Popular and mainstream media is famous for misreporting, Bitcoin is sadly at the brunt a lot of this misreporting due to its inherent associations with crime and the underground. Moreover, Bitcoin is often expressed as a new and dangerous entity. We’re not accusing the mainstream media of truth bending, but what is actually happening here seems to be a lack of information.
Unless you read into Bitcoin, you just assume what you hear on the news is right.
Well, let’s debunk some truths:
Bitcoin isn’t a new technology
The blockchain that powers Bitcoin isn’t new and moreover, Bitcoin itself isn’t new. The idea of cryptocurrency has actually been around as long as the 1990’s. The birth child of cryptography, cryptocurrency is actually the result of years of research. Bitcoin is famous as the world’s first working cryptocurrency and I guess in the grand scheme of things, the technology is quite new. However, as it stands, this isn’t a new form of technology that has just appeared, it’s the result of a number of great minds, built through a combination of technology and academia.
Bitcoin is just for investment
The media makes Bitcoin sound like an investment, but what many forget is that Bitcoin has the potential to be used as a store value currency. Of course, there are other alternatives but even now, Bitcoin is accepted in a range of shops and venues, both online and in real life. Yes, Bitcoin is an investment, but overall Bitcoin is much more too.
Bitcoin is secure
Bitcoin isn’t totally secure and unhackable. Indeed, the nature of Bitcoin is that it is more secure than a lot of other cryptocurrencies, though it is a technology that can be hacked and manipulated. Moreover, Bitcoin is subject to market manipulation and therefore, even if it did become totally unhackable, external entities could still use it to manipulate and change the markets, unfortunately.
Bitcoin is for criminals
Bitcoin has been used in many criminal cases, but so has the US Dollar, the Pound and the Euro. Money is a criminal’s best friend and is often the motivator for many crimes. The problem here isn’t Bitcoin, the problem is the society in which Bitcoin exists. Bitcoin gives honest investors and traders access to a new form of unregulated currency, sadly though, criminals can also take advantage of this though.