Bitcoin has become a central focus of mainstream media all over the world following the international WannaCrypt0r 2.0 cyberattack.
As companies and institutions continue to see the effects of the ransomware exploit, which used a Windows vulnerability to gain control of thousands of computers, media sources are focusing - sometimes erroneously - on Bitcoin itself.
Misinformation
In the UK, where the public health service was paralyzed due to its use of outdated operating systems, newspapers have published “guides” on Bitcoin explicitly because it was the currency of choice for WannaCrypt0r’s perpetrators.
“Governments are increasingly concerned about taxation and their lack of control over the currency,” the lead of one such article in The Sun reads.
Misinformation about the nature and status of Bitcoin internationally is a common problem in non-technical circles.
The UK is yet to decide on hard-and-fast measures relating to taxation of cryptocurrencies, yet the “concern” the Sun mentions does not reflect statements from entities such as the Bank of England, which is seeking to promote a healthy regulatory environment for both crypto and Blockchain.
Other content published in the Sun is simply wrong, meanwhile, such as the assertion Bitcoin has “no transaction fees.”
Nonetheless, the pressure on Bitcoin’s image is having little effect on broad consumer or investor confidence.
As prices bounce back following a slight dip over the weekend, trade volumes on LocalBitcoins hit a new all-time high for the seven days ending Saturday, data for Coin Dance shows.