GPWA Times Magazine - Issue 41 - July 2018

Shared knowledge has been a key part of bitcoin’s suc- cess. Look at the bitcoin Reddit page for a prime example of a commu- nity that has come together to support a refreshingly innova- tive commodity. But, the nature of shared knowledge is changing in the era of fake news, as bitcoin’s public perception is being altered through the distribution of outdated, mis- leading and misinformed content. AN ALL-OUT ATTACK These inaccurate articles aren’t published and spread by chance. Taking the pharmaceutical industry as an example, its shady nature often sees companies use questionable mar- keting practices to attack opposing firms. Such practices have made “big pharma” a minefield to navigate, as the lies often override the truth. False and dangerous information is now deemed part of the game, and has even gone so far as to put the consumer at risk as a result. Bitcoin has followed a similar track, as the banking industry has been openly attacking the world’s leading cryptocurrency for some time. But it is now also believed that many of the negative stories being circulated actually have banking sector roots. Speaking to The Times , Ed Pownall, Coingeek Global PR Director, said, “A concept as disruptive to the banking sector status quo as bitcoin has translated into considerable resistance to its very existence, and therefore, we know that many have an agenda to kill it at birth. As a result, they feed the media, who may not fully understand the ins and outs of this very complex currency, with incorrect information in order to create doubt and uncertainty.” Pownall’s statements are dark, but don’t appear to be too far from the truth. Sadly, he — like many others — doesn’t see the media storm surrounding bitcoin being cleaned up anytime soon. “There will always be white noise and fake news,” he said. RISING ABOVE MISINFORMATION The road to ridding the world of fake news is going to be long, but change does seem to be in the air. Legal develop- ments in places like Japan mean that bitcoin has been given a governmental stamp of approval, as the cryptocurrency is able to work within compliance systems that guarantee the transparency and safety of transactions. Japan has even gone as far as registering bitcoin as a commodity, thus making it subject to various taxes. Even a Dutch court deemed bitcoin a commodity that carries “transferable value” during a recent small-claims case, which represents small yet significant progress. The answer to the false news problem doesn’t necessarily lie with stopping the publication of these questionable articles. The outpouring of nonsense just isn’t control- lable at this point. In order to beat the misinformation, the challenge for bitcoin is to rise above it. Achieving widespread legal status and governmental approval is the goal, effectively disproving all illicit claims that are made against it as a result. Bitcoin’s potential will eventually see it become a global currency with legitimate reputability — the likes of Jack Dorsey, Tom Lee, Mark Zuckerberg and the Winklevoss twins also buy into this forecast. In the meantime, stick with BitStarz to make sure you only receive unbiased and uncut bitcoin news, as you can be sure that we’ll remain a fake-news-free zone. The answer to the false news problem doesn’t necessarily lie with stopping the publication of these questionable articles . . . In order to beat the misinformation, the challenge for bitcoin is to rise above it . BITCOIN VS. FAKE NEWS Computer image by A-R -T/Shutterstock; computer screen image by Stephen Plaster/Shutterstock BitStarz Casino is an award-winning online bitcoin casino offering players more than 1,000 games from a number of popular providers. Affiliates earn 40% revenue share and can double potential earnings by advertising to bitcoin players. W W W . G P W A T I M E S . O R G 48