New Kid on the Blockchain
I took a small step into the blockchain world yesterday. I set up my cryptocurrency wallet and made my first Bitcoin exchange at an ATM. I have to say, it feels strangely liberating. Like I’ve entered into fresh, unfettered territory. I’m excited to be a part of a growing alternative currency community. I’m looking forward to buying goods/services and receiving payments in Bitcoin, Ether, and others.
I first heard of Bitcoin years ago, when cryptocurrency was in its infant stage. I thought it was an extremely cool idea, but wasn’t ready to dive in at the time. Truth be told, it took some research to understand the technology and see that it wasn’t actually coins, lol.
I remained leery. It was the trust thing, you know? I wasn’t sure who was behind it and whether it would really become an accepted means of exchange. In the early days, I watched and hoped it would catch on. I got excited every time I heard about a local business that was accepting Bitcoin.
There have been well-publicized highs and lows over the years, but recently, it’s pretty obvious that something else is going on.
“We are clearly in a speculative bubble around Bitcoin and other cryptocurrencies. The price has skyrocketed this year without a corresponding increase in the adoption or utility of the currency. And there is significant evidence that non-organic factors such as manipulation of exchanges and entry of large sums of money from investors seeking to evade capital controls are playing a significant role in the Bitcoin price run-up.” — Kevin Werbach
Is it a set-up? My guess is yes. A more important question is who decided it would become a traded commodity? It is and always has been a currency. As with all currencies, its value will fluctuate in comparison to other currencies.
What’s happening now is beyond fluctuation and I can only wonder what the end goal is for the major players. Destabilize it and cause a huge crash to prevent it from ever reaching its full potential? That would be a predictable lead-in for the banksters to introduce their regulated digital cash for the masses. Is it just another problem→reaction→solution scenario?
Nevertheless, it’s highly intriguing, isn’t it? People are talking about it. Ultimately, it’s the people — you and I — who have the power to create transformation. Do your research. Learn everything you can. For those who are looking for opinions, here’s my two cents:
Is Bitcoin legit? I believe it’s more legitimate than fiat dollars backed by nothing and created out of thin air. Those who take the time to investigate for themselves will see the long-term value of an alternative to the current debt-based fiat money system.
Does it really have any value? The true value of Bitcoin and any other alternative currency will be established with widespread use. I think the current media frenzy will generate a lot of public interest and perhaps lead to more individuals and businesses deciding to participate. Personally, I would find more value in being able to use it every day than in trading it for profit.
Is it a good investment? Right now, it’s no different than any other volatile instrument. I don’t see the logic in using your life savings to play the Bitcoin trading game when the ridiculously high exchange rates could sink at any moment. Like I said, this is obviously being manipulated. We just don’t know why and by whom.
That being said, I’m firmly on the side of the original crypto developers/founders. They saw the true value in an alternative means of exchange, a digital currency built on open-source technology, outside of the central banking system, able to efficiently handle worldwide human-to-human transactions.
“In the next few years, we are going to see national governments take large steps towards instituting a cashless society where people transact using centralized digital currencies. Simultaneously, the decentralized cryptocurrencies – that some even view as harder money – will see increased use from all sectors.” – Caleb Chen
In spite of the media naysayers, alternative currencies are here to stay. Those who are entrenched in the financial system seem to be afraid of anything that might shake up their illusion of security. I won’t argue with them; for the same reason I don’t argue with religious folks.
But, I’m a non-conformist at heart and have no interest in continuing to support a corrupt and illegitimate financial system. I would like to do business with like-minded souls who believe, as I do, that:
1. The fiat money system is dying; it is only still in existence because people are afraid to let it go.
2. The dollar is a debt instrument and its survival requires the constant creation of new debt and new debt slaves.
3. The actual value of a dollar is about $.05 and will continue to fall as long as they continue to print more.
I’m not buying and selling Bitcoin in an attempt to get rich. My plan is to slowly build up my Bitcoin, Ether, and other alternative currency reserves while I seek out and support businesses that are eager to accept them. I am excited to now be one of those businesses and happy to exist in a tiny bit of the blockchain.
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