RE: Crypto or Fiat Currency: It's All About Trust
Excellent article! It's worth a note that the big American banks (the very relevantly named BoA is one example) have already started jumping on the Bitcoin bandwagon and are developing projects to essentially store bitcoin in lock boxes.
The Microsoft-backed, ICE/NYSE-derived exchange Bakkt plans to store their in big ol' "warehouses". So that's one argument against Bitcoin firmly squashed.
From the current developments one can estimate that Bitcoin will live on and prosper, perhaps as the new Digital Gold (to quote the creator of Litecoin) -- a less liquid store of value.
Personally, I'm not a fan:
It's a huge waste of resources and crypto tech has already surpassed it several times over! But it's the most recognized crypto brand and will probably remain as such for years to come. Viva Bitcoin!
Thanks for the info about the banks' "lockbox"--didn't know. And I agree with you about resources. I like the notion of a kind of counter-culture currency, but not one that uses tons of fossil fuel energy.
Finance is not my strong suit, but I took this subject on because I wanted to know more. Taking a historical perspective, the long view, is usually a good way for me to get a handle on trends. I'm not sure I have that handle, but I do know more now than when I started researching this essay.
Appreciate your comment. You seem to know a lot about currency, so I'll keep my eye on your blog :)
Personally I find that having at least some historical perspective in Economics and Culture is vital. Why, the result of yesteryear's meteoric rise in Bitcoin followed historic bubble patterns to a T.
History will remain a powerful indicator of future events because it's an indicator of human behaviour. Many parameters in our fluctuating environment influence these events, but it seems our biological cognition has not significantly advanced throughout recorded history.
Thank you for the follow, though I must admit that I have no experience in writing articles and some trouble putting meaningful structure to the chaotic buzzing in my mind, so I've not managed even a self-introductory post just yet. But quality blogs like this one inspire me to at least attempt something.
One word of advice: don't get discouraged. The first couple of months I wrote some great blogs and got $0.00 payout. Eventually, things picked up. The joy of writing and researching kept me going.
I appreciate your kind words. As for the chaotic "buzzing" in your mind--that's just neurons firing. Inspiration comes from that. Writing things down, in my experience, helps to make sense of it all.
Good luck.