Why the media is afraid of Bitcoin

Firstly, negative news is more attention-grabbing than good news. Panic mongering among those who have not put in the effort to understand new technologies is not exclusive to the Bitcoin industry alone. Many who could not understand the democratic nature of the Internet suspected web based services like ecommerce and news broadcasting were the signs of a ‘bubble’. Just like a few banks have closed doors due to mismanagement and poor security implementation, so have poorly managed exchanges gone out of business. Just like the failing of a few banks did not see a worldwide shutting down of banking services, a few defunct exchanges do not impact the significance of a technology that has the potential to revolutionize financial services on a global scale.  [sociallocker]

Unlike scams or ponzi schemes whose operations are shrouded in secrecy, the Bitcoin system is very transparent. Anyone from any place in the world who seeks to track money movements via Bitcoin may do so by viewing the public ledger block chain.

Scams and schemes are usually run by individuals or organizations that control operations from behind. Bitcoin is not owned or regulated by any group of people or political power making it a truly independent financial system.

A popular myth held about Bitcoin transactions is that they are anonymous which have made them the currency of choice for illicit activities.

At best, Bitcoin transactions are pseudonymous, using addresses in place of names and in reality, cash is a safer way to pay for and move illegal goods anonymously.

Participating in the Bitcoin system as a programmer, investor, miner, merchant or shopper is entirely optional and there is no one to lure common folks from parting with their hard-earned money with get-rich-quick schemes. Fearing the payment system as a scam, ponzi or pyramid scheme reflects the fact that Bitcoin education still has a long way to go before its ease and convenience are appreciated, a goal we hope this course will accomplish.[/sociallocker]

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