Image of the Day: 16 of October — The Verge, Forbes, Bloomberg, and Others
CryptoBit News Today2 min read
Several major news outlets, including The Verge, Forbes, and Bloomberg, published in-depth Bitcoin articles on Tuesday. The articles span from the technology's past to its present potential. ## The Verge: "Inside the Dark Underbelly of the Bitcoin Community"
The Verge published an article examining the criminal practices of the Dark Web. The article focuses on the role of Bitcoin as the go-to currency for illegal purchases and other nefarious practices.
The Verge cites several examples of cybercriminals taking advantage of the cryptocurrency's anonymity to finance illegal activities. This scandal resulted in the conviction of Ross Ulbricht, the Silk Road founder, for charges including drug trafficking and money laundering.
The article also features the perspectives of several hardened Bitcoin proponents and old-timers, who blame the cryptocurrency's bad reputation on myth and misconceptions. ## Forbes: "Bitcoin Is A Get-Rich-Quick Scheme"
Forbes' article describes the Bitcoin market as highly unpredictable and the infrastructure as flimsy. It begins by recounting the cryptocurrency's meteoric rise from suffers to the unassuming price mentioned in the headline. The markets crashed, the author argues, because of the inherent volatility of the digital asset.
The article also speaks unfavorably of the Bitcoin community's affinity for con artists and scam projects. It cites the case of Craig Wright, who falsely claimed to be Bitcoin creator Satoshi Nakamoto and pinpoints the Libra controversy as further proof of the industry's lack of transparency and integrity. ## Bloomberg: "Bitcoin Stumbles, but the Blockchain Lives On"
In its article, Bloomberg traces the origins of Bitcoin and the blockchian technology to a prior financial crisis.
The article interprets the volatility of the Bitcoin market and years of legal ambiguity as a result of Bitcoin's fundamental premise. It then focuses on the Western Union scandal, thereby arguing that cryptocurrency fintech firms are not necessarily immune to fraud and lack of regulatory supervision.
Bloomberg discusses the rigidity of Bitcoin's blockchain as increasingly unsuited for the future. It touts the success of smart contracts and other applications, which the traditional Bitcoin blockchain is not equipped to execute. The article concludes by stating that Bitcoin is being replaced by newer, more adaptable blockchain projects. ## What's Next for Bitcoin?
Mainstream media headlines about Bitcoin in October seventeen were far from rosy. Several outlets published unflattering articles filled with warnings and criticism from the cryptocurrency's growing pains. They highlight the Bitcoin markets' volatility, the issues of transparency, and the persistent problem of regulatory ambiguity.
Despite the negativity of the headlines, it is difficult to deny the impact of Bitcoin and blockchain technology. The year has already seen a wide variety of projects taking full advantage of the technology. Hundreds of Bitcoin customers are using platforms like Fold, to link their Visa cards to their Bitcoin wallets and make Bitcoin-based purchases in a number of retail stores. Several governments, including the US, are exploring the possibility of a state-backed cryptocurrency.
The adoption of Bitcoin and blockchain technology may not be widespread, but the technology is here to stay and looks likely to grow. This October, the cryptocurrency community has seen its fair share of criticism, but these detractors are unlikely to stymie the growth of a technology with such far-reaching implications.
