Bitcoin is what is called a
cryptocurrency—“money” that is completely virtual and is neither distributed
nor regulated by a centralized government. The “crypto” part of cryptocurrency
refers to the heavy cryptography (encoding) used to request, confirm, and
record the transactions within the context of a decentralized system. The
advantage of the system is that two parties can exchange payment without the
use of a third party (such as PayPal, VISA, banks, or the federal government)
to validate the worth of the currency. More importantly, by replacing the third
party with cryptographic proof of the transaction, both parties can remain
completely anonymous. The relationship between national governments and
cryptocurrencies such as bitcoin is dynamic and ranges from being ignored, to
being outlawed, to being taxed.
Bitcoin, created in 2009, is the
most popular cryptocurrency. Like other cryptocurrencies, bitcoins are earned
by computers that solve complex mathematical problems, specifically those that
are needed to ensure the authenticity of bitcoin transactions and the
relationships between those transactions. This process is called “mining” and
now is often done in series of mainframes dedicated to that purpose.
Satoshi Nakamoto, the
pseudonymous creator of bitcoin, carefully regulates how many new bitcoins will
be “minted,” and that number decreases by half every four years. Ultimately,
only 21 million bitcoins will be available. Although 80 percent of all bitcoins
will have been mined between 2009 and 2018, it’s expected that all 21 million
bitcoins will not be mined until 2140.
The idea of a one-world currency
is vaguely suggested in the Bible. Revelation 13:16–17 says that the Antichrist
will require everyone to have the mark of the beast to engage in any financial
transactions. It’s unknown what exactly this mark will be, but it’s entirely
possible that some kind of cryptocurrency will be involved. That would
certainly be more efficient than printing and distributing a standardized
physical currency all over the world. It’s possible that the mark of the beast
will be what allows people to access the cryptocurrency in their virtual
accounts. One man in Iceland has already implanted a chip in his hand to access
his bitcoins.
The current popularity of bitcoin
doesn’t mean that bitcoin will be the Antichrist’s one-world currency. In fact,
it probably won’t. Bitcoin is only one of over 1,000 different virtual
currencies, including Litecoin, Ethereum, Zcash, Ripple, and Monero. It’s more
likely that, if the Antichrist uses a form of cryptocurrency, it will be
original and more advanced than anything we have today.
Bitcoin and similar
cryptocurrencies could be precursors to the money eventually used in the end
times. But this is pure speculation. The Bible doesn’t mention computers, let
alone cryptocurrency. Until 1998 cryptocurrency wasn’t even a word, and there’s
no saying what new technological and sociological changes will come before the
tribulation and the appearance of the Antichrist.
With that in mind, should
Christians use bitcoin or any other type of cryptocurrency? Got Questions
Ministries does not give investment advice, but there is nothing in the Bible
that would prohibit using cryptocurrency if it is legal in your area. At the
time of this writing, the value of bitcoin has soared. Many believe this is a
bubble that will soon burst, so buyer beware.
1 comment:
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