Why are some people so crazy about Bitcoin and other cryptocurrencies ..!
For me the question is: Are all the people who are crazy about FIAT money (also known as the currency backed by central banks) truly believe that our monetary system will exist forever.
Just look for the average lifespan of a currency and you know what I mean and the value of FIAT continues to decline while the value of cryptocurrencies in general is increasing (also going down again, but the main trend is increasing). Do they really believe that they can replace or compete with currencies supported by central banks, the definition of crazy crazy, there’s no reason.
With the moves that big banks are taking and similar to Ripple’s XRP, everyone is very clear and really values this technology, they think they will get rich without working for it. They want to be part of something new and different. They are not satisfied that the world has developed exactly:
– Vehicles change horses and cars because it is better in many ways.
– Cryptocurrencies replace FIAT for exactly the same reason.
– Government and central bank may hinder a lot, but progress?
– Everything gives way to something as strong as progress.
– The interesting thing is you can watch this happen in real time.
– Hell of a story.
The economic case for cryptocurrencies is not dependent on competing or replacing existing currencies for existing transactions. A version of the bull case is: Everything will appear on the Internet soon, your financial information, identity information, contact information, friends, devices, transactions, locations, comments. Of you. That means available for decentralized computers, not stored in proprietary or centralized databases.
Someone will control these things, the government will try, big tech companies like Amazon, Microsoft, Apple and Amazon will try to bribe people to trade all their personal information for transactions. Services such as hosting, email and password saving. But many people will want to keep control of their information and forge peer-to-peer connections and transactions.
Decentralized information is controlled by individuals and exchanged for trading purposes that require a cryptocurrency solution. No other known technology can do this, certainly not government-regulated money. Therefore, the anonymous exchange of unreliable value via cryptocurrency solutions will be huge in the future.
My personal prediction is 2% of the economy (for comparison, the Internet is 6%), but it may be more or less. However, it’s hard to see it at zero. Of course, accepting that cryptocurrencies will be big in the future does not mean that any particular cryptocurrency investment will pay off. Perhaps no cryptocurrency available today will be valuable in the future.
Perhaps all the economic value of cryptocurrencies will be captured by users and developers. Central banks are currently seriously investigating the Blockchain system for their own purposes. Younger people are moving into high positions with new thoughts, they begin to realize that this is real, it is the future and it is best to get on the train .
Many are just waiting for retired old people to join Bitcoin and other cryptocurrencies as the future of money. Right now the market is very volatile, so don’t bet your mortgage on it. You bought 10 Bitcoin in 2010 for $ 10 a piece. You want to buy 100 but your wife tells you it’s crazy to want to spend that much money on Bitcoin.
Last December we sold them for $ 19,000 a piece. Prices are currently falling and our investment strategy is always, buy low, sell high. Walmart, Amazon and a bunch of companies too big to list, accept Bitcoin. It is as valuable as Gold and Silver. Gold and Silver are too hard to buy and sell. Bitcoin is easy. Get Bitpay or another similar credit card that holds the USD and Bitcoin fiat currencies together and join the new money world. It’s fun out there, but be careful and invest only what you can afford to lose. We know many agents if you want to break up.