Can you please explain to me to in plain and simple English as to what Bitcoin is and why banks and law enforcement authorities would be concerned about it? Thanks.
Excellent question Jake,
I guess they are many reasons that they may be concerned about, but here are a few I can think of:
- Bitcoin is sometimes used for illegal purposes (just like any other form of cash) and instead of tackling the actual problem (the suppliers) they are trying to tackle the payment method. This is basically the same as saying “people use Dollar bills to buy drugs, so let’s ban dollar bills”.
- Bitcoin is basically unenforceable, meaning no one controls it – and that scares a lot of authorities. In my opinion it scares them not necessarily for the right reasons. The way I see it they are mainly concerned of losing their power and authority. Here’s a really great talk by Andreas Antonopoulos explaining this matter a bit more in depth.
Of course if you ask them they’ll probably say it’s a currency used by rapists, drug dealers and criminals. That’s basically the claim that comes against any new disruptive technology (that’s what was also said about the Internet in its early days).