Wikipedia Co-Founder Slams Bitcoin, Crypto Community Claps Back!

Jimmy Wales, co-founder of Wikipedia, recently sparked a heated debate within the Bitcoin and cryptocurrency community with his comments on X (formerly Twitter)

by Faruk Imamovic
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Wikipedia Co-Founder Slams Bitcoin, Crypto Community Claps Back!
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Jimmy Wales, co-founder of Wikipedia, recently sparked a heated debate within the Bitcoin and cryptocurrency community with his comments on X (formerly Twitter). Wales, known for his pioneering work with the online encyclopedia, took a critical stance on Bitcoin, contrasting it unfavorably with traditional banking systems.

His post, which mockingly suggested that unlike with Bitcoin, people don't lose their money in banks due to forgotten passwords, drew sharp criticism from Bitcoin proponents. Wales' remarks came at a time when Bitcoin's value had decreased, with BTC tickers showing a downturn to $41,233.

His post, however, was not just a comment on Bitcoin’s volatility but also a critique of its fundamental operation compared to conventional banks.

Response from the Bitcoin Community

The Bitcoin community was quick to respond to Wales' critique, pointing out the broader implications and benefits of cryptocurrencies.

They argued that while banks may work, they are not accessible to everyone, highlighting the importance of Bitcoin and other cryptocurrencies in providing financial services to the unbanked population worldwide. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, emphasized that while banks function well in countries with strong currencies and the rule of law, they are not a universal solution.

He pointed out that a significant portion of the global population, approximately seven billion out of the total eight billion, lacks access to basic banking services.

Lyn Alden, founder of Lyn Alden Investment Strategy, brought up the issue of financial security even for those with bank accounts.

She cited the example of a Lebanese doctor who lost a significant portion of their savings due to hyperinflation, underscoring the instability that can affect traditional banking systems.

Danny Scott, CEO of Bitcoin exchange Coin Corner, addressed Wales' comparison directly. He noted that a more accurate analogy would be comparing losing a password to a Bitcoin exchange, where it can be reset, to a bank account.

Scott also pointed out the risks associated with physically storing cash, drawing a parallel with the loss of Bitcoin due to forgotten credentials.

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