There are two types of people in this world: Bitcoiners and non-bitcoiners.
Many non-bitcoiners stay that way because they have come to associate Bitcoin with certain elements of the society.
Here is a short list of things non-bitcoiners associate Bitcoin with and whether these allegations have any validity.
Bitcoin is criticised to be used for many illegal activities including money laundering.
Can Bitcoin be used for money laundering? Sure.
So can gold or cash or you name it.
Anything of value can be used for money laundering, however, only one of them can be actually tracked forever.
To many people’s surprise, Bitcoin is the only asset among many that is the worst medium to use for money laundering.
Haters say that bitcoin is used by terrorist groups to avoid being tracked.
Fools be those who think Bitcoin is completely anonymous.
In fact, physical cash is much more anonymous than any medium of exchange out there.
Bitcoin was (is) used to buy and sell drugs.
Bitcoin did not create a single drug and it did not create commerce for drugs either. The drugs commerce has been in existence before bitcoin. What bitcoin did was create this false illusion that it is anonymous money.
To the dismay of many those who thought they were being smart have etched their dealings on the blockchain for anyone with the right tools to find out.
Yes, the dark web has made Bitcoin popular.
Silk Road, illegal weapons, transferring money without going through banks or other legal entities, all of these have colored Bitcoin as Dark Web money.
However, once people understood the myriad of applications that bitcoin and blockchain can help with, the dark web allegations have faded.
We would scorn anyone suggesting that the internet should be banned because there is illegal stuff going on (dark web lives on the internet too).
However, these very people would call for a ban on Bitcoin without understanding that Bitcoin is the next phase of the internet’s evolution.
Gamblers love to squander their wealth. And those who dabble with Bitcoin with their life savings are no better than gamblers.
This has some truth because there are no guarantees that Bitcoin will succeed (although one could argue that it has already succeeded in bringing blockchain to the consciousness of mainstream).
As such, those putting money in bitcoin understand that they could lose their investment.
While many invest in bitcoin in the hopes of getting rich, there are few who invest in it to own a piece of technology and be part of the history in the making.
In that sense, Bitcoin is way different than gambling.
Is Bitcoin the panacea?
While Bitcoin is far better than the existing fiat system, we do not think Bitcoin as the panacea.
We believe that Bitcoin will build bridges and connect the world which was deprived of access to financial inclusion and in doing so it will become part of the world financial ecosystem.
It will not replace the fiat system, rather, it will make it more accessible.
Thank you for reading and sharing this article. We appreciate you.
Stay safe and healthy!
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