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Bitcoin – A Fake Private Currency

Andreas Antonopoulos and several others will not be able to deny the fact that the currency of Bitcoin is a real one. That will not help them if they intend to try to undermine it and take its place, but it would seem to suggest they are simply running away from reality. Bitcoin is a fake currency, a scam, an elaborate fraud by entrepreneurs willing to take advantage of naive consumers.

Of course, someone who has made a living out of the crytpocurrency industry may view this as proof that the currency of Bitcoin will never be truly private. As it turns out, that would be a particularly foolish conclusion to draw. It’s far more likely that his point was that the investors involved in the currency of Bitcoin were themselves naive about the currency itself.

At one point, the people involved in Bitcoin thought they were using a “public ledger” to record the transactions. In fact, that is not what was being recorded. If you look at the documents yourself, you will see that they are simple text files that can’t even be opened in a word processor without getting them all scrambled and burned into a bunch of other files.

But some people tried to use that technology, and for very little benefit except to waste their time. In fact, those documents aren’t even stored on a computer! They’re stored on someone’s hard drive. All the latest headlines about Bitcoin have been about the United States government trying to put a legal cloud over the cryptocurrency in an effort to shut it down.

Whether or not that effort succeeds remains to be seen, but it certainly shows just how unlikely it is that Bitcoin will ever be truly private. In fact, it’s quite likely that the government will simply destroy any part of the infrastructure it needs to keep this illegal currency running smoothly. But, because the government isn’t too concerned about the money itself, nobody is really worried about the people who own it, either.

In fact, it seems pretty clear that what’s in fact really behind Bitcoin is an attempt to get the public to feel comfortable with owning something that is in essence a private coin. People who use the currency find themselves scared of it, not because they’re worried about getting caught but because they’re worried about losing their hard-earned money. That’s not a good attitude for a currency to be sending out.

But that’s exactly what the crytpocurrency industry needs right now. In order to create the illusion of legitimacy, they have to convince people that the currency is safe. That’s one reason why the Bitcoin servers have become so visible recently.

But the reality is that Bitcoin is not an actual private coin, and it doesn’t really matter if it ever becomes private. That is for the governments of the world to decide. Those governments might decide to treat it as one, or they might decide to pretend that it doesn’t exist at all.