In the previous days, world powers were rocked by reports of consistent ISIS movement that included the murder of innocent hostages. It has been several months and yet the violence had not yet ended in that haunting terror ridden region of the Arab World. Some would point at the fluidity of their funds, wherein they could make transactions undetected. Curiously, it seemed that ISIS had tapped in to several channels that could be used to cloak their financial activity; among these alleged channels would be Bitcoin.
However, how could a new mode of payment for common daily monetary transaction be used by something malevolent? Apparently, Bitcoin could be a double edged sword if kept unchecked. This was uncovered by Tel Aviv based intelligence analyst Ido Wulkan after discovering "alternative transactions" made through Bitcoin. Wulkan added that donations for and payments by ISIS were allegedly done using Bitcoin. The evidence connecting ISIS and Bitcoin were dug through the use of an "off-grid Turkish forum located in the dark web."
Nonetheless, Bitcoin could still be used as a tool for progress and community development so long as substantial education would be provided to the great unwashed. This would be the rallying campaign of the Bitcoin Foundation. The goal of the Bitcoin Foundation was to overtake the negative press that had been gaining momentum against the alternative payment system.
Blockchain Capital Serial Entrepreneur and Managing Partner Brock Pierce said in a press release that "as the ecosystem matures, Bitcoin companies are stepping up to the plate." He added that they are "excited to join a coordinated and concentrated effort to teach Bitcoin to the world's 3 billion internet users - two thirds of which are from the developing world." Blockchain and Bitcoin companies (BitFury, BitGo, Tally Capital, ChangeTip and Bitcoin Foundation) would be partners on the campaign to enlighten people about Bitcoin.
So, how does Bitcoin work? Based on their official website the alternative payment system would require a new user to install a Bitcoin wallet on either their computer or phone. The users first Bitcoin address would then be generated; this would be used once in receiving payments or making payments after the user shared this address with friends and clients (or donors). The Bitcoin user could then create new addresses for later use. There would be systems in place to guarantee the security of every transaction. Plus, Bitcoin users could "mine" for Bitcoin to add to their wallet.
However, the currency would not be backed by gold or by government trust. It would be a peer-to-peer payment channel without any central authority. There would be no regulating body, only software would dictate the rate of inflation and other financial mechanisms. Interestingly, Bitcoin would arguably be cheaper than the standard mode of payment. However, it would take a lot of effort and courage before the average Joe or the plain Jane would give Bitcoin more than just their two cents.
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