BITCOIN’S NEXT BIG BATTLE: RESTORING ITS REPUTATION

July 5, 2018 BitcoinTalkRadio 0 Comments

Throughout its short existence, Bitcoin has successfully confronted several challenges, such as technical issues and internal wars. It has also withstood relentless persecution from governments and powerful financial personages. However, although Bitcoin is undoubtedly not intrinsically illicit, it unfairly has a bad reputation.

NOTHING IS ILLEGAL ABOUT BITCOIN

Granted, Bitcoin’s image needs improvement. Many still associate the cryptocurrency with cybercrime, drug dealing, fraud, and other illicit activities. Scandals, accusations, and allegations abundantly published in the world press have helped to tarnish Bitcoin’s reputation. Conspicuous are the cases of the Silk Road, the bankrupt Mt. Gox Bitcoin exchange, as well as several ransomware acts.

But Bitcoin itself is not illegal. Indeed, according to Dr. David Cowan:

With the controversy and confusion surrounding cryptocurrencies, it is easy to forget that there is nothing inherently illegal in them.

In effect, data shows that the use of Bitcoin in illegal activities is almost negligible.

In January 2018, Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance (CSIF), released a study entitled “Bitcoin Laundering: An Analysis of Illicit Flows into Digital Currency Services.” The study concludes:

Less than one percent of Bitcoin transactions used for illicit activities.

Nevertheless, Bitcoin’s unwarranted shady reputation has hindered its rate of adoption and chased away big money investors.

SAFEGUARDS AND CONTROLS WILL INSPIRE CONFIDENCE

Restoring Bitcoin’s reputation is becoming more and more urgent. Thus, a growing number of key actors of the crypto space are now debating how to restore the reputation of Bitcoin and other cryptocurrencies.

For example, Dr. Cowan in his article entitled “Cryptocurrency: restoring reputation for the future,” asserts that making cryptocurrencies mainstream would be key to eliminating illegal uses.

Original story: https://bitcoinist.com/bitcoins-next-big-battle-restoring-its-reputation/