Why Bitcoin skepticism continues to exist, even if the mainstream adoption grows: Adam Back

Bitcoin– Without a mysterious technology that is largely used by people who want to buy illegal goods on the dark web – has now received institutional acceptance.

With everyone at Wall Street Giants such as Black rock at the American government If you get involved, the leading cryptocurrency is now more mainstream than ever. You can even buy hamburgers with it.

So it raises the question: why is it still So difficult for some people to understand and accept? With traditional finances heavyweights such as investor Warren Buffett and JPMorgan Chase CEO Jamie Dimon Acting actively, it seems that some people will never be open to Bitcoin.

Spend against DecryptBlockstream CEO and the well-known early bitcoiner Adam Back said that this is nothing new and that even techies have difficulty getting their heads around the cryptocurrency.

Second skepticism calling “confusing”, is used again The example of Cypherparks in the past that did not seem interested in Bitcoin. He thought it was “crazy” that some of them did not come on board.

“You have understood everything about code, peer-to-peer networks, privacy, cryptography of public key and secure socket layer,” he added. “Like, you have a huge leg to understand this, and you are not interested. What gives?”

Cypher punk back – who had an e -mail exchange with the mysterious, pseudonymous maker of the cryptocurrency Satoshi Nakamoto In 2008, the fact that so-called digital gold is not physical, perhaps the reason is why some people stay suspicious about Bitcoin after all these years.

“Some are skeptical about something that is not physical and yet has a scarcity,” he noticed, adding that the coin is still supported by physical means such as energy and my equipment.

Bitcoin is a digital payment system and virtual currency, and only 21 million digital coins will ever be made, thanks to the super -secured cryptographic engineering of the project.

Yet JP Morgan CEO Jamie Dimon Cynism expressed the leading crypto code.

In an interview in 2023, Dimon sought -after: “How do you know it will stop at 21 million? Everyone says that,” before you add: “Bitcoin itself is a hyped-up fraud.” Of course the billionaire banker also said that his company was using the blockchain – a technology created by Satoshi.

The largest and oldest cryptocurrency has been created with worldwide bank failure in mind, where the original white paper was released during the 2008 recession. A message that refers to a newspaper article about the situation was even registered on the network Genesis block.

Now Bitcoin lawyers claim that the cryptocurrency can work as a real inflation hedge because of the scarcity.

Back added that “for people who work the established order”, they may never understand the potential benefits of Bitcoin, nor can they trust something “more grassroots” in nature than Fiat -Valuta and traditional finances.

“If they have a well -paid job, they are working their way to the career ladder, things don’t look too expensive for them, and they can afford mortgages,” said Back, “then they might not feel it.”

Published by Andrew Hayward