Saturday long read: How the world reacts to bitcoin in three phases

Saturday long read How the world reacts to bitcoin in three phases

Not so long ago, bitcoin was just a niche. Cryptographers, cypherpunks, and libertarians were for a long time the only ones interested in the idea of ​​magical internet money.

Everyone has an opinion

And now? Today, everyone has an opinion about bitcoin: The US president, the finance minister, the president of the Fed, members of the US Congress and members of the House of Representatives spoke publicly about bitcoin in a few days.

We now live in a world where “bitcoin and there are shitcoins” is immortalized in the congress report, where the Fed describes bitcoin as an alternative to gold and potting, and where at least one newsreader is just as informed about bitcoin as you and me .

The moment you come into contact with bitcoin, you are forced to think about money, control and the difference between bitcoin and shitcoin. And whether the government is the right entity to control our cash flow. The great thing is that journalists, politicians and policy makers are now also confronted with these questions.

“Shitcoin” is not profanity. It is a highly technical term in monetary economics.

I sincerely thank you @WarrenDavidson for introducing such an important concept to the rest of the members of the US Congress.

– Michael Goldstein (@bitstein) July 17, 2019

Conversations that were previously conducted on Twitter, obscure forums and mailing lists are now conducted in the public domain. Good times.

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Understanding Bitcoin in 3 phases

Bitcoin is quite complex, and to really understand this phenomenon, you have to delve into economics, philosophy, politics, mathematics and much more. Understanding what bitcoin is, what it does, how it works and what the implications are, takes a while.

Many people wave bitcoin away first or completely reject bitcoin. They think it’s stupid and say something like this can never work. They may think that it is all the rage, and that the magic internet money simply disappears after a while.

After these people have rejected bitcoin and reluctantly admitted that bitcoin can become something, they want to ban bitcoin. And that certainly applies to people who are responsible for the monopoly of our fiat money. Such a ban will of course not work because bitcoin is a global, decentralized and open product. Banning bitcoin is mainly a headache for local politicians, judges and lawyers. The network and the security of bitcoin do not feel this.

The final phase is the realization that bitcoin cannot be stopped and that a ban borders on the impossible. The government cannot let anyone pick up or close a company.

Over the past few weeks, all three phases have been shown and have all taken place simultaneously in different public hearings and discussions:

  1. “I’m not a Bitcoin fan”
  2. “We must ban Bitcoin”
  3. “You can’t kill Bitcoin”

Phase 1: “I am not a Bitcoin fan”

On July 12, 2019, the President of the United States, Donald Trump, decided to let the whole world know what his opinion about bitcoin is. He tweeted this to his 62 million followers:

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….

– Donald J. Trump (@realDonaldTrump) July 12, 2019

What does this mean for bitcoin? Mainly free publicity. Hopefully the interest in bitcoin has been aroused by some of its 62 million followers.

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The US president was not the only powerful person who recently commented on bitcoin. The President of the Federal Reserve did his very best to convince everyone that bitcoin has no practical use, except that it is a kind of gold. To store value.

The consequences of general acceptance of bitcoin were asked. Would that make the FED unnecessary?
Response from the Fed Chairman: Yes.

Phase 2: “We must ban Bitcoin”

A few weeks before the presidential tweet, a member of Congress insisted on a bill to ban all cryptocurrency. What could this mean for bitcoin? Well, first, bitcoin is larger than US law, and second, laws are not very effective if they cannot be enforced in a meaningful way.

After the introductory speech “we must forbid Bitcoin”, something beautiful happened. It seems that he understands the potential of bitcoin very well, namely that governments cannot get a grip on a locally supported currency.

Phase 3: “You can’t kill Bitcoin”

The moment you start to study bitcoin, you will soon realize that the cryptocurrency cannot be stopped ten years after its birth. Bitcoin cannot be closed. Once you understand this, you have two options as a politician:

  1. fight bitcoin and become a joke
  2. become a member and wake up
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This newsreader and the interviewed politician Patrick McHenry clearly opted for option 2.

As if this were not good enough, the same politician repeats the unstoppable nature of bitcoin in his opening address to the American Financial Services Commission.

The future is bullish

Bitcoin continues to convince people of its potential. And these aren’t even just the people who benefit most from a currency without government and bank involvement. Politicians, news readers, bankers and other influential people seem to understand what is at stake.

Do you want to convince people of cryptocurrency and bitcoin? Then make sure that you do not make it too difficult for them to buy bitcoin and altcoins. BLOX is fast and simple enough for everyone. And you only need a smartphone. Download the app for free for iOS and Android.

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