By Genesis Node on The Capital

Ever wanted to know why the media and ‘economists’ get it so wrong about Bitcoin? Here’s the Genesis Node point of view on some of the most fundamental topics that regularly appear about Bitcoin in the mainstream media, which are typically biased or poorly presented.

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Photo by Elijah O'Donnell on Unsplash

Bitcoin is private and can be used by criminals and terrorists

This is a favourite of the media and hostile regulators. The fact is that Bitcoin operates using the most transparent, verifiable, and traceable accounting ledger that has ever existed. It is true that identity verification is not always required to create a wallet and send or receive transactions so in this regard there is a level of masking that is provided, however, blockchain forensics is a new and emerging capability that could help to track and trace any funds being used for illegal purposes. Danish police made the news in 2017 when they traced criminals through their Bitcoin transaction activity. It is worth remembering that the current banking system is still the most effective means of laundering money in the world with an estimate of $3 Trillion being laundered through the US system annually, so it seems somewhat hypocritical for lawmakers, media and financial services firms to lay the ‘Bitcoin is used by criminals and terrorists’ argument at the door when the current system is guilty of much worse. …

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Since the peak of the Bitcoin price at around $20,000 in late 2017 and the subsequent move down to a $3,100 to $4,000 range by March 2019 much has been written and discussed about the volatility of the most established cryptocurrency. Media outlets and Nobel prize winning economists have enjoyed producing ill-informed clickbait suggesting that ‘The Bitcoin Ponzi is over’ or that ‘The Bitcoin bubble has burst’. Over time the world will start to understand money and Bitcoin in more detail but for now, reporting and analysis by the mainstream media remains self-interested and rather sensationalist.

<Cue open-minded, altruistic sensationalism>

At Genesis Node, we believe Bitcoin will eventually be used as a global reserve currency and that it has the potential to either replace government-issued fiat currencies entirely or be the base money used all over the world that governments issue their own currency on top of — in other words, we see a situation where all money will be backed by Bitcoin and that Bitcoin will also replace monetary metals including gold as a key store of value and all pricing and mental calculations will be undertaken in ‘Satoshis’ rather than native currencies. …

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Photo by André François McKenzie on Unsplash

This article presents a view that modern politics is ineffective and largely hamstrung due to the underpinning economic system that a political party inherits when they take office. …


Genesis Node

We offer training, advisory and consulting services regarding Bitcoin, DLT & decentralised business models. All articles are opinion only.

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