We all fear what we do not know or what we do not understand, and when it comes to bitcoin, it’s probably safe to say that there has been a lot of fear hovering about.
I’m not simply speaking of businesses or banks or politicians, for that matter. They’ve all made their reservations clear. Many banks refuse to have anything to do with bitcoin and/or related digital currencies, and big-time moguls such as Warren Buffett and even Bill Gates have taken the time to speak against it and advise investors to stay away from it.
But of course, there are many members of the general public that seem to have a strong fear of bitcoin as well, and I would compel many members of this public grouping to look beyond the negative and tabloid-esque headlines they continually see regarding bitcoin and its digital cousins… “Digital Currency Often Used in Illegal Activity”; “Digital Currency Platform Has Been Hacked, Millions Lost”; etc. Yes, this is news and it needs to be reported, but quite frankly these and related stories and subjects seem to be the only bitcoin points that the media wants to focus on.
I firmly believe that if those questioning bitcoin did the appropriate research, they would find less to fear, and bitcoin would present less of a challenge to their ideals. Banks are afraid of it because they believe it brings competition. Competition is not even likely considering the size of financial institutions such as Wells Fargo, Citibank and Bank of America. No, bitcoin is merely challenging our current financial values and attempting to bring a new mix into the mold, as they say. Bitcoin is simply presenting a new way to conduct business and further the financial spectrum.
The ill intentions that everyone seems to believe bitcoin possesses are not quite there. Let’s not forget that bitcoin first came to fruition in an attempt to aid unbanked populations. Shouldn’t that intention count for something? I say it should, so please… Everybody… Do the research. Bitcoin is not necessarily a bad thing… Misunderstood and infantile, yes, but bad is hardly the correct term. Let’s learn to love it as mature, respectable adults and witness first-hand the good it can really do.