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Intellectual Enemies of Bitcoin and Cryptocurrency

“gold-colored Bitcoin on book” by Andre Francois on Unsplash

Recently I was watching a video by a motivational speaker. The speaker has international name and works with big companies and CEOs. I really like his videos as he makes very useful business case scenarios with good insights into business world. Needless to say that he has large following on YouTube, especially from India.

Even though I am giving the video at the end of the post, I am not taking any names throughout the article. Because the purpose of this post is to bring awareness on cryptocurrency and how even influential people with large following on social media are having wrong perception about it and how they are spreading false information knowingly or unknowingly.

Now coming to the video I was watching, the motivational speaker discusses whether to make investment into cryptocurrency or not. His stand is clear from the beginning. A big ‘no’ to investing into cryptocurrency.

Bitcoin or any other coin as an investment has its own pros and cons. Everyone has their own opinion and should follow caution. I too do not look at cryptocurrency as a means of investment. So I agree with his advice to his followers. So far so good.

But the real mess and misleading starts when he was giving reasons for not investing into cryptocurrency. For a person who does not know about cryptocurrency and blockchain, these reasons sound valid and logical. But, a person, who knows about cryptocurrency, will be horrified. How could a person, who coaches CEOs and Entrepreneurs, could spread such false information about a revolutionary technology like cryptocurrency and blockchain?

Let us take a brief look at the reasons given for staying out of cryptocurrency and the hollowness behind those reasons.

  • You cannot explain your mother and father about Bitcoin. Since you cannot explain something to others, the advice is to stay out of it. How ridiculous it is! Agree the blockchain concept behind cryptos is difficult to understand, but it is not impossible to understand and explain to others. Even if you cannot explain to others, that should not be a yardstick to decide on something.
  • Bitcoin cannot be influenced. This fact was projected in a complete negative shade when it is actually its strength. Bitcoin or other cryptocurrencies or any other blockchain applications cannot be influenced by a few persons unlike traditional currencies and applications. We all know how governments and big businessmen manipulates dollars, euros and rupees.
  • Governments discourage the use of Bitcoin. Governments and banks discourage cryptocurrency because they feel threatened by cryptocurrency. Cryptocurrencies give power back to common man. But governments and banks show reasons like black market, money laundering and hacking. All these are excuses to save their power and authority. Show me one example from history where technology was not used for illegal activities. If we try to ban all those technology developments, we will have no progress.
  • Bitcoin has no middle agency whereas traditional currency has middle agencies like governments and banks as guarantors. Isn’t this the real reason why cryptocurrency and blockchain is termed as a revolutionary technology. But this video projected this fact completely in a negative shade! Cryptocurrency should be a boon to common man without middleman commissions and manipulations.

Throughout the video, the speaker says he is not against cryptocurrency but unfortunately keeps on giving false information about Bitcoin. This kind of influential people must be having their own teams to help them in doing research and creating content. If persons with such resources and knowledge can talk wrong about cryptocurrency, just imagine what normal people must have understood about this complex innovation!

“round gold-colored and silver-colored coin lot” by Steve Johnson on Unsplash

Why Cryptocurrency is not an investment option?

There is only one reason i.e crypto is a digital medium for exchange. It is an alternative to traditional money like dollars and Euros. Can you keep with you 10 dollars without spending for 10 years, expecting it to grow to the value of ten thousand dollars? That seems a stupid idea, right? The same applies to Bitcoin or any other cryptocurrency. Do not use it as an investment option but as a real money to buy and sell things.

When you start using cryptos as money, the possibilities would be immense. No one will take cut from your transactions as there are no middlemen; you will receive instant payouts for your services and goods like selling e-books or goods on e-commerce stores; governments and agencies cannot impose rules and regulations to make payments only in certain money forms (currently USD for oil payments); you could see more flexibility in government taxes and spending; even you can charge social network sites for using your data etc.

Cryptocurrency community has bigger responsibility

Instead of educating public about token economy, governments and big business giants are trying to kill cryptos and blockchain apps. So cryptocurrency community has bigger responsibility here to educate non-technical and general public about the concept of blockchain and cryptos.

Already social media sites like Google, Facebook and Twitter choked ICOs by banning crypto ads. This is already slowing down the research and development of blockchain applications. So let us put efforts to change the perception of Bitcoin and cryptocurrency and bring the benefits of blockchain technology to everyone.

PS: Here is the link to the video I talked about in this post.