A look in to change in People’s perceptions regarding bitcoin

Nic Carter who is one of the partners at Castle ventures and a co. founder at Coinmetrics conducted a thought-provoking study. This study was conducted last week and it specifically focuses on the changing descriptions of Bitcoin technology. It relates how the nature of bitcoin has evolved through all these years and how people have changed their perception regarding this cryptocurrency.

A Brief Peep in to the Study

This research is the joint collaboration of Caters and Hasufly who use Bitcointalk.org as their source of gathering data. In doing so they tried to decipher what the people perceived regarding bitcoin? And how its usage has changed over the years.

Well, if you have been in contact with cryptocurrencies for quite a long period and have dealt through it then these two things can be a lot easier for you to detect. They include the views of the people regarding the present description of bitcoin. Secondly, if you look in retrospective, some years ago and compare it with recent nature of bitcoin, you will find great difference in its current position.

Evolving Nature of bitcoin at present

At the initial years of bitcoin introduction in finance market, bitcoin technology focused on two prime function. They include:

  • Their attempt to eliminate lobbies that foster existing banking
  • State intervention in controlling the money supply should be reduced to the minimum

    However, as we move forwards with changing times, this perception regarding the nature of bitcoin has progressed significantly. The people who support bitcoin are not stressing upon the need of government intervention. The main aim behind such emphasis is that once the government monitors and controls the crypocurrency, the business proposals will get a legal status. Their activities will be accredited as a result.

    In addition with the progression of bitcoin with the passage of time, people are also of an impression that:

  • bitcoin is a precious investment as it equates the value of gold
  • it is also a cheap, quick and steady system of cash payment transfer in transactions between individuals

    The findings of the well-researched study regarding bitcoin’s changing nature

    The main source of information for Carter and his fellow researcher was from bitcointalk.org. As the source name implies, this website is an amalgamation of a series of conversation and exchange regarding bitcoin among people and groups. The changing description of bitcoin is firmly rooted in their perspectives to the bitcoin conventions.

    So, through their findings, the researchers detected an inherent disagreement among bitcoin community. The conflict lies in the dichotomy relating what bitcoin is at present and what it needs become by evolving.

    The people who supports the usage of bitcoin assert that presently, bitcoin does not serve the original purpose that made it come in to being in the first place. It is because of the nonexistence of a renowned spearhead on its operation. Therefore they are stressing upon the need to a head who regulates the bitcoin supply.

    The case of bitcoin is very different. If you think that it can be dealt in the same way as US constitution exerts its age old insight in dealing with present-day judicial cases, then you are on the wrong track.

    Seven segments of the description of bitcoin

    Carter and Hasufly study attempts to fragment the bitcoin description in to seven parts:

  • The concept the cash transfer does not support e-cash
  • The payment system between peer to peer is less costly
  • Private and unidentified darknet currency
  • Bitcoin is rendered as digital gold that is unaffected by any restriction
  • A financial asset that is devoid of any correlation
  • Earmarked currency in cryptocurrency markets
  • Programmable shared database

    With each of these descriptions regarding bitcoin the researchers then concluded their findings through a graphical illustrations with the help of charts. They placed any two descriptions against each other so that the difference in their approvals over time can be detected.

    In doing so they have also segregated those descriptions that are highly unsuited. When P2P network was assessed against the digital gold description of bitcoin, they were isolated because it lead the bitcoin community to divide in August 2017.

    In Conclusion

    In the reply of the new data that is gathered by the researchers, a lot can be concluded. It is applicable to change and recognize different description regarding bitcoin. Although these researchers’ study focus primarily on the conversations at bitcointalk.org, they also give an open hand for alternative modified study.

    The main purpose of the study is to make the proponents of bitcoin believe that times have now changed. In the face of new data available they can revitalize their views accordingly.

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