Craig Feigin | Bitcoin – who is the villain ?
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Bitcoin – who is the villain ?


15 Aug Bitcoin – who is the villain ?

Many of the past’s conspiracy theories have become today’s realities. Leaders of the world, interest groups and fraternal organizations, also known as the one percent of the population that controls ninety nine percent of the worlds riches, while billions live, in the best case scenario, with just enough to eat and pay for the roof above their head, have started over the last decade to feel the fear of a single, apparently uncontrollable, new currency- the Bitcoin. Explaining what Bitcoin is for someone that has never heard of it is just as hard as it was back in 1994 to explain what the World Wide Web was. To keep it as simple as possible, Bitcoin is a virtual currency that provides a paperwork free alternative to the current banking system.

Besides the above mentioned, the main difference between Bitcoin and physical currency is that is using the elegance of mathematics, that can enable an almost instant transfer of value  from one person to another without involving the mediation of a trustworthy third party. Value wise, in the October of 2009, a first exchange rate was published- 1309 Bitcoins were tradable for one dollar. Within the next seven years, up to 2016, Bitcoin  has reached a staggering exchange rate of (according to today’s news) 584 dollars for one Bitcoin.Besides the apparently fully beneficial aspect of Bitcoin, with this virtual untraceable currency comes many negatives as well – the drug dealers, weapon dealers, child pornography sellers, money launders and many other that had found places like the Silkroad (online black market for practically anything that is illegal) and used Bitcoin for massive illicit transactions.

Despite all the aspects, obviously three sides will remain – the ones who believe in Bitcoin and have benefitted from it and strongly believe that it is the future of money, privacy, payments and the end to this greedy financial system, the second side, that believes it is a currency for cyber criminals and a threat to the sovereignty of their state, and the third side for which it doesn’t exist. Either way, being able to tell who the real criminals are has become a challenging task since both sides wear masks. One thing is for sure –  Bitcoin did not create the villains, they were already there, and the only responsible for the illegal goods that exists and are traded with or without Bitcoin are the governments of the states in which these  illicit commodities exist.

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