The Misconception Perpetuated about Bitcoin by the Mainstream Media

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

The Misconception Perpetuated about Bitcoin by the Mainstream Media

  • Its unique decentralized digital currency with high return values has attracted people from all over the world of all age groups.
  • This cryptocurrency is independent of its own and its value doesn’t depend upon any asset or the stock markets.
  • The drop of the currency was the only thing, which was criticized in the news, and the positive side of it isn’t even given a thought about.

When you hear the word “Cryptocurrency”, what is the first thing that comes to your mind? Bitcoin! isn’t it? Well, I do not read minds, but hey, it was very obvious! Since it came into existence in 2009, Bitcoin has always been the hot notched topic of all time.

Its unique decentralized digital currency with high return values has attracted people from all over the world of all age groups. But as we all know that there is a risk in anything and everything, and so it is with Bitcoin as well. But In recent times, the Media leaves no chance of criticism and that is what it is doing to this technology as well. The mainstream media is now spreading FUD (Fear, Uncertainty, and Doubt) about Bitcoin to the people.

As the value of Bitcoin dropped to a low as $6,515, the media, took every chance to look down onto the cryptocurrency and tried to infamous it. But if done a detailed study about the currency it can be very well said that the Mainstream Media some of the points which one should look into. These are listed as follows.

1. Bitcoin is self-dependent

This cryptocurrency is independent of its own and its value doesn’t depend upon any asset or the stock markets. However, until five years, it did seem as the stocks and the digital currency went together hand in hand but the correlation wasn’t accurate enough to justify this.

This, in turn, means that a change of trend in the market of stocks or gold wouldn’t affect the cryptocurrency. As evidence to this, Forbes did a detailed study on the market trends of the S&P 500 and BTC only to find out that it is inconsistent. 

2. It works on decentralized policies

This means that Bitcoin does not have a governing body. It was on the blockchain technology, which tells us that the central governing bodies do not have any role to play in the decision making of the currency.

There were a few incidents, which caused confusion about the same but later when the Federal bodies cut down the interest rates 3 times the Bitcoin value dropped, which should have gone otherwise had it been dependent on the bodies.

3. Nobody cares for the good but the bad

The same happened in the case of this currency. The drop of the currency was the only thing, which was criticized in the news, and the positive side of it isn’t even given a thought about. For eg. the transfer of 44,000 BTC ($310 million) to an account from the Whale, had a transaction fee of just $0.32.

All these incidents rightfully tell us that, the Media is spreading the FUD amongst the commons and is impacting their way of thinking about the leader of the cryptocurrency, the Bitcoin.

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