How Bitcoin Changes Our Perception Of Money
The way we traditionally perceive money is, at its root, misguided, as money is what allows humans to experience value.The Root Of All EvilFor my entire life, to the best of my memory, I can recall one persistent narrative:“For the love of money is the root of all evil, therefore selfishness must be the seed.” — M. D. Birmingham (which is a take on the quote from 1 Timothy 6:10).In the most recent decade of my time among the living, I have learned how this belief is wildly misguided. Allow me to defend my reasonings why.The Ultimate CurrencyIn the grand scheme of things, money has played a....
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Last week, Bitcoin.com reported on Supload, a new image-hosting service that pays users in bitcoin for views on their uploaded images. While the service has been well received by bitcoiners, some users have raised concerns that the public at large is not sharing their enthusiasm, stereotyping it as “just another affiliate referral website.” Bitcoin.com....
As an industry insider, it is sometimes very hard to admit that bitcoin suffers from serious negative perception issues: that in the minds of many people bitcoin is still automatically linked to thoughts of drugs, terrorist financing and money laundering. Needless to say, this has massive implications for all potential stakeholders: It slows down consumer adoption, it has regulators set the bar unreasonably high for bitcoin companies to operate and many banks still refuse to provide bitcoin companies with simple operating accounts. All of this results in the stifling of innovation, the....
Bitcoiners must break through the public's perception of money and introduce the new paradigm of bitcoin.
One issue this change could resolve is how most people assume they need to own a full bitcoin to become part of the ecosystem. A lot of things are changing in the world of bitcoin exchanges right now. Bobby Lee, CEO of BTCC, is contemplating a switch in trading units. To be more precise, he is asking the public’s opinion on trading in mBTC units moving forward. A rather strange idea, although his reasoning for this idea is quite solid. In his opinion, smaller bitcoin units should aid with the public perception of cryptocurrency. The latest idea by Bobby Lee is one that just might work. The....
Bitcoin doesn’t care. It continues to develop a monetary, financial, economic, intellectual, and social ecosystem around itself. But a pair of reports in the mainstream media makes Bitcoin look broken. Arguing with the messenger is an option. But the better path is to get on with the hard work of fixing up Bitcoin in perception and reality. Unfair? Perhaps. A Planet Money podcast finding that Bitcoin wouldn’t relay a simple transaction appears to have been conducted on software that didn’t supply the fee required under current conditions. In light of such reports, new users may hesitate to....