Resistance to censorship

A central value proposition of Bitcoin is its resistance to censorship attempts by central authorities such as governments, authorities or institutions. Even though possible attack vectors exist (the prohibition of Fiat crypto exchanges would be one), the decentralized nature of the network makes the prohibition of the crypto currency crucially difficult.

The example of Iran and Venezuela shows that Bitcoin’s resistance to censorship is more than just an old wives’ tale that is always tried to emphasize the advantages of the crypto currency in bad times. The reason why BTC-ECHO also regularly reports on developments in countries with dysfunctional currency systems is that these countries are suitable test cases for testing Bitcoin’s value proposition using real examples.

And see the news spy: the demand for BTC in Iran and Venezuela is actually increasing

Although the news spy and the Bitcoin government in both countries is not well-disposed towards Bitcoin, the citizens seek their salvation in mining and buying Bitcoin according to the news spy. In Venezuela even with the risk of being arrested.

In states whose currency is shaken by hyperinflation, BTC can be an exit strategy. Because “censorship resistance” means that the seizure of Bitcoin is complicated.

Even proof of Bitcoin secret is difficult to produce

Keyword: Bitcoin secret. At this point, however, it must be stated that Bitcoin secret is also difficult to ban. In practice, however, governments can make it much more difficult to acquire gold with the help of capital controls. The Indian Gold Control Act is an example of this. Undecided.


Gold has a millennia-long tradition as a means of payment. Since the dissolution of the gold standard in 1971, however, the use of gold as a means of payment has been a thing of the past. Since then, investors have largely used gold as a store of value and an object of speculation.

BTC, on the other hand, still has its future as a means of payment ahead of it. With second-layer solutions such as the Lightning Network, use as a means of payment is conceivable.

In practice, even in the gold standard, payment was usually not made with physical gold units but with gold-collateralised debt securities. Nevertheless, I rate Bitcoin’s liquidity higher at this point. Unlike gold, global payments can be booked within minutes – a value proposition with far-reaching implications for the financial sector.

Clovr study: media attention strongly dependent on Bitcoin course

Clovr, a start-up operating in the field of eSport, publishes an extensive study on media coverage of crypto currencies. The authors of the study discuss, among other things, the connections between the Bitcoin course and the media presence of crypto currencies. Further the trend goes according to report clearly toward a balanced reporting. The results at a glance.

Bitcoin revolution and media attention

In the first section, the authors examine the relationship between the Bitcoin revolution and the frequency with which it is mentioned in the media. Here is the review about the Bitcoin revolution. The result is not surprising. The amount of contributions on the topic of crypto currencies is proportionally dependent on the course. This apparent correlation is illustrated by the following graph:

How fine this dependence actually is, however, is astonishing. Even small price fluctuations are visibly associated with a reaction on the part of media attention.

Only after the crash in January 2018 did an anti-proportional picture emerge: Contrary to the share price trend, the number of reports on Bitcoin shot up during this period. By the way, we can observe this phenomenon again today.

Positive vs. negative reporting of the Bitcoin loophole

In this section, the authors compare the proportion of positive and negative reporting of the Bitcoin loophole. The result: can be seen in the graph, a decreasing polarization has been observed since 2013. While the reporting at the beginning of the study in 2013 was either positive or negative, this trend gave way to a more balanced media attention.

The authors explain this with a growing technical understanding of the media: “If the technology becomes known, fluctuations in praise and criticism could become less frequent.

According to the study, how the media houses have set their focus depends first and foremost on the target group. Magazines such as Forbes or the Business Insider appeal to a young, technology-oriented audience and tend to report positively about Bitcoin & Co.

CNBC, however, has shown a quite balanced relationship between positive and negative reporting: About 53 percent of the articles were positive, while 47 percent were negative.

On the other hand, according to the study, there are media houses that are extremely critical of Bitcoin:

“Still other media tended to report with greater scepticism (‘The Wall Street Journal’, ‘Gizmodo’) or open criticism: ‘Breitbart News’ and ‘Raw Story’, targeting polarising opposites within the American political spectrum and together making only one positive contribution to 91 negative articles’, the study says.

Conclusion: Who you believe in, you decide for yourself
In the end, the authors point out that the study shows one thing above all else: Each phenomenon can be viewed from different angles. The attitude you adopt depends not least on the media you consume. A critical reflection of media reporting is therefore indispensable.

Responsible media consumption is important in order to develop a balanced stance on the subject of crypto currencies. BTC-ECHO is a good start.