When it comes to Bitcoin, we always like to think of this disruptive digital currency as a way to spread the wealth among the people of the world. After all, Bitcoin is based on the principle of supply and demand, without any government or financial institution being involved. But the way things stand right now, most of the Bitcoin wealth is in the hands of the “one percent”, striking many similarities with the current financial system.
There are many ways in which we could gain a lot more mainstream attention for Bitcoin, but it’s hard to find something positive that most media outlets want to cover. After all, bad news sells a lot better than positive news, especially when it comes to Bitcoin, it seems. But what about a live action movie about Bitcoin? One that would show up in theatres?
In our previous articles, we talked about several aspects of Bitcoin already. First of all, we looked at the ideology of Satoshi Nakamoto when Bitcoin was created a few years ago. After that, we briefly talked about the technology of the blockchain that powers the Bitcoin network. In this article, we will talk more about the monetary aspect of Bitcoin.
One of the most pressing questions on the mind of a lot of people around the world is: “What is Bitcoin?”. While there are several possible answers to that question, it should be answered with another question. Are you interested in the monetary aspect, the technological aspect, or the ideology behind Bitcoin? In this article, we will start by answering the last question first.
The Bitcoin Ideology
When we talk about Bitcoin to our friends, family or even people we just ran into a few minutes ago, it is hard to explain this concept without going into technical details. For most of us Bitcoin enthusiasts, we have become so accustomed to using certain terminology which is rather obscure to novice users.
A new Minister of Finance has been appointed in Greece a few weeks ago. While that fact may not seem too significant to most of our readers just yet, Yanis Varoufakis – member of Greece’s Coalition of the Radical Left – has formed his own opinion on Bitcoin nearly two years ago. It will be interesting to see if Mr. Varoufakis is still hostile towards Bitcoin and digital currency, or whether his stance has changed over the past 18 months.
“There can be no de-politicised currency capable of ‘powering’ an advanced, industrial society”
Tibanne KK, the parent company of the now-bankrupt Japan-based Bitcoin exchange Mt. Gox, is currently searching for investors to buy the company’s trademark rights to the word “Bitcoin”. According to Tibanne KK, they acquired the trademark in 2011 and the rights to associated protections are not set to expire until 2021 in the EU and in 2022 in Japan.
Tibanne is also selling its Bitcoin-related domain names in a package it hopes will net at least 1 million dollars so they repay creditors. An executive from Tibanne told that the company simply wasn’t using the domains anymore, mainly because the the Mt. Gox debacle.