Bitcoin is going to stay here, in the long run, owing to its high technology, security features, faster transaction time and cost-effectiveness. Gone are the days when people had to wait for days for bank transfers and pay a commensurate transaction fee. Moreover, in the age of rampant financial crimes taking place, a technological marvel like the bitcoin will bring a welcome sigh of relief to the people involved in large money transactions. It is again about the perception that bitcoin is not safe or it's not even a currency or it is a Ponzi scheme or it aids terrorist activity. All these are baseless fears of those skeptics who have the fear of the unknown.
Firstly, such skeptics are completely ignorant of the fact that Bitcoin is the future since it is based on a futuristic technology which is the Blockchain technology. It is a revolutionary invention and certainly, this will transform the entire financial ecosystem by bringing in more accountability and transparency due to its high-security features.
Secondly, anything that has value and can be exchanged for a valuable asset or commodity can be treated as a currency. Bitcoin is a currency since it is asset-backed and the asset backing it is the trust created in it owing to its high-security feature.
Thirdly, all those people who call Bitcoin a Ponzi scheme should realize that even investing in the share market in its initial days was likened to an investment in a Ponzi scheme but later on getting the right kind of knowledge and developing a deeper understanding of the subject created faith in it. So, it is advisable to all the skeptics to do a thorough research on the topic before calling Bitcoin a 'Ponzi'.
And lastly, if bitcoin is facilitating terror financing then arent hawala transactions not aiding terrorist activities. If there is some regulation on the use of Bitcoin then certainly such terrorist activities can be curbed. For this to happen all the Governments in the world need to understand the significance of accepting a valuable digital asset like Bitcoin and pass laws in favor of the acceptance of Bitcoins. imposing a ban is like denying the future to the citizens.
Read more: http://www.jackobian.com/conversations/change-your-mind-about-bitcoin.78292/#ixzz5SNsYqyEg
Firstly, such skeptics are completely ignorant of the fact that Bitcoin is the future since it is based on a futuristic technology which is the Blockchain technology. It is a revolutionary invention and certainly, this will transform the entire financial ecosystem by bringing in more accountability and transparency due to its high-security features.
Secondly, anything that has value and can be exchanged for a valuable asset or commodity can be treated as a currency. Bitcoin is a currency since it is asset-backed and the asset backing it is the trust created in it owing to its high-security feature.
Thirdly, all those people who call Bitcoin a Ponzi scheme should realize that even investing in the share market in its initial days was likened to an investment in a Ponzi scheme but later on getting the right kind of knowledge and developing a deeper understanding of the subject created faith in it. So, it is advisable to all the skeptics to do a thorough research on the topic before calling Bitcoin a 'Ponzi'.
And lastly, if bitcoin is facilitating terror financing then arent hawala transactions not aiding terrorist activities. If there is some regulation on the use of Bitcoin then certainly such terrorist activities can be curbed. For this to happen all the Governments in the world need to understand the significance of accepting a valuable digital asset like Bitcoin and pass laws in favor of the acceptance of Bitcoins. imposing a ban is like denying the future to the citizens.
Read more: http://www.jackobian.com/conversations/change-your-mind-about-bitcoin.78292/#ixzz5SNsYqyEg
