Thanks to Ajit Pai, the new headmaster of the FCC or Federal Communications Commission, the internet might not be the same anymore in a near future, because your Internet Service Providers are now allowed to charge you an extra on specific webpages you visit daily, such as social network pages, and they can also restrain the content you can see. It’s a calamity for so many person, and it might be even more for Bitcoins users. But is it really?
What is internet neutrality in the first place?
The internet has always meant to be neutral and free, in that everyone can access any data or website whenever they want, and the service provider shouldn’t interfere in what you can see. They can only charge you more or less depending on the internet speed, and you don’t have to pay to have access to a specific website.
It’s unfortunately not the case anymore, thanks to the actual recent decision of the FCC, as the decision was voted by 3 out of 5 people. Things will be then different from now on for the internet users in the US. If they want, they will be totally in their right to ask you to pay more so you can normally use a specific website, or even entirely ban the access of this one to its customers.
It surely will happen slowly, but we can hardly picture how can such a decision not alter the way we use internet, which is actually a big part of our daily lives. The FCC headmaster claims no such thing will happen, and that this decision has been taken not in order to drastically change the internet. However, it contributed to give even more power to ISP, which are already very powerful. Small companies are the first potential direct victims, as in there would be legalized unfair competition if the ISP decides to give a company exposure depending on how much it can pay them.
How does it affect the Bitcoin?
Cryptocurrencies in general are known to be entirely internet-based currencies, and so it the Bitcoin. Since the ISP will obviously control the internet, it would be with no surprise if they make use of their influence upon the Bitcoin. It can occur as a takeover of the websites that make it possible for people to make Bitcoins transactions, such as Coinbase. These kind of websites are generally the first step everyone has to make if they want to start investing in Bitcoins.
In order to get a virtual wallet, you have to subscribe to specific websites, and if they want, your ISP could block the access to these, or charge you an extra if you want to access them. One thing they can also do is to promote one specific website, and not allowing you to access the other companies that provide the same services. All of that contributes to throw a shade on investors, and if this occurs, it could impact the value of the currency, as well as those of the other cryptocurrencies.
What can we expect for Bitcoin?
The Bitcoin as a financial asset is now endangered by the end of net neutrality, and this might be the most efficient weapon that can be used against it by the US government. If they want, the websites that provide an exchange platform for these currencies can be banned from the US territory, thus it would not be possible to use them to trade Bitcoins.
If it were to be taken, the impact of that decision on the value of the Bitcoin could be its dropping to unprecedented lows. Most of Bitcoins users are actually from the US, however the currency might be doing well it expands its fame to different countries of the world.