Why the recent twitter hack could be a big win for the crypto space
Before we continue, I’d love to announce that I want to give back to my amazing followers, readers and the whole Medium community. So here are the rules; send a tip to this article and I will send double the tip back…lol. I am no celebrity or top government official so this will not even make the news anyways and no one will end up losing over twelve (12) bitcoins to a random tweet.
Just for caution, the phrase ‘free bitcoin’ or ‘free crypto’ is just an illusion. There is barely anything like ‘free’ in the cryptocurrency space, can’t say same about other sectors, but everything in the crypto space is either ‘earned’ or ‘bought’. The later is most common, the former could be more tedious than you’d think.
Bad day for those who were conned out of their bitcoin holdings, it’s just one of those days of lessons in the crypto space, but who knows, the double bitcoins might be on its way, I mean, that was Bill Gates tweeting!
But yay! We got on the front page of the news, unarguably and for the first time in history the big names got to tweet something about bitcoin. Alright, I know Elon Musk has been pro-crypto from the first day and he surely owns a huge bag of Dogecoins, and a host of other billionaires out there owns a good stack of bitcoins, but having tweets about bitcoin on their social media handles with countless millions of mainstream followers? Euphoric! I can say we made it huge out there.
Greatest cryptocurrency commercials ever?
You can say that again, for real, Jeff Bezos got a bitcoin tweet running on his socials (I am no scam detective but I will hardly fall for a Jeff Bezos giveaway, that’s a rare stuff!), and one of the most ‘loved’ American president in history too? Ok, Biden is just an aspirant for now, but yes, he’s got a lot of people looking up to his opinions too. The name is endless and it’s amazing that this spreads across many spheres of life, even the world of Hip Hop and rap got one of their biggest ever artist tweeting about bitcoin too.
To be frank, I am not a huge fan of Kanye west, but if Ye had a bitcoin tweet on his handle, then he already won my heart. Heard he’s got an album coming soon, sorry, that’s by the way.
If I was the one who got access to those very important accounts, I’d probably tell the whole world how awesome Pascal coin is, but a win for bitcoin is a win for the whole crypto space and for one reason I feel this is another big win for the crypto space.
The conspiracy theorists might have another possible explanation for what has happened, not going to doubt their instinct, but from a common view, this is the greatest bitcoin commercial since the 2017 bull run.
You might wonder loud, “a good number of people were robbed of their cryptocurrency savings running in thousands of dollars”, and sad enough, this is one of the worst times ever in human history to lose such amount of money, but looking at the bigger picture, this is the only loss from happened over there on twitter. But on the other hand, the crypto space in general just scored a big win.
Despite the recent popularity of cryptocurrencies, it is a fact that less than 10% of the world knows about cryptocurrencies while a much lesser percentage has genuine interest in cryptocurrency of blockchain technology itself, less than 5% of the world’s population are actively involved in blockchain technology, especially where it concerns cryptocurrency. A huge percentage of the population who are unaware of the emerging technology of bitcoin and cryptocurrency are probably too busy with the contemporary way of doing things and cares sparingly about any possible new way of doing things and are hence stuck with the current leaders in these sectors, the fiat billionaires and the heads of centralized organizations.
The twitter hack got these leaders and fiat billionaires who has been relatively silent and anti-bitcoin to an extent tweeting crypto-related. Even though these were tweets by scammers, but certainly, their followers got these tweets and certainly paid attention to it, that’s unarguable, it was the biggest global twitter trend for over 48 (forty-eight) hours!
If not for any reason, at least for the fact that cumulative count of well over a 100 (hundred) million followers got to hear the word “bitcoin” and “crypto” for the first time. A huge breakthrough and a commercial worth couple of millions of dollars in materialization.
Going deeper, out of the millions of people who got to know hear about cryptocurrency and bitcoin for the first time, or from a ‘trustable source’ for the first time, a good of them proceeded to learn more about these terms, as a result, Google trends shows a peak search on a seven (7) days interval on 15th of July, which happens to be same date the rampant hack occurred and a relative peak on following days as the news continued to spread like wild fire.
The fact that this ‘giveaway’ required participants to send some bitcoins and get double in return showcased to world the existence of an alternative way of sending funds with higher efficiency, speed and without boundaries. This giveaway was open for followers all over the world and there were certainly no requirements to convert your currency to dollars, pounds or wait for Western Union to run your transaction.
The giveaway process displayed the permission-less nature of blockchain transaction and depicts a perfect fund transfer process which requires no middleman or final approval before the sender receives the fund. People all over the world can participate in the ‘giveaway’ and send their funds from anywhere in the world with one currency as a means of exchange. This was Satoshi’s vision! The hack not only enabled us practice Satoshi’s vision, the world did that on a large scale!
I can only wish this happened on a good note and not from a very toxic hack. But unfortunately, we have no option but to bear the losses and also look at the bigger picture. But once again, it was a big win for the larger population of the crypto space. Victims of this hack paid the price for the better good of bitcoin and other cryptocurrencies, reminds me of Lazlo’s 10,000bitcoins pizza fee.