A Little BIT Could Go A Long Way
A cryptocurrency is a peer-to-peer, decentralized, digital currency.
No government or bank involvement? No taxes? Forgery proof? You can buy a Lamborghini with it? But you can’t see it, hear it, smell it, taste it or touch it. When did the future jump into our present?
It was only a matter of time before I would sit down and write about Bitcoin and its lesser known cousins; Lite, Feather, Fedora, Earth and World. I am sure there are more than these, and even more just around the corner. I can only imagine the outrage, fear and plotting going on in Federal Government offices and also behind closed doors at major banking institutes. No doubt in my mind that cryptocurrency is public enemy number ONE in their eyes. But since you can’t see it, or take a picture of it, what will they hang on the post office walls? And does the NSA have any storage space left for this new database?
In all honesty, I too balked at first. I am a proud American and am sitting and watching my precious USD losing ground in the world economy. Leave it to another country to invent a way to undermine our e pluribus unum embossed greenbacks even further…I thought. Well the thoughts we think that we thought we knew, sometimes lead to rethinking thoughts that we were sure we thought were not rethinkable. In other words, I am on the bandwagon now. Heck, I don’t know if anything could stop the train at this point anyway. Whoa, don’t underestimate the strength of what crypto could be up against. I am sure a war is about to unfold in court rooms.
Those of us that work online know that keeping your money in Internet payment processors is risky and downright dangerous. So we have nothing to lose by turning to another medium that is also risky and downright dangerous. The main difference between them is that the value of BTC is generally rising. It’s like having useable funds with their own built in savings account with interest. In other countries, Bitcoin can be converted into regular cash at banks or used to board the subway. I can’t even venture a guess on when, or even if that will ever happen in the U.S. But why bother? Do you have any idea how many places already accept Bitcoin for purchases?
Any currency can collapse and who knows, the value of BTC could fall just as quickly as it has risen. But the ease of use, and safety of Bitcoin, especially on Internet dealings, makes it the strongest candidate ever for a currency other than the USD in this country. Local governments appear to be looking the other way when it comes to marijuana, maybe we can ask them to please keep focused in the other direction a “bit” longer.