Mis-Information about Bitcoin Abounds

The amount of misunderstandings around Bitcoin and all other Crypto coins resulting in outright mis-information by the mainstream media is a particularly widespread problem.

Insufficiently qualified and often not overly interested in their assigned jobs, many journalists do little to improve that situation but commonly just re-arrange official press statements by governing authorities or copy press releases by industry. Basically institutions of the Industrial Age, and therefore an era gone by, these media outlets simply are doing here what they always do best: copying information that may or may not have been drafted with some covert agenda in mind by its originators, and hardly ever critically evaluating what they are about to publish. “Time is money”, but quality apparently hardly ever matters. Bitcoin and all the other crypto coins, being a purely private system based solely on voluntary and contractual rules between users, may be especially hard to comprehend to parties thus unqualified.

Partly because of the unusual additional concepts of these Payment Systems (sometimes called “currencies”), this adds to the overall uncertainty among consumers who would otherwise accept and use crypto currencies still more widely.

The main areas of error are Crypto coins’ alleged “anonymity” on one hand and the true meaning of regulatory announcements released by many countries’ authorities on Bitcoin. Additionally, the mainstream media’s take on basic matters of good and bad as well as their logical thinking abilities appear highly questionable in light of hyped-up stories on illicit deals (admittedly) going on in this area: one partial area of offers on one platform like “Silk Road” does not mean that all transactions on that marketplace nor the entire platform itself, let alone the overall concept of crypto currencies, were either illegitimate or in any other way doubtful alltogether.

Just for comparison, U. S. cops do make mistakes but, so far, the overall existence of a police force in that country has not commonly been questioned…

Bitcion and other crypto coins are not anonymous at all, but they are pseudonymous in fact. This area will receive more in-depth coverage in our separate Bitcoin Security and Bitcoin Thinktank sections.

Bitcoins and other crypto coins are not a tool facilitating more bad things than all other matters in every-day life. The U. S. dollar has been used to make payments in the Iran-Contra affair as well as unlawfully making a Swiss banker commit drunk-driving offences and be faced with jail time in order to turn him into a CIA informer: yet, nobody seriously tries to abolish the U. S. dollar for these reasons.

Also, the constant headlines about whether or not Bitcoin and other crypto coins are secure paint a picture of some pathetically deep-rooted mis-trust among the general public toward these payment systems — one that the mainstream media is exploiting further by their news selection and wording of yet more headlines and articles; all this in a pathetic attempt to “play” this phaenomenon just for selling more copies and more advertising space for the military-industrial as well as the medical-industrial complexes.

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