Bitcoin Community Strikes Back
Jimmy Wales, co-founder of Wikipedia, recently took to social media to criticize Bitcoin, claiming that the digital currency doesn't work. Wales pointed out that while many Bitcoin users have lost their funds due to forgotten wallet passwords, he has never lost any money by misplacing his bank password. However, his comments were met with backlash from the wider Bitcoin and crypto community.
Dependence on Donations
Responding to Wales, Bitcoin proponents highlighted the fact that Wikipedia relies heavily on donations to sustain its day-to-day operations. They argued that while banks may work for some, they are not accessible to everyone around the world. Alex Gladstein, chief strategy officer at the Human Rights Foundation, emphasized that only around one billion people out of the global population of eight billion have access to banking services.
Banking System Limitations
Others in the Bitcoin community pointed out the limitations and drawbacks of traditional banking systems. Lyn Alden, founder of Lyn Alden Investment Strategy, reminded Wales that even those with bank accounts are not always secure, citing the example of a Lebanese doctor who lost a significant portion of their savings due to hyperinflation. Bitcoin proponents argued that the centralized nature of the banking system doesn't work for everyone.
Bitcoin Proponents Fight Back
Samson Mow, a prominent Bitcoin proponent, criticized Wales for relying on donations to keep Wikipedia running. Mow suggested that if Wikipedia had invested in Bitcoin as he had previously recommended, they wouldn't need to beg for donations every year. Danny Scott, CEO of Bitcoin exchange Coin Corner, pointed out that Wales was comparing two different scenarios. He explained that while a user can reset their password for a Bitcoin exchange, physically losing cash or Bitcoin would result in permanent loss.
Overall, Wales's comments sparked a heated debate within the Bitcoin community, highlighting the contrasting views on the effectiveness and accessibility of traditional banking systems versus Bitcoin.
