Bitcoin is the grandfather of what are called ‘cryptocurrencies’. These are new ways to store value other than gold and other common stores of wealth in digital form. The main difference between these and what you store in the bank (this is now just digital numbers on the bank’s server and not just notes) and the idea is these cryptos are accepted forms of payment in more and more places and become full blown currencies in their own right. The fact is – it is a form of bet – but unlike gambling which I hate – it’s a bet against the privately owned central banks that infinitely print and lend money out at extortionate rates – and becomes a widely used currency.
Is Bitcoin legitimate?
It is as legitimate as people want it to be – that is – if people value storing their own money in this digital form on their own computer or device – over storing it on the banks computer as digits (where the money will then be traded with what is effectively your free loan to them) then yes. Remember currency is only what people perceive and agree to be valuable and to date, people have chosen to put their faith in cash which is supposed to be backed by gold – though as we know now this is often not the case and central banks print money and loan it at interest from thin air) hence the explosion of ‘bank-independent’ currencies.
Will it fail as an idea?
Not if allowed to remain independent from governments (John Mcafee – master anti-virus software guru, says here is absolutely no way any government can stop cryptos from flourishing and rising exponentially as the so-called ‘bubble’ model in this case no longer applies since there is a limited supply of each of these crypto coins unlike traditional cash – but I am waiting on that one, as I believe where banks are involved – they will stop at nothing to retain their monopoly on currencies – but John is a real genius and could be right).
Where can I buy Bitcoin?
If you want to buy some Bitcoin, or Etherium, or Litecoin – you can here.
I love God, Christ, The Bible. art, painting, playing music, improvising music, guitar (first instrument), drumming (not very good at it:), and anything musical or art related. Quick note – my articles are usually spun off in minutes so forgive any errors – hopefully you get the essence of the article and I’ll pick up mistakes later. If you want to write of 101ChristianMagazine and inspire and edify Christians with articles on faith, general news, hobbies or anything that interests you email me at: epgb101@gmail.com:)
