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Bitcoin and Bible Prophecy :: By Britt Gillette
2017 ended with Bitcoin making daily headlines . If you ’ re not familiar with Bitcoin , it ’ s a specific type of cryptocurrency ( a secure digital currency ). It made daily headlines mostly due to the mania surrounding its steep rise in price . Why are so many people euphoric about Bitcoin ? Many think it will replace the U . S . dollar . They say it ’ s the future of money . Others say Bitcoin is worthless , and its price run-up is a bubble certain to burst . So which one is it ? Is Bitcoin the future or a passing fad ?
I don ’ t know . Time will tell . However , I do know this . Cryptocurrencies and electronic transactions will dominate the future . And many believe the technology behind Bitcoin will be the reason that happens . So what is this technology ? It ’ s called blockchain , and many believe it ’ s the future of financial transactions .
Blockchain Transactions
So what is blockchain ? In simple terms , blockchain is a growing online record . Here ’ s a simplified example : Let ’ s say Citizen A agrees to buy a product from Citizen B using Bitcoin . When he does , the blockchain records the transfer of the Bitcoin from Citizen A to Citizen B . When Citizen B eventually buys something using the Bitcoin , his transaction is added to the existing record . This goes on and on forever , generating a record of every transaction in the life of a specific Bitcoin . If this is all blockchain did , it wouldn ’ t be revolutionary . But a second component makes blockchain groundbreaking .
Unlike other electronic transactions , blockchain records are public . They don ’ t exist in a centralized location such as a commercial bank or the U . S . Federal Reserve . Instead , they ’ re stored over a large decentralized network . This means blockchain records are on computers all over the world . And this makes cryptocurrency counterfeiting almost impossible , since altering any past records requires widespread collusion across the entire network .
This is the main reason so many people are excited about Bitcoin . They believe the public records make it less susceptible to fraud and theft . But that ’ s not the only benefit . They point to others as well . One of Bitcoin ’ s benefits is its limited supply . Unlike many governmentbacked currencies , Bitcoin features a fixed number of coins . So a central bank can ’ t print more Bitcoins and destroy their value . Many also believe Bitcoin offers a greater level of privacy protection and anonymity . Why ? Because even though blockchain records are public , each transaction is tied to an online address rather than any information related to a person ’ s identity .
Because of these benefits , many people
believe Bitcoin ( or perhaps some other cryptocurrency ) will become the money of the future . Is this realistic ? Yes . I think so . First , the decentralized nature of blockchain records makes their transactions more secure . And as more and more business is conducted online , people will demand greater levels of security . Second , all paper money will soon be obsolete . And when that happens , cryptocurrencies will be the most efficient and convenient alternative .
The End of Paper Money
Whether it ’ s blockchain-backed cryptocurrencies or some other form of electronic currency , paper money will soon disappear . It won ’ t just fall out of favor due to inconvenience . Outside of museum showcases , it will disappear forever . How can I be so sure ? Because counterfeiting will soon be impossible to prevent . Advanced technology makes it certain .
New technologies will soon lead to desktop printing of 3D objects where every molecule is perfectly positioned . With such technologies , we can ’ t stop counterfeiters . They ’ ll flood the world with
perfect copies of every national currency . No one will be able to tell the difference between a fake dollar bill and a real dollar bill . And when that happens , both will be worthless . World governments won ’ t have a choice . They ’ ll quickly do away with all physical currency , and all economic transactions will go electronic .
Because of the benefits mentioned earlier – security , supply stability , and privacy – the use of non-government-issued cryptocurrencies such as Bitcoin will become more widespread . But do cryptocurrencies really provide the promised benefits ? While many insist they do , I believe history proves otherwise .
Bitcoin and Global Government
Unregulated cryptocurrencies like Bitcoin take power away from government . They also invite tax evasion and other illegal activities . And trust me – government loves taxes , and government loves control . Is it realistic to believe governments will continue to take a handsoff approach when it comes to Bitcoin and other cryptocurrencies ? I don ’ t think so . And in the face of government power , I don ’ t have a lot of confidence in the security and anonymity of Bitcoin and other cryptocurrencies .
Let ’ s take security for instance . Many say Bitcoin can ’ t be hacked . Is that really true ? Maybe , but I ’ m a bit skeptical . I find it hard to believe national governments with their massive resources won ’ t be able to hack Bitcoin . Even if counterfeiting of Bitcoin proves impossible , Bitcoin exchanges and user accounts are still susceptible to fraud and hijacking . I believe in due time , the idea that Bitcoin offers total security will prove false .
And what about personal privacy ? Those who champion Bitcoin say it offers anonymity because each coin is linked to a specific public address rather than a person ’ s name or home address . But is it realistic to believe governments ( or even individual hackers ) can ’ t unmask the identity of each person behind a Bitcoin address ? I think the answer is obvious . Government , with its massive resources , can identify every Bitcoin user . And since Bitcoin transactions use blockchain , which is an open and public record , governments can track and follow every Bitcoin transaction in the world .
In a world where paper money no longer exists , that last sentence should grab your attention . Why ? Because the Bible described such a system nearly two thousand years ago .
The Coming Global Economic System
Long ago , the Book of Revelation foretold the establishment of an end-time economic system eerily similar to a world dominated by cryptocurrencies . The Bible says a time will come when a global dictator will require everyone on earth to receive a mark on the right hand
or the forehead ( Revelation 13:16 ). Without this mark , the people of the world won ’ t be able to buy or sell anything ( Revelation 13:17 ). How will this work ? It remains to be seen . But the rise of cryptocurrencies provides us with a glimpse as to how it might function .
Cryptocurrencies require that all transaction records exist in the public domain . While names and other identifiable information won ’ t necessarily be part of the public record , governments have the resources to unmask those identities . This will especially be true of the Antichrist ’ s global government , which will have power over all the people on the face of the earth ( Revelation 13:7 ). Hacking cryptocurrencies will be easy for such a government .
With cryptocurrencies and e-commerce , mark of the beast technology is already here . In order to control who can buy and who can sell , the Antichrist will need a system capable of tracking every transaction on earth . Cryptocurrencies and public blockchain records provide such a system .
So what does all this mean ? It means we ’ re fast approaching a time the prophets warned about . The end times are near . The tribulation , the Antichrist , and global government are all near . But that also means something else . It means the return of Jesus is also near . So have no fear , Jesus is coming ( Revelation 22:20 )!
Britt Gillette is author of the free ebook Coming to Jesus as well as the books Signs of the Second Coming and Racing Toward Armageddon . Receive his book 7 Signs of the End Times for free when you sign up for his monthly newsletter .