Is Bitcoin struggling with itself to deter the negativity surrounding it and crypto currencies? Coin Desk features a look at the cryptocurrencies and how people view them with Blake Cantrell, feature writer, on Bitcoin today.
First, there is more than one type of cryptocurrency of which Bitcoin is a major leader in trading exchanges and investors. But other coins may deter people from buying into it due to the wait and see attitude of non-techies.
The attitude is that if one buys into a since coin, you may buy into the wrong one of the coin offerings. It could become worthless.
Cantrell offers, ‘even if one coin emerges as dominant – and bitcoin doesn’t look like it will lose its lead anytime soon – there will never be a true ‘winner’. Unlike hardware, there is no real incentive for the stakeholders in cryptocurrency to switch over wholesale to a single coin. Thus, many people can – and do – trade in multiple coins.’
Money is used by everyone and the market for cryptocurrency involves everyone that uses money according to Cantrell’s theory. Coins can cater to different segments and each coin type may have its own weaknesses, strengths, characteristics and protocols.
Cantrell suggests that just as stockbrokers educate investors to invest then cryptocurrencies must be promoted by exchanges and entrepreneurs to invest in them.
InnoCherche, a France-based think tank dedicated to fostering innovation in the European nation, did promote cryptocurrencies along with data visualization and electronic healthcare on April 3 at a meeting event.
Bitcoin trader and financial writer for the forthcoming newsletter BitcoinWeekly, Stanislas Marion did speak before the group about the benefits of bitcoin. He explained digital contracts and the remittance market which is worth internationally over $500 billion annually. Such a market invites the peer-to-peer Bitcoin exchange market with no geographical boundaries.
Marion said that the panel was not well informed about Bitcoin and that, ‘a few of them asked me to point them to some resources so that they could read up. None of them asked how to get involved though, they’re still in a discovery phase.’
He did need to explain Mt. Gox and issues of fraud or cyber-attacks on exchanges to the panel.
Marion provided his strategy in order to present to the group was, ‘to shed the [fear, uncertainty and doubt] (FUD) about anonymous transactions that only suit drug dealers and terrorists and explain how bitcoin is no more anonymous than the Internet but actually offers something that is completely new [that provides] transparency as a competitive advantage for politicians, charities, companies, etc.’
Clear regulatory guidelines and education as in the UK and the US would bring Bitcoin access into France. France’s Senate Finance Committee has held hearings as the US Senate and Congress have held hearings to educate and inform about Bitcoin.
Bitcoin and the entrance of cryptocurrency are seeing global wide-spread debate and hearings in governments. It will continue to be accepted as the education grows on its features and benefits around the globe. BitLegal provides a website to visually view and read about the countries of Bitcoin acceptance and business exchange of Bitcoin.