Whenever press writes an article about Bitcoin, they use pictures similar to the following.
This picture immediately invokes the thought of a fiat currency and regulators start thinking how anybody can “mint” such coins without their permission.
However the correct visual depiction of a Bitcoin would appear more like the following picture.
This is the depiction of an “Electronic Document” in binary language. Bitcoin is actually an electronic document and not a minted metal coin. It is produced through a computer process just like any other electronic document.
If media persons consistently use the above picture whenever an electronic document needs to be visualized, then there would be a better understanding of the real nature of Bitcoins (and Crypto Coins in general) and the regulator’s perception may change for the better.
Naavi
