Educate public about bitcoin and tech behind it

As with many new tech-related ventures today, there will inadvertently be a rise in price and the possibility of a bubble occurring (Be cautious, but keep open mind on cryptocurrency, by Mr Chan Yeow Chuan; Dec 22).

However, the technology behind cryptocurrency is here to stay.

What is needed is public awareness and education.

For example, ATMs were once viewed as stored currency machines. But now, ATMs, credit cards and debit cards are ubiquitous.

Cryptocurrencies and digital currency are not disappearing any time soon.

The public does not need to know the technicalities of bitcoin or blockchain technology. But efforts must be made to explain what they are in simple layman terms.

Robinson Fernandez

A version of this article appeared in the print edition of The Straits Times on December 25, 2017, with the headline 'Educate public about bitcoin and tech behind it'. Print Edition | Subscribe