Unfiltered

People Are Dead Serious About Virgin Bitcoins, And This Could Be The Death Of It

Before you judge or try to cancel any deals or fall into a wordy trap, look into this:

What are virgin Bitcoins?

Bitcoin has categories and apparently, not all of the categories are equally likable. Bitcoin is really divided into the clean virgin bitcoins with no history that criminalizes it and the nonvirgin ones that may or may not have something to do with the black market, theft, unfair and illegal business or the silk road.

The difference between virgin and nonvirgin bitcoins is exactly that of freshly minted paper money that smells like riches vs. old and abused paper money that smells like rags. Although bitcoin does not have a smell, taste or appearance it certainly does have an image to keep up with and the dirty stories really put murky stains on those internet coins that are otherwise known as the genius electric, eclectic, cryptic digital currency.

Let’s take a moment to praise all the amazing work that the bitcoin miners do. They literally mine it all out of a big blockchain and then help circulate all the new bitcoins that have never been used before. Just like the fiat paper currency. These must feel crisp and beautiful af, no? These bitcoins are crazy, the chain of transactions is less, easier to go through and thus they are more likely to be used, because hey, people like to know what they are getting into and when they are paying humongous amounts of money for it, they kind of buy the right to know there.

Non-virgin bitcoins?

Any coin that has been used to transact or has changed hands a couple of time is fine, not a new or young coin anymore, but, there’s more to it than just that. Fiat notes that are new are liked because they are crispy, clean and they smell nice, sometimes people are willing to pay more for the new and fresh bills than the old and wanky ones. The truth really lies in the fact that money should be aesthetically appealing because the aesthetics add to its value, although it really has no intrinsic value and only extrinsic value derived out of faith in it, at least it could be prettier.

With blockchain, beauty may not be there since it is invisible money that people have a hard time arguing if it is legit at all. It is hard for laymen to understand what the blockchain is ready to tell them, so some do not care about the hashes or the chain history, but as the subject is gaining more attention and more awareness, the momentum draws more and more light to the issue of the coins that may be dirty and how in the future they can cause issues, legal or technical to the holders even if they have nothing to do with the fraud, theft or illegal activity to begin with.

Gresham’s law

This idea suggests that the good money in the market drives out the bad money. And it is simpler than what it sounds like, imagine milk bottles, the milk is fresh and it is stocked on the shelves of convenience stores everywhere. People go in and they buy that milk daily. The milk arrives at the same time every day and usually before the previous day’s milk is sold out. This meant that people sometimes can choose between yesterday’s product and today’s and that means that both items have different expiry dates, the same nutritional value, and the same price.

The customers would certainly buy the milk that is relatively fresher and the older one will remain on the shelves. The good milk here has driven out the bad one. This means that the good milk or coins in our sense, are always with people and the bad one is left to be circulated in the market for as long as it takes, nobody cares for it.

It could be used by commercial purchasers, restaurant owners, people who don’t have time to check the dates but, never intentionally and similarly the coins may be used or purchased by big companies, exchanges but they are likely to be spent on micro-transactions and not kept safe for saving or holding as a valuable asset, the chances are less likely if not a hundred percent.

This means once we are aware and completely in sync with the potential information and analysis that can be drawn out of the blockchain systems, bad coins may cease to work or be used, and that can damage the supply, prices and the reputation of bitcoin in general given that there is any more damage that can be done too though.

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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