The Death of Bitcoin Redux
photo by : Joseph Young
In the news today:
The reserve bank of India ( BI) or the central bank of India which oversees the Indian rupee said that it is not comfortable with Bitcoins. They further said that they are looking into FIAT CURRENCIES. They defined Fiat Currencies as -- "a fiat currency is the legal status given to a currency issued by the central bank." The RBI considers Bitcoins and other current cryptocurrencies as "private and non-fiat currencies." In short, they are looking forward to issuing their own fiat cryptocurrency. If The RBI from a third wold country intends to launch their own crypto, how much more the powers that be like the US, China, Russia and UK would follow this route or maybe are already finalizing their own cryptocurrency. If this will come to pass, then Nakamoto Satoshi would have had failed. We came so close to having this free,decentralized currency without anyone controlling and yet we were so far. But the ball is still in our hands. Lets make apps and programs that integrate Bitcoin or Ethereum etc. Lets make this phenomenon snowball that once central banks do have a working crypto, it will be too late. Too late that no one would be using them. No one would want to use them because the world is in too deep with bitcoins etc. So devs, lets get our A game together and stop the greedy notions. Lets get our acts together and fast!
Do you remember when in 2015, people still thought that bitcoins were worthless?
Even with the current developments, I think we're only seeing the beginning. What an exciting time to be alive and have front seats at the show!
Totally agree @fitzgibbbon. Now the question is,have you been buying cryptos in this downturn?
Yes, but just a little, don't have much idle cash. It's already picked up nicely today.