The Bitcoin Psyop
Do bitcoin and blockchain represent technological innovations that will forever change the way we conduct financial transactions, or are they just hype-driven scams? In the ongoing debate between the system’s most outspoken skeptics and its loudest cheerleaders, it can be challenging for a layman to demystify the truth from the propaganda. The Bitcoin Psyop, a documentary produced by The Corbett Report, provides a clear look at the cryptocurrency revolution from behind the hyperbolic technology.
The most common point of confusion is the definition of what exactly Bitcoin and blockchain are. In short, Bitcoin is an innovative payment network that works without banks or intermediaries. Every transaction is recorded on a digital ledger called the blockchain. Anyone on the bitcoin network can access the database of transactions, but its creators insist the information is protected using military-grade encryption.
The Bitcoin network represents something entirely new, and consumers have every reason to feel disoriented. Some financial leaders want to perpetuate this sense of confusion. According to the film, they often use interchangeable terms and confusing jargon to hide the system’s more ominous potential. Like most weapons, blockchain can be used for malicious purposes or as a tool to defend the common good.
The network can be used to take power away from the traditional banking system and give it back to the people. It enables the transfer of valuables and property without having to deal with unnecessarily intrusive regulations or invisible global borders. But it can also be used to tighten the grip on people over every purchase they make, exposing individual users to the whims of totalitarian governments.
At the time of writing, Bitcoin and blockchain are sitting on a critical precipice. Once we understand the web and all of its capabilities, we can start combating its potential for abuse. Bitcoin Psyop is an excellent introduction to a complex subject and outlines the important role we can play in making Bitcoin a useful force in the global economy.
