Despite all of the attention on Bitcoin and its alleged creator over the past week or so, most major tech sites are still not keen on Bitcoin. That may seem only normal, as Bitcoin is in direct competition with the financial entities which support these media outlets. Bitcoin is very underappreciated, but then again, this has been the scenario for the past few years as well.
Appreciating The Value of Bitcoin
Dealing with mainstream media is subject to walking a very tight line between keeping a level head and being blatantly ignorant when it comes to certain aspects, Not that there is anything wrong with being cautious when dealing with Bitcoin, but most of the concerns people may have applied to any form of finance.
Any investment is a risky one, and Bitcoin is no exception in that regard. So is dealing with any kind of money, as none of the world’s currencies are backed by physical assets anymore. That scenario came to an end when Nixon decoupled the US Dollar from the gold standard in the 1970s. Seeing as how most economies heavily rely on the USD these days, hardly any of their local currencies are supported by nothing more than IOUs.
Bitcoin is not backed by tangible assets either, but it is vastly different from fiat currencies as well. With its scarce supply – rather than an unlimited one – and its free market model – rather than central banks controlling people’s money – the differences are not difficult to spot. But this is one of the mental hurdles as well, as consumers and businesses are not used to an apparent lack of handholding in the financial world.
Technology news outlets seem to fall into this same category, even though most of their writers have a far better understanding of Bitcoin compared to the average consumer. These techies remain very cautious when dealing with or talking about cryptocurrency, for understandable reasons. However, their approach to Bitcoin is not always as unbiased as it should be either.
For a lot of people, Bitcoin can be explained as “seeing is believing”. People who have never witnessed a Bitcoin transaction will never see the value of what this cryptocurrency can do, or how it works exactly. Moreover, bitcoin is about much more than its technology or its alleged creator, as, in the end, it provides users all over the world with complete financial freedom.
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