Fears of Bitcoin?
Most who will read this will not know me, Robert Newell, as I am relatively new to the world of BitCoin and group BitCoin ‘mining’ through BitClub. However, some of you will know my co-writer Joey Zervoulakos from his efforts to bring awareness and understanding to the world about BitCoin and BitClub. He has done an amazing job dispelling the fears surrounding BitCoin in most he has met, including me.
In this article, I will try to ease some of the fears people have when it comes to BitCoin. Furthermore, I will show how most of these fears are irrational and misplaced when compared to the trust in traditional currencies.
Bitcoin is Bad? Nope!
Not long ago I was speaking with a gentleman about BitCoin and he was ‘questioning’ me about the pitfalls and dangers of a digital currency. I placed questioning in quotes because I believe he was not really interested in any answers I could provide and was, instead, just trying to stump me so he could walk away satisfied his personal truth was correct all along. That truth to him is ‘BitCoin is bad’.
He posed many of the same questions I hear whenever I speak to anyone about something they may not understand, such as;
“If BitCoin is so great, why can’t I use it in (insert country, store, city, etc.)?”
“If the banks don’t like BitCoin why should I?”
“Why do I need to go through security measure and purchase BitCoin? Is that some way to track me and get my information?”
This list is non-exhaustive and there are always more but one question he posed I was unable to answer at that moment. Because I could not answer it right away this gentleman smiled broadly and walked away with a strut of self-confidence that he was not only right, but righteous. Little did he know, I did not feel bad that I ‘lost’ the ‘argument’. Truly, I was upset and saddened with myself because I failed to help him understand how important and freeing this BitCoin really is.
The question he asked… “If there is an EMP bomb, how will I get my electronic money?”
I asked myself how electromagnetic pulses could affect BitCoin. I was taken aback and had no idea how to truthfully rebut this fear… until now.
EMP events are localized, unless it is celestial in nature. In the event the sun sends out solar flares powerful enough to take out planetary electronics we will not be worrying about our BitCoin anyway as we will just be working to survive.
If an EMP were to take out your whole city’s power grid you would not be able to get money from your brick-and-mortar banks either. The banks would lose their computers the same as the computer or phones you have your BitCoin wallet attached to.
If you have your BitCoin wallet’s address safely written down and stored, you will be able to access it once you are out of the blast radius of the EMP from any working computer.
To address the issue of trust in BitCoin, I will do one thing I dislike when it is done to me… I will answer a question with a question. Why do you trust your bank? ALL banks have a business approach to having you as a trusting client. With BitCoin, you are your own bank. Because of this simple truth you do NOT pay unreasonable fees to store or transfer your money or continue to give them your information to use or sell.
As for the other questions I receive whenever I am asked about BitCoin, I hope I, and other BitCoin advocates can help you understand why this is a battle for your freedom. Freedom from oppression in a most sinister way… Banks control you…
In closing, I realize with anything new there is some fear attached. The one thing I have learned over the years about fear of stepping outside your comfort zone is it is lessened with understanding and dissipates with familiarity.
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