• Friday, March 29, 2024
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Paxful debunks bitcoin conspiracy theories and mysteries

Paxful debunks bitcoin conspiracy theories and mysteries

Paxful, a leading peer to peer bitcoin marketplace says contrary to theories about Bitcion a digital currency, it is a safe investment that is traceable, trackable, and less anonymous than cash.

In a statement made available to BusinessDay, Paxful  decried the level of wrong assumptions on the digital currency, the company however admitted that the reputation “may need some repairing, due to links to illegal activities, the currency remains one for the future to change the way people manage their finances.”

“Some people seem to say they know who the creator(s) of Bitcoin is/are due to conspiracy theories. In Japanese, ‘Satoshi’ translates to ‘clear thinking,’ ‘quick-witted,’ ‘wise.’ ‘Naka’ can mean ‘inside’ or ‘relationship,’ while ‘moto’ is defined as ‘origin,’ ‘the cause,’ or ‘the foundation or basis.’ Because of these translations, there are people that believe Bitcoin was created by the CIA (Central Intelligence Agency). There are even conspiracy theorists that believe four companies were behind the creation of Bitcoin—Samsung, Toshiba, Nakamichi, and Motorola—whose names, when put together, make up “Satoshi Nakamoto.”

READ ALSO: Paxful expands beyond bitcoin, adds tether to its platform

“The truth remains that Bitcoin can be used to purchase anything in the world as long as it is accepted by the seller, it is a currency used by millions of people everywhere—thus making entry to the global economy more accessible.”

“Another argument according to (what) most people say, Bitcoin is a ‘decentralized’ currency while many others argue otherwise. This is because four mining entities control more than 50 percent of the hash rate. Regardless of whether or not you believe Bitcoin to be a decentralized currency, it has unquestionably been built on a distributed system.”

Paxful listed other falsehood on Bitcoin to include, ‘Bitcoin itself has no value, the United States does not support Bitcoin, Bitcoin is just an idea, Bitcoin is a scam or Bitcoin and MMM (Mavrodi Mundial Moneybox) are the same and Bitcoin is used for illicit activities.’

The company further  noted that Bitcoin is open, decentralized, and borderless; it is unfair and illogical to blame Bitcoin for the existence of pyramid schemes. “If you understand the technology behind it and how it works, you will know that Bitcoin has no pyramid structure.”

On Bitcion being used by criminal Paxful stated that while Bitcoin was enthusiastically taken up by criminals to conduct a range of illegal activities, “today less than 1 percent of Bitcoin transactions are related to ‘illegal’ activities.”