What Is the Controversy Of Bitcoin And Traditional Currency All About?

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Africa Tech Report

It’s safe to assume that you’ve heard of Bitcoin by now. It’s the 21st-century miracle-maker, responsible for turning regular people into millionaires and billionaires…and sometimes into nothing.

While only gaining mainstream popularity recently, cryptocurrency has, in fact, been around since way before the 2000s.

Since its inception, it has been open to more than its fair share of controversy, which has only continued to grow as the idea of crypto has.

In this article, we’re going to run you through the largest of these controversies, as well as both sides of the argument.

The Criminal Element

Perhaps the most significant attraction point of Bitcoin is that it is off the radar. The coin doesn’t run through traditional banks, and so it leaves no paper trail.

While that’s great for the more skeptical among us, it also attracts a large amount of criminal activity.

The likes of Silk Road and other large-scale black markets trade almost exclusively in Bitcoin, which has garnered it a reputation with the uninformed as to the criminal’s currency.

However, all that it means is that the mainstream banks don’t have access to your transaction history, so the government and state authorities can’t hold it as leverage against you.


Perhaps the most notorious bit of publicity that Bitcoin has received is in relation to the volatility of the price.

Back in its prime, the value of Bitcoin was doubling on the day. People who invested a few thousand into the coin became millionaires overnight, and everybody was ranting and raving about the new age of Bitcoin.

However, anyone that knows anything about investing knows that every bubble must, sooner or later, pop. That’s precisely what happened with Bitcoin.

Sure, smart investors were able to cash out before that happened, raking back insane profits the likes of up to that point had never been heard of. On the flip side of that, though, are the people who jumped on the bandwagon late. If you want to earn with bitcoin trading you can visit online bitcoin trading website

People lost all of their life savings, their homes, their families, and everything in between. Needless to say, this made headline news.

After that, Bitcoin took on a reputation as more of a gamble than a safe investment of any kind, which has drastically hurt the coin’s status.

Wrap Up

Hopefully, this has given you a bit of a stronger idea about what makes Bitcoin so controversial. It has had its ups and downs, but it is also going to be a magnet for strong and differing opinions.