Yahoo Finance has taken the time to dispel some of the most common misconceptions about cryptocurrencies and give a brief Coinbase rundown. Yahoo Finance is the leading personal finance site in terms of traffic boasting over 70 million unique monthly visitors. A short video was created in order to explain a bit about blockchain technology and what their panel of Yahoo Finance columnist’s thoughts are on Bitcoin being a scam.
Yahoo confidently states,
“No. You might think the current price run-up is a bubble; you might think that bitcoin will never become widely adopted as a currency; but bitcoin is legitimate technology, built on a system that has attracted major interest from big financial companies. It is not a trick or a hoax. It is something real, that exists (even if not physically tangible).”
A simple description of how to use the transparency of the blockchain to verify transactions on the ledger is given to readers, and skeptics are challenged to purchase and complete a transaction on Coinbase to see bitoin in action. Yahoo continues to clarify that bitcoin is not a Ponzi scheme in the defintion that a Ponzi scheme is a specific system of generating fake returns by giving old revenue to new clients. They also dispelled the illegality argument stating all though bitcoin has not been officially recognized as a legitimate currency by the US government, it has not been outlawed and users are free to use it with out breaking any laws.
Yahoo does not deny that the crypto space has been in full blown mania the past few months, but they do stand on the fact that bitcoin and the blockchain is legitimate technology.