Press Should not misrepresent Bitcoins

Whenever press writes an article about Bitcoin, they use pictures similar to the following. 

This picture immediately invokes the thought of a fiat currency and regulators start thinking  how anybody can “mint” such coins  without their permission.

However the correct visual depiction of a Bitcoin would appear more like the following picture.

This is the depiction of an “Electronic Document” in binary language. Bitcoin is actually an electronic document and not a minted metal coin. It is produced through a computer process just like any other electronic document.

If media persons  consistently use  the above picture whenever an electronic document needs to be visualized, then there would be a better understanding of the real nature of Bitcoins (and Crypto Coins in general) and the regulator’s perception may change for the better.

Naavi

 

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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