Bitcoin’s Persistence is No Fluke

To be frank, you should embrace change.

I thought you were an open-minded optimist. If you don’t trust it or don’t totally understand it, you don’t have to use it. The globalized economy could greatly benefit from a digital, finite form of currency. There’s a reason Bitcoin is making headlines, and there are many reasons its value has increased so quickly. Don’t fear the coin, embrace its innovation. Currency exchange rates are volatile and speculative. The world of e-commerce needs currency to modernize. Its embrace will ensure its security.

I’m talking to you, Zangre, which, strangely enough, IS your real name.

REBUTTAL: Nevertheless, Bitcoin Persisted (A Begrudged Examination)

Summer Surge

The market value of this perplexing cryptocurrency doubled during the month of May for many reasons, and bold-print hackers is only one of them. It clearly is more volatile than most forms of traditional currency, but each boom’s bust comes with an eureka moment and better practices. People are investing in cryptocurrencies as a counter to our flawed, debt-based economy.

As strange as it may seem, Bitcoin is a much more tangible entity than bank loans or credit card debt. If you have the coin, you have the coin. There is no dispute. As a kid, Frank Capra and Jimmy Stewart taught me the bank doesn’t actually have your money.

“You’re thinking of this place all wrong. As if I had the money back in a safe. The money’s not here,” George Bailey somberly explains. “Your money’s in Joe’s house … right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others.”

But Bitcoin changes the game. Your wallet is secured, your transactions are anonymous and your money is not controlled by banks behind closed doors. People like the idea of that, myself included. Now, I don’t have Bitcoin, the money to invest in it or the resources to mine it. But I do believe it’s reasonable to embrace a freer form of monetization and transaction.

I understand you can’t buy your spaghetti with Bitcoin tonight, but you very well may in just a few years. Until then, your cash remains valuable. Over the past two years, the number of Bitcoin ATMs has already tripled, including three in our shared neighborhood: Chicago’s Wicker Park.

Breaking the Banks

The technology is founded on security and transparency, not secrecy and deceit. Its value is determined by public demand and does not rely on governments.

Alex Jones and the audience of Infowars may call me “Globalist Scum,” but I think it’s good to bring technology and trade to everyone in the world. Nearly four billion people have access to the internet, nearly half the planet. Developing nations and emerging markets deserve equal opportunity in the global marketplace. International entities and individual governments have always struggled coping with debt repayment and corruption, but Bitcoin counters both.

While Bitcoin transactions themselves are anonymous, blockchain technology is actually traceable and viewable to the public. If you’re not familiar with the concept of blockchain, it’s essentially a public ledger relying on globally distributed historical transactions to prevent tampering and fraud. People have actually theorized blockchains public and transparent technology to decentralize entities like the stock market and insurance companies. It relies on individuals, lives on everyone’s device and cuts out middle men and their fees amid transactions.

Cryptocurrency and anonymity in general have criminal potential, but so do all forms of currency. It may sound counterintuitive, but the technology is founded on security and transparency, not secrecy and deceit. Its value is determined by public demand and does not rely on governments.

“The question that always comes is: Is it a currency?” explained investor Michael Preiss. “Well that’s maybe too limiting — it’s much more than that, it’s actually a token. It’s distributed trust and distributed consensus.”

Your Pasta is Fine

Our world has witnessed a rapid globalization through digitization. Decaying entities and international conglomerates will need to adapt and innovate to keep up. And innovation does not mean complication. You say you want to keep it simple by trading your cash on hand for that sweet bowl of spaghetti. But that dollar has history, too. The ATM you withdrew it from is linked to private servers with millions of people’s information. Maybe the bank bears the burden of delivering your money, but their taxation, investments and business practices are much more complicated than a blockchain record.

It’s not like small businesses will need heavy investments in expensive technology to keep up with tech nerds and their mysterious demands. Many have already adopted point-of-sale devices, and businesses operating on a cash-only format have already carved out their own niche. If you do own Bitcoin in the future, ATMs are widely available and your cash will be on hand as quickly as it would from your debit card.

Banks, corporations, hospitals and millions of other industries are already putting valuable information of everyday citizens at risk with poor security practices. There’s little harm in adding a layer of security between your wallet and spaghetti. Embracing this economic evolution will force practical taxation methods, improve security, lower fees and reduce fraud.

Transactions are settled immediately. Availability is endless. Identities are safe.

Bitcoin is simpler and safer than it looks. Don’t fear the future.


Want the latest cybersecurity news from around the web sent to your inbox once a week?