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Bitcoin: The “rich white male disaster” seeks political heroes (and the IRS isn’t one of them)

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All hail bitcoin?

Recently dubbed a “rich, white, male disaster”, bitcoin is aware of its critics, and is unwaveringly positioning itself to become something much more.
Investors are clamoring. Industry experts (some self appointed, others who’ve been around) are speculating. Everyone wants to know the future of bitcoin, and CoinDesk sums it up best today declaring, “After four years of obscurity and perceived ignobility, bitcoin is finally emerging as the game-changing technology it was all along.”
So while in the Colorado, the cannabis industry is driving investor excitement, everywhere else in the world, virtual currency is arguably the hottest industry to quickly go from courtship to financial marriage.
No matter what some old folks say.


Because those passionate about the evolving technology, will staunchly argue otherwise.

 

What is bitcoin?

The digital currency had humble beginnings when it emerged from a 2008 paper written by a programmer (or group of them) named Satoshi Nakamoto. The Bitcoin network uses a public ledger to record transactions made under pseudonyms, a technological breakthrough that allows purchases and sales without using a trusted third party.

Here’s how it works:


Who likes it? Libertarians do.

For now, at least. Bitcoin appeals to tech-savvy libertarians, because of its anonymity and lack of oversight. An article in Slate reveals:

Fundamentally, Bitcoin unites futuristic left-wing internet anarchism — the fantasy that the web can provide the conditions for a governmentless society — with the cave-dwelling right-wing libertarianism of goldbugs who think a stable money supply can be established without government involvement. It is proof for both that government is not needed for much, or at all.

For bitcoin, that stand-alone loyalty isn’t entirely good news, because the movement needs broader, more mainstream political friends to champion it. One of the recurring themes at this year’s CoinSummit is the need for political champions of the virtual currency. Because in case you haven’t caught the viral-trending political influence expose from Robert Reich, American politicians can help you accomplish anything. And right now for the bitcoin movement, lobbying the IRS hasn’t been successful.

 

 

 

For the movement to properly attract more traditional payers, it must first address its lack of regulatory certainty. Harvard Business Review writes: Despite the libertarian ideology often associated with the cryptocurrency, those doing business in the space are both realistic about the need for regulation and eager to have more of it sooner rather than later.
“Many of the major banks and financial institutions are looking at Bitcoin and trying to figure out their take on it,” said Jacob Farber, senior counsel at the law firm Perkins Coie. But concern over compliance with anti-money laundering and anti-terrorism laws have to date largely discouraged their participation. To get where the cyber currency needs to be, some industry thinkers believe it’s time to move more left-center and upper right in the bitcoin political compass.
Main image credit: theblaze.com
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