Bitcoin prices have collapsed quite dramatically which has allowed for the mainstream media to forecast the impending death of Bitcoin. Calls for the end of Bitcoin almost always come from those who are not informed about the power of the blockchain or any of the protocol that surrounds the cryptocurrency. The recent problems with Bitstamp have only made the naysayers get loader with their comparing of Bitcoin to tulips or to any other asset that has seen a bubble in prices.
The fact of the matter is that those with Bitstamp accounts are not expected to lose any money. The price of Bitcoin was never in a bubble; it has high volatility because it is a new currency. The argument that we should not use Bitcoins because it is volatile is ludicrous. Should we not use oil because it is volatile?
Mainstream media outlets and talking heads with power are rooting against Bitcoin because it throws the entire system on its head. A decentralized system of money would make these people in power potentially lose some of it. This scares them. If you are one of the people who are not running the country or are not in the 1% in terms of wealth, you should be cheering on Bitcoin.
Bitcoin allows people to send remittances with no cost. This would put companies such as MoneyGram and Western Union out of business because they charge ridiculously high fees. Bitcoin will help those people who live in a country where the currency is inflationary or the banking system is underdeveloped. This may be a foreign concept to you, but in Venezuela right now it is difficult to find toilet paper because of hyperinflation. Bitcoin simply provides an alternative currency to people who are suffering from a dependence on a corrupt socialist government.
Bitcoin represents a quantum leap in terms of technological progress as it removes counter party risk. Why would pundits in the media want to talk down such a huge advancement in technology? We live in a society where app developers are put on TV and lauded. If we honor our tech heroes, then we should also glorify the companies working on Bitcoin development because they will change the world more than the developers of games such Angry Birds ever could.
If you don’t know a lot about Bitcoin, I would advise you to get familiar with Coindesk.com. It has tons of useful information on Bitcoin. It is an exciting time for the cryptocurrency as Microsoft recently started accepting it after Bill Gates shared some positive opinions about Bitcoin.
Don’t listen to those naysayers! Do your own research. This will allow you to see the wonder in Bitcoin. It is like looking at the internet in the late 1980s; it is beautiful and full of promise.