Some mainstream media outlets seem to have a hard time accepting bitcoin will not go away anytime soon.Gizmodo posted a rather negative article regarding bitcoin, indicating a lot of “journalists’ still struggle with the concept of cryptocurrency. Bitcoin will not “just die already” by any means, as the demand for a currency putting consumers in full control over their money only continues to grow.
Bitcoin Is Everything Other Assets Aren’t
It has to be said, bitcoin is not perfect in its current form by any means. There are a lot of questions regarding the future of cryptocurrency, albeit one thing seems certain” it will not go away regardless of how badly some people want it to. Some people think bitcoin is not the best use of their money, and they are entitled to their opinion. The bigger question is: is there a good use for your money in the current financial ecosystem? There is no good or bad answer to that question right now.
The Gizmodo article refers to how other media outlet called bitcoin a scam a few years ago. At that time, these claims were unfounded, and they still are today. This highlights one of the reasons why people are growing wary of the media: they can only seemingly rehash old statements which are not always based on truth either. Opinionated content is all fine and dandy, but it should never obfuscate the facts as they present themselves for everyone to see.
Many people seem to confuse bitcoin and companies dealing with bitcoin. They are not one and the same by any means. Bitcoin is a cryptocurrency, which has never been hacked, compromised, or taken offline. It is not something banks, governments, or anyone else can control or oppose. The only entities that can be regulated, suspended, or shut down are the companies facilitating purchases and sales of bitcoin itself. However, the bitcoin ecosystem can exist just fine without these companies, as it is a peer-to-peer currency first and foremost.
Over the past few years, bitcoin has been one of the best-performing assets nearly every time. Granted, there have been highs and lows where the bitcoin price is concerned. That shouldn’t surprise anyone, as a free market can be influenced by large investors. Then again, so can any national currency, stock, bond, asset, or anything else that is tradeable. Does this mean cure oil, gold, and Apple stocks are not the best use of one’s money? The jury is still out on that one.
One thing is for sure: bitcoin will not die, nor will it go away anytime soon. That doesn’t mean it will become the next global currency to replace all other forms of money either. Bitcoin offers financial freedom for those who seek it, combined with global accessibility and financial inclusion. So far, no other type of money or asset has ever been able to provide this without forcing consumers to jump through hurdles before they can be part of an “elite ecosystem”. As complex as the technology behind bitcoin may be, the currency aspect of this ecosystem is one of the easiest to comprehend. Your money, your power to use it as you see fit.
Header image courtesy of Shutterstock