CoinCorner's Views on the News tries to debunk many misleading news stories, along with giving an industry insiders view on the hottest topics and stories from around the bitcoin world.

John Kerry Hints Bitcoin Training is Underway at US Embassies



U.S. Secretary of State John Kerry hinted that the Government plans to train officers in embassies around the world about bitcoin.

Source: CoinDesk

It’s not just the US Government that needs training: it’s all Governments. I’m sure you’ll agree that there is a global lack of understanding surrounding digital currencies that has resulted in nothing but headaches for everyone involved. Governments are aware of bitcoin but they don’t understand it, so they do what they know best and try to control it only to discover that they can’t, which results in confusion, frustration and fear. Why fear you ask? Because, as we all know, unlike traditional “fiat” currencies that are issued and controlled by Governments (therefore enabling them to track currency movement, dictate who profits from that movement, collect taxes on it and trace criminal activity), digital currencies like bitcoin are decentralised (no central authority) and powered by a peer-to-peer payment network that the Government cannot control.

So is the real reason that Governments so desperately seek control of bitcoin simply because they don’t understand it? If they were to receive training to help them better understand, would bitcoin still be such a bad thing?

Take the Isle of Man Government, for example. From the very beginning, they have welcomed bitcoin businesses with open arms. They have been keen to learn about and support the growing bitcoin industry. In April last year, the Isle of Man Government amended the Proceeds of Crime Act 2008 to include cryptocurrency businesses operating from the island. While regulation within the industry has always been a controversial topic, these measures were taken not to hamper bitcoin businesses, but instead as a way to help them gain credibility and legitimacy with banks and consumers.

And the Isle of Man is only one example of a Government backing bitcoin – many Governments around the world have been “dipping their toe” in bitcoin for a while now, but would better education and understanding encourage them to take the plunge? I certainly think so.

Education is vital to the success of bitcoin: the more people understand it, the more they will use it. And I’m not just talking about Government bodies that need better educating – everyone needs better educating. How can we expect bitcoin to achieve mass adoption when Joe Public is simply baffled by it?

Educating people on bitcoin is something we at CoinCorner are passionate about. We are often asked by local organisations to give talks in order to help them better understand digital currency as we believe that helping people to understand how it works is important to the future and success of the industry.

There’s a lot of resources available (some good, some, er… not so good) that can teach you about bitcoin. We too, have been working on something exciting – an interactive, educational site that provides people with a “hands on” learning approach to bitcoin… I can’t give much more away but I can say that we hope to launch it within the next few months!

Disclaimer: The views and opinions expressed here represent those of the contributor, not necessarily those of CoinCorner.

If every Government were to receive bitcoin training, how would the bitcoin industry change? Let us know your thoughts in the comments below…


Molly, News, Opinion, Views On The News

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