Cryptocurrencies are no stranger to controversy over the years. As an alternative to other traditional financial systems, people have been very skeptical of what it offers. More importantly, due to its anonymous nature, it was a service that many criminals and hate groups used to gather funds. However, despite the bad reputation that it has garnered over the years, cryptocurrencies like Bitcoin have outgrown their initial reputation.
Without a doubt, the association that cryptos have had with organized crime is a serious problem. In fact, with people’s first impressions of Bitcoin being that it is very popular among crime syndicates, many people avoided it. Furthermore, the origins of Bitcoin were relatively unknown. Nobody knew who made it, or why they would make it. And since most criminals were using it in the black market, it was not something that they could trust.
People who were skeptical of Bitcoin in its initial years were right to do so. With the lack of transparency that it had, any reasonable individual would try to stay away from it. Nevertheless, cryptocurrencies like Bitcoin have outgrown their reputation as criminal coins. It has been able to create a brighter future for various developing countries’ citizens.
Through an incredible amount of experimentation and dedication, cryptocurrency has managed to become the market that it is today. One of the biggest examples of a country accepting crypto is El Salvador. It was one of the first countries to fully allow Crypto as a secondary payment technique.
While the crypto market has made an effort to move past its initial reputation, many people still associate it with its past. And in that case, the only thing left to do is to educate the public about the benefits of crypto. In fact, the misconceptions that people have about crypto are detrimental to its growth. Since they do not know just how beneficial it can be, they rely on their past knowledge to make their decisions. So if a country would try to implement crypto for experimentation, people will outright disagree from participating given their past memories.
The narrative surrounding Bitcoin was that it was an untraceable, malicious, and anonymous tech that only criminals would use. But that is not the case. It is a fully traceable, decentralized, and secure payment service that exists on the blockchain. More importantly, every company that creates crypto needs to record every transaction on a ledger. This ledger is accessible to the public, allowing them to check if a token is legitimate. Therefore, almost everyone can see cryptocurrency transactions of any currency, including Bitcoin. In one particular investigation, the authorities were even able to trace a Bitcoin transaction made to an organized crime group.