Indian Media Pointlessly Sabotages Bitcoin Reputation
In a hostile- researched section on Bitcoin, an Indian private media outlet exposed a ‘sting’ process video with title Bitcoin Scam: Online Money Laundering Racket Exposed In Sting Video. The video displays sellers willing to wash black money succeeding the demonetisation drive by the government of India.
The sellers/brokers in the audio-visual are exposed to be promising the investments in BTC in contradiction of the cancelled fiat money.
The news section lacks clearness and basic research on the topic of crypto currency. It shows upon people’s unawareness about Bitcoin and lets it out into a bogey that requires to be pushed back into the hypothetical dark breaks of the internet. What it additional does is that it makes a sense of form hysteria in contradiction of an innovative technology which if used well, can simplify India’s drive towards becoming a cashless economy.
Conflicting to what this specific news segment expresses, every BTC deal is noticeable as it is logged in a community ledger and hence becomes easily available to the government.
Zebpay, known as the BTC exchange stated in the video by one of the sellers to wash money, rather trusts that BTC is a countless answer to the follower economy. They additionally add that digital currency resolves a lot of the glitches mentioned by Prime Minister of India. It resolves the problematic of fake currency.
Most prominently, to purchase bitcoins, customers are needed to offer their bank account particulars and experience a know-your-customer (i.e. KYC) process.
Is Bitcoin traceable? – This question thread more clarifies how it is almost impossible to make unnoticeable dealings through a chief exchange -Zebpay.
So, the bad portrayal of Bitcoin as the currency for misconducts stenches of ignorance. Even countries like China and Russia which begin off as Bitcoin -adverse nations have currently warmed up to its awareness.
Also not every Indian media is unaware to Bitcoin’s assistances. Succeeding on the mends of demonetization, Bitcoin has increased considerable grip in India and also the media is taking note of its working.