Cryptocurrency is one of the latest and greatest fads trending right now. But will it ride, or die?
No one can predict what is about to come to the world of cryptocurrency. But one thing is for sure, it is getting popular as hell!
In 2009 the first cryptocurrency called Bitcoin was invented by Satoshi Nakamoto, and was worth virtually nothing. Now today, Feb. 24, 2020, Bitcoin is worth a little over $9,600 a piece! That's a hell of a ROI if you tell me. Today there are thousands of different coins and tokens available for exchange. It just seems like the crypto community is getting bigger and bigger by the minute.
Yesterday I was watching a video on LBRY.com about crypto. For those of you who dont know about LBRY, it's similar to "youtoob" but way better (so go check it out). But about the video. It was a group of guys talking about crypto and how good it is and how you can follow every transaction in the blockchain. And one guy comes out saying that crypto is bad. Mind you, once he said that I immediately didn't like the guy, lol. But as he was explaining himself he actually grew on me. What he was saying couldn't be closer to the truth. He explained that if all we had was digital currency and all our assets were tied to it, if we went to war, or somehow our electronics went down and we didn't have any other assets such as gold, paper currency, silver, jewels, and any other form of tradeables that we can physically touch, then we would be pretty well screwed, wouldn't we?
Honestly, I don't think investing in digital currencies is a bad thing, but at the rate I see a lot of people funnel their monies into it and not into other valuables is a little alarming. Throughout history humans have always based their currency off of things they can actually touch and hold. Now-a-days most of our money goes direct deposit into banks or wire-transferred. Non of it we actually see ourselves, personally. So how would we know for sure, in the future, if we actually have any money at all if something goes wrong with the banking system as we know it? No one carries cash anymore, just plastic cards, or pay on your cell phone. Walking down the street on any given day I can pick up 30 to 40 pennies, and now its not just pennies but nickles, dimes, even quarters, because we feel that they have no value to us, because maybe they are so small in comparison to any paper money, but mostly because nobody wants to carry any actually cash or change on them anymore. Once the banking system crashes, and I believe history always repeats itself, then society will regret putting all their faith in plastic and digital currency.
At this point in time I don't believe it is bad to invest in electronic money. I have some assets myself, but if we think that it doesn't have some very real drawbacks then we could be mistaken.
