The SkyNews video below is one of the best videos we’ve seen so far, since it includes a few key points (some quoted, others include our views):
- (Bitcoin is seen as) “A secure form of storing wealth. And, I believe that personally, that it’s more secure than gold and silver” said Bruce Wagner, The Bitcoin Show at 02:47.
However, Arwa Mahdawi from 03:47 to the end, she explains Bitcoin very eloquently, For example, she shares that
- “to some degree all currencies are some form of virtual currency, it’s a piece of paper that has no inherent value. We put our trust into banks and central authorities to regulate it and determine its value. The difference is Bitcoin is regulated by a network, so there is some degree of regulation, but not by centralized system, which is a key difference“
So, rather than putting your trust into a government or institute, you’re putting your trust in the people who are exchanging Bitcoin.
- While, it is quite volatile in value, and the anonymity attracts shaddy usage of the currency like drugs and gambling (which is done in ALL currency), the interest alone should demonstrate that people, big businesses, and criminals are accepting Bitcoin as a viable currency worthy of getting more and using it!
If Bitcoins were not seen to have value, no one would be attracted to it…which all goes to prove basic economics of supply and demand.
- Trust in anything new and complicated is hard to gain. However, if you ask a typical person on the street how the US Dollar works the majority will not know because it’s so complex! Would they even know these terms: exchange rates, Treasury notes and foreign exchange reserves; let alone know how to define them. Yet, everyone wants the green, right!?
- No one understood the Internet or trusted online shopping, yet now; online shopping is seen as the cheaper, faster, more convenient, more secure form of shopping. So, the gradual adoption of Bitcoin is expected.