Mainstream Media Falsely Accuses Companies of Turning on Bitcoin


Mainstream Media Falsely Accuses Companies of Dropping Bitcoin

Companies active in the Bitcoin world have several responsibilities to live up to. Not only are most of these companies funded by private investors who expect results sooner rather than later, but they will also do everything possible to promote Bitcoin whenever they can. According to various media outlets, several Bitcoin companies are moving away from the digital currency. The facts, however, paint an entirely different story.

Also read: Zapchain Growth Proves Bitcoin Tipping Viable Social Media Model

Bitcoin Companies Forge Ahead Despite Odds

Bitcoin.com_Bitcoin Forging AheadThe concept of Bitcoin has been around for a handful of years now, even though many financial experts assumed the digital currency would never see its second anniversary. Up until this point, a lot of people were still wary of Bitcoin, as the digital currency operates outside of the “framework” established by central banks and governments.

Any company venturing into the Bitcoin space is greeted with a lot of scrutinies by regulators and government officials. But at the same time, these companies also attract a lot of attention from prominent investors and venture capitalists. The vast influx of investment and VC capital has paved the way for success for various Bitcoin companies so far.

Tidbits of positive news are being discredited by various media outlets, as they feel certain prominent Bitcoin companies are turning their back on the digital currency. Among the companies named are major players, such as BitPay, Circle, and Uphold (formerly known as BitReserve). However, these companies are doing everything they can to boost Bitcoin adoption on a global scale.

BitPay, for example, has recently changed their entire business model to cater towards small and large business looking to venture into the world of Bitcoin payments. In addition, BitPay wants to focus more on blockchain technology and how they can provide enterprise applications on top of this platform. Nevertheless, the company has recently reiterated that it will stick to its original vision of Bitcoin as a P2P payment system. 

Circle CEO Jeremy Allaire feels the future of his company lies in the exploration of blockchain technology. Sending money to anyone else the world can — and should — be as easy as sending an email. At the same time, Circle remains one of the most convenient companies to buy and sell Bitcoin with a credit card or bank account.

Last but not least, there is Bitreserve, who recently rebranded to Uphold. This service originally started out as a Bitcoin exchange and wallet provider, although the company started focusing more on being a general online money service. Despite assumptions made by mainstream media, Uphold is still very much active in the Bitcoin space, as they recently made it easier for US customers to buy and sell Bitcoin with their debit/credit card or bank account. Uphold CEO Anthony Watson also tweeted:

Mainstream Media Gets It Wrong Once Again

Bitcoin.com_Bitcoin SpeculationAll things considered, these three major companies are doing everything they can to connect consumers with Bitcoin in a convenient manner. Mainstream media outlets want people to believe a different story for some reason, even though there are no clear indications any of these companies are actively moving away from the Bitcoin ecosystem any time soon.

This is not the first time mainstream media outlets have pulled the trigger on a negative Bitcoin article without properly backing their claims with evidence. Just a few days ago, Bitcoin was linked to the terrorist attacks in Paris, even though there is no clear connection between the two. Such stories seem to be designed to discredit Bitcoin, without proper research.

But there are more articles to be found connecting terrorism to Bitcoin. Deutsche Welle ran an article back in September 2015 allegedly connecting Bitcoin to terrorist group IS. In the end, the entire article was based on nothing but speculation. Once again, another example of unverified conclusions being drawn, as Bitcoin’s public image takes another hit.

There is still a lot of speculation surrounding Bitcoin and how it fits into the world of finance as we know it. In truth, Bitcoin will never fit that picture as it is a completely different financial ecosystem. In the end, the truth will always prevail, regardless of who spreads the message.

What are your thoughts on the allegations made against BitPay, Circle, and Uphold? Is mainstream media to blame for not doing adequate research? Let us know in the comments below!

Source: Business Insider UK

Tags in this story
BitPay, BitReserve, Circle, Mainstream media, Uphold

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Jean-Pierre Buntinx

Jean-Pierre Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world, Jean-Pierre also has a keen interest in Fintech and technology, and he is always open to new challenges.

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