Bitcoin's Long Term Future Could be Dire ----Please Read and Comment
I guess I like the fact that Bitcoin and other crypto currencies are getting so much mainstream attention lately, but it also makes me a little worried. I haven't known governments or the mainstream media/corporations, to be behind anything that truly helps the masses.
The mere fact that governments and central banks haven't literally crushed all digital currencies due to the threat they put on existing "money" tells me something is up.
My guess is there are two possibilities:
Bitcoin is simply allowed to exist as a Beta test for the central banks to observe usage trends, work out the bugs, and through media (and market) hype convince the people that digital currency is the best option for the future. A free way to get people used to it and build trust in this new "invisible money". Later the media will exploit all of the self made issues with Bitcoin (hacking or identity theft concerns) and will call it the devil. Once the Bitcoin price plunges, the central banks will roll out something much bigger, better, and safer than Bitcoin to save the day....aka "WorldCoin" or something similar, backed by invisible gold and a true one world currency.
-OR-
Something even more sinister....like allowing the Bitcoin market to continue its parabolic rise to say $20, 000 USD and then ban its use entirely, once everyone is total invested. I know, I know....it's pretty far fetched to say that the Fed would inflate a bubble then pop it, I'm probably just being paranoid. I'm sure that the Federal Reserve and IRS are just fine with a large percentage of the population hiding cash in bitcoin and becoming instant millionaires.
Again, just my opinion and I would be very interested in hearing your thoughts on the long term future of Bitcoin.
I hold several types of digital currency. I am in no way saying that it is not a good thing, I fully support it. My concern is with the long term future of it. If either of the two scenarios above are true, I feel that Bitcoin will not exist in 5 years. It will be smoked by a huge system backed by the central banks, or its use will be totally outlawed because it is undermining the fiat currency/banking system (insert terrorist term of your choice here too, of course).
Please leave a comment, I'd love to hear your opinion....whether you agree or disagree.
Please upvote (you will receive a small amount of the author's reward payment for doing this) and feel free to Re-Steem this posting! Thank you
I hear lots of good and bad points about Crypto's...
I'm into Pocket Change myself... Thanks for the
Upvote you gave me a week or so ago...
@pocketechange
No problem. You got some good points about common change. Easily overlooked in today's credit card based society. Get yourself a metal detector lol...change just waiting to pick up for free haha
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There is definitely some manipulation going on with the market, but I think in the long run these manipulations mean little on the overall outlook of bitcoin.
If you look at the long term growth of bitcoin, it has followed a consistent baseline exponential growth. There have been periods where hype takes it far above this curve, but it always comes back down to rest at this baseline where it continues healthy growth. The great thing about bitcoin is that if the people believe in it, then it will work. No one government can decide to kill it. It would take a worldwide collaboration of governments to get people to drop bitcoin.
Just ignore the pumps and dumps and hodl. All is well.
Thanks jbburris. I agree with you that the fundamentals are all there. The worldwide collaboration of governments is exactly my concern. Whether it is by outright banning its use, or inventing a globally agreed upon new digital currency to just make it obsolete. Thank you for commenting.