How Can Bitcoin Restore Its Reputation Around the World?
Bitcoin has been able to grow and expand in many different countries. The economy is starting to see the influence of these new cryptocurrencies, but several individuals do not trust them, or believe that they are used solely for criminal activities.
But how would it be possible for Bitcoin to overcome all the negative comments around it and change its bad reputation?
Improving Bitcoin’s Reputation
People needs to start thinking about Bitcoin in a positive way and improve the image it has on the matter. Of course, all the scandals that have been appearing in mainstream media about criminals, corruption, and the Silk Road case have harmed the famous cryptocurrency.
According to Dr. David Cowan, Bitcoin is not illegal. He says that with all the controversy around them it is sometimes easy to forget that there is nothing illegal with them. And in fact, the criminal activities linked to Bitcoin are almost negligible.
Yaya Fanusie, director of analysis for the Foundation for Defense of Democracies ‘ Center on Sanctions and Illicit Finance (CSIF), released an analysis on ‘illicit flows into digital currency services.’ The study shows that less than one percent of Bitcoin transactions are used for illicit activities.
At the moment, an important number of actors in the cryptocurrency space are trying to restore the reputation in the famous virtual currency. Dr. Cowan wore an article that asserts that in order to make virtual currencies mainstream, it will be necessary to eliminate the illegal issues around.
Matt Bisanz, enforcement associate at Mayer Brown, explains that there must be a clear work on the virtual currency community in building confidence.
“We still have to put more in place to build confidence, where crimes are rare or have little effect on the consumer. When you get your credit card stolen, you don’t stop using it. It has low impact. Until crypto gets to a similar level, where people are not losing there sums of money, there will always be a question mark.”
Other experts like Tom Robinson, co-founder of Eliptic, say that regulations implemented by governmental institutions and control on exchanges are helping the market to restore its reputation.
At the same time, hacks are making people lose a lot of money nowadays, but in the future, the environment will be much more secure and safer than what it is now, which should be taken into account. At the moment, virtual currencies need to gain a better reputation, but its security and attributes will make of it a much more respected currency.