The technology exists and has been released by Satoshi Nakamoto. Satoshi Nakamoto definitely exists. The question is who it is or they are. It is unknown if it's one person or a group of people. The fact that the creator is anonymous is a strength, not a weakness.Firstly, someone has to prove that Satoshi has ever existed. You have to "love" the new "progressive" currency where everything about its founders is a secret.
Crypto offers more privacy than banks and traditional finance, because even though the ledger is public in crypto and viewable by everyone, you still have to do the work to connect which address belongs to which person. And a person can have multiple addresses. So while banks can simply send your info to the government, if they want to track you in crypto, it requires actual resources to pull it off.Secondly, this is a tech that will introduce total financial surveillance over society. With cash, you can have some privacy. But with crypto, there's no privacy. And the most ridiculous thing is that crypto proponents claim that crypto offers privacy. That's such a shallow lie, but their believers are even shallower.
And above that, there's privacy coins like Monero, which are completely anonymous. If you're worried about privacy, use those. And there are multiple projects to do private transactions on non-private blockchains.
The more governments crack down on crypto, the more solutions will be brought forth.
Governments will try to compete with existing projects. But ultimately, this is going to be a failed endeavor. Governments are pretty much the slowest institutions in existence. A sloth looks like a supersonic fighter jet by comparison.Thirdly, the fact that governments (including those that exert maximum control over their population) are now racing each other to accept this tech, shows there's something wrong with it. Proving my second point.
Governments lag behind in everything, and this space moves extremely quickly. Their biggest chance is to simply adopt the tech. VISA for one, has already adopted Ethereum, and PayPal has adopted multiple cryptocurrencies. They know their value, and they will not be left behind.
And don't confuse digital currencies with cryptocurrencies. Pretty much all fiat currencies around the world are already mostly digital.