Media’s Misunderstandings Regarding Bitcoin: Here’s 5 Key Indicators Depicting This Very Detail
Misunderstandings are bound to happen and ensuring that they are corrected is key for knowledge. With cryptocurrencies, many are still trying to make sense of it, as it is not always so cut and clear. This can happen to anyone, even media outlets. The problem with latter is that they are more or less the voice of the people or even the word of mouth. A misunderstanding can easily spread like wildfire, which may lead many feeling wary.
In a recent post shared by news outlet, NullTX, the emphasis was placed on the common misinterpretations that the media has held in relation to Bitcoin [BTC]. By expounding on them, not only is a clarification established, but consumers are now acquiring new knowledge that can alter their current stance. The following is an overview of what has been shared in the shoes of Jonathan Trugman, business columnist at NY Post and the reasons why he does not have the idea straight.
1. Libra will not validate Bitcoin in Any way
According to Trugman, Libra will not validate bitcoin. Null TX argues that Trugman does not have a sense of the complete picture – noting that Bitcoin does not require validation from anyone and that Libra is not a cryptocurrency. As a way to strengthen the claims Trugman made, he has argued that those on Wall Street hold the same view, which is not enough of an evidence, nor does it validate anything.
2. Libra could end Bitcoin altogether
NTX is not clear on this statement made by Trugman. For the latter to think that a token released by Facebook, which may or may not happen, could take over Bitcoin without proper reasoning makes no sense. If anything, the news outlet argues that Facebook would serve as a great platform for those to retort to appropriate platforms to learn about Bitcoin and its likes.
3. Bitcoin has no Wall Street Traction
Wall Street’s current stance is unknown, but the fact that any reasoning associating Wall Street with any business or operations makes no sense. Hoping to use Wall Street as a mean of validity, to Null TX, is unreasonable, as the latter believes the former lost their entitlement as a “big league of finance” and is now being taken lightly since the 2008 financial crisis.
4. Bitcoin Fails Because it is not Physical
The argument made by Null TX against this claim is that we live in a time and day where we do not require assets to be physical. The fact that people deem this as a concern merely implies that they still lack knowledge on cryptocurrencies.
5. Bitcoin has no Balance Sheets
When a claim like this is made, regardless of who it may be, it is evident that they need to go back to square one. Bitcoin’s balance sheet is blockchain, in which anyone can audit balances as they please.
These are clear examples of how impactful poor knowledge can be, especially in media. While said figures are open to express themselves, any strong claims made cannot go without sufficient evidence and argument. Otherwise, the entire piece becomes opinion-based.
Moving forward, it should be one’s goal to make sure of what they are reading and whether or not it makes sense. If it doesn’t, then it’s as simple as conducting one’s own research to ensure accurate data is studied.