If you haven’t heard of Bitcoin by now, you must have been living under a rock. The official Bitcoin craze has swept the globe, making everyone sit up and take notice. Should you be reading this in the future, and the craze already have petered out, as it surely will, this was in late 2017, early 2018.
The most interesting part about the Bitcoin craze, I found, was that anyone I brought it up with pretty much had the same reaction. What the hell is Bitcoin, what is it good for, and why does everyone suddenly want it?
The second most interesting thing was that I couldn’t answer the question. I really had no idea what cryptocurrency was, and why anyone would want to get their hands on it. All I knew is that it was suddenly very valuable. Or was it?
What Is Cryptocurrency?
In answering the question; what is cryptocurrency, a person first has to ask the question; what is currency? Currency is a fluid medium; accept internationally, used to simplify trade. There was a time when farmers would spend hours arguing over the value of chickens versus watermelons, and this wasn’t good for anyone involved. After all, a chicken may be very valuable to you, but to me is just one KFC meal with the potential for leftovers.
So currency was invented, and seemed like such a good idea that it was adopted globally. But there is one very important part of currency that makes it viable. Namely; it has to be accepted as something that has value, else it really isn’t much good.
So, Cryptocurrency is, essentially, an alternative to standard currency. It exists online, and can be used for transactions between those willing to accept it. The one big drawing card of cryptocurrency is that it is not centralised. Which is to say; it is not controlled by anything such as a bank, but rather a digital system.
Is It Useful?
Cryptocurrency seems like an interesting idea, with one great big question hanging over its head; where is it accepted? And the answer to that question is this; not at very many places. Some online casinos accept Bitcoin as currency, as well as the online video game purchasing platform Steam. But beyond that, you certainly can’t buy a loaf of bread with it at the local store. It would have to be converted into standard money for that to happen.
So then why did the boom for Bitcoin occur? And does this form of currency rally have any sort of future?
So Does It Have A Future?
I have to come clean at this point and say that I really don’t fully understand why the Bitcoin explosion happened. I visited the Bitcoin website, checked the value charts, and personally saw something that looked like it was due for an inevitable crash. The value was outrageously high, and the value had also been gained in a very short space of time. This, to me, spelled a crash.
Why this boom in interest had happened I am, once again not sure. But, beyond the Bitcoin crash, does Cryptocurrency have any long-term hope of existing? In my opinion, it potentially does, but not as something that will make anyone rich. I personally think it has value as a currency that exists beyond borders, and is not required to be converted.
Money conversion is a royal pain in the backside, and certainly something people who travel often would want to avoid. After all, knowing that your currency has a different value in different parts of the world, due to seemingly arbitrary rules, is not the sort of hassle people want to deal with. So for this reason, I feel as though Cryptocurrency has some sort of value.
But there is still that one nagging problem; who accepts it again?
Maybe In A While
I struggle to imagine mainstream businesses and outlets dealing in cryptocurrency. I can imagine, however, a few specific places deciding to deal in Cryptocurrency, and appealing specifically to those who do a great deal travelling. A hotel, for example, that accepted Bitcoin, specialising in offering services to travelling business people. Perhaps a network of such places could exist.
But hey, I’m not exactly educated in such things, and am perhaps missing a whole additional side of cryptocurrency that makes it the next hottest thing in the world. Either way, I struggle to see the banks of the world throwing in the towel, declaring that cryptocurrency is the answer, and all nations everywhere embracing it as the new way to do business.
On the other hand, a person who had a few Bitcoin lying around prior to the boom that occurred is probably settling into a nice swimming pool of money around about now.