internet-scale tools and networks.
As the world enters a period of restructuring and radical transformation, these properties of open currency will become increasingly important.
We still need such a 'rebellious currency'.