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Twitter Suspends @Bitcoin Once Again

TheMerkle Twitter @Bitcoin

It is no secret that Twitter has taken a rather aggressive stance toward cryptocurrency. With the platform banning all advertisements associated with cryptocurrency and ICOs, things are not headed in the right direction. It seems the “official” @Bitcoin account has also been banned, although no one knows why that is the case.

Another Twitter Plot Twist

It has become apparent that interesting things tend to happen in the cryptocurrency world, though not always for the right reasons. In the case of the @Bitcoin Twitter account, it seems Twitter has deliberately suspended this account due to “violation of the Twitter rules”. That is a very vague statement which raises a lot of questions, and also leads to a ton of speculation as to what is going on exactly.

One thing to keep in mind is that a lot of people have reported the @Bitcoin account over the past few months. This mainly had to do with the content being shared by the @Bitcoin account, which tended to favor Bitcoin Cash over the real Bitcoin. Claiming BCH to be the real BTC is something that causes a fair amount of friction, and it is not uncommon for people to take matters into their own hands by reporting this spreading of misinformation.

While it remains unclear what made Twitter make this particular decision, this account suspension can also be seen as a form of censorship. Although the social media giant has to prevent people from scamming others and spreading misinformation, it is not necessarily proven that the @Bitcoin account ever did something nefarious along these lines. As such, it may not have violated the terms of service, although it remains to be seen how things will play out in this regard.

The big unknown is how aggressive Twitter will get when it comes to cryptocurrency-related content in general. If people can’t even discuss this topic on social media anymore without the risk of getting banned, it is evident things have taken a massive turn for the worse. Rest assured this is not the last we’ll hear about this particular development, although an official explanation would certainly be appreciated at this stage.

Interestingly enough, it is also not the first time the @Bitcoin account has been suspended from Twitter. This has happened at least once before, although the account was reinstated pretty quickly. Whether or not that will be the case this time around is anybody’s guess.

It is evident that issues like these will divide the Bitcoin community even further. We are already dealing with two camps, those who favor BTC and those who prefer BCH. Events like these will only widen the gap between the two groups, which doesn’t benefit anyone in the long run. It’s a very unfortunate turn of events, although it is doubtful things will improve from here on out.

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Is Bitcoin Really Money? A Look Into What Qualifies As Money

Recently, a conversation between friends about cryptocurrency, its viability, and its reality in today’s world was held. One side was in favor of crypto and the future it holds, while the other side believed “Bitcoin” (because all cryptocurrency is Bitcoin to those who know little or nothing about cryptocurrency) is a scam, fake, and not worth thinking about let alone investing in. After having this conversation it seemed logical to try and answer a question at the root of all doubt and fear found in the heart of non-believers: Is Bitcoin (really) money? So, let’s look at the three things defining whether an asset is or isn’t “money,” and discover for ourselves what “Bitcoin” really is. Any true “money” has to be a medium of exchange. A medium of exchange means it is an asset which is agreed to have value in the eye of the holder and those they wish to exchange it with. Just as coins have a value assigned to them that everyone within a society using them agrees on making them a medium of exchange. Any true “money” has to be a unit of account. A unit of account means by virtue of the amount of asset(s) needed to make an exchange one can tell the quality, or quantity of the item(s) the asset(s) is being exchanged for and make this judgment based on the rate of exchange. Any true “money” has to be a store of value. A store of value means that if you have X amount of assets at point A, then you should be able to go back later and retrieve these assets at point B and they will still have value. It doesn’t spoil, rot, or become irrelevant with the passage of (normal amounts) time. First, Bitcoin can be used to purchase many things today. People can use Bitcoin in purchasing situations which are largely, at this point, online transactions. People can purchase flights, hotels, Amazon goods, etc. using Bitcoin and soon there will be a lot more. Second, Bitcoin is a unit of account because different amounts of Bitcoin will get you differing quantities, or qualities, of goods and services depending on how much Bitcoin you’re willing to give up in exchange for whatever it is you want to purchase. This is no different from spending fiat currency. Allowing you to gauge the quality and/or quantity depending on the amount of Bitcoin that is being asked for by the provider is an important aspect of “money,” so this, by definition, makes Bitcoin a unit of account. Lastly, Bitcoin is a store of value because if you want to use Bitcoin to pay for college and you buy some up now at the current price you will expect that it will hold its value and in the future you will be able to use it to pay for college with it having about the same or increased value attached to it at the time of exchange. So, is Bitcoin real “money?” Well, all three of the qualifiers have been met and proof makes positive in my book. So, there you have it, is Bitcoin money? Yes, it certainly is. The post Is Bitcoin Really Money? A Look Into What Qualifies As Money appeared first on NullTX.

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