Bitcoin is such a revolutionary technology. It has captured the imagination of various demographics. It has both critics and evangelists. But there's also a group of sceptics who don't understand the technology and I know they don't understand it as soon as they claim that it's a pyramid scheme.
Bitcoin is not a pyramid scheme but it can be used by those who run pyramid schemes to run a pyramid scheme just like they do with fiat currency. In other words, they can run a pyramid scheme with the currency application of bitcoin which is the cryptocurrency.
But bitcoin is much more than a currency application. It has applications in any industry where trust is needed for record keeping. Money is just a spreadsheet of goings in and out. Bitcoin makes it impossible to manipulate that spreadsheet. The spreadsheet is decentralised and is updated by consensus. Bitcoin is the incentive for maintaining the integrity of the spreadsheet.
I can understand why the sceptics become suspicious. They can't imagine a system without central control. They don't see a future without government. They also don't see the problems that centralization is causing.
But it's good to have sceptics because it points us in the direction where we need to focus our education resources. I think we struggle with fiat currency because we never received financial education and now we are resisting bitcoin education.
All images are from Pixabay.
