Okay, I have to start my saying I am an absolute novice in the world of Bitcoin and crypto-currency in general. I realize that I have missed the gold rush of Bitcoin but I finally took a few minutes to educate myself. I won’t bore you with all that I found, just let you know where I stand.
Bitcoin is a good idea, albeit a bit scary, that has potential for a lot of good, but it sure has a lot of potential for bad as well.
In theory it was created to have a currency that cannot be manipulated by governments. The big problem with that theory is:
- It requires internet access and computers to even have Bitcoins
- The internet/power grid etc. all go down without governments
- When that happens, Bitcoins all disappear
The other big thing that bugs me about Bitcoin is that there’s a finite amount of coins. Once they are all in circulation, the inflation will skyrocket. I don’t believe that wealth is finite – you can create wealth with your labor and with your thoughts. Those things are infinite.
I am not worried about the black market or untraceable transactions. That exists regardless of the currency. That argument against Bitcoin is just fear-mongering.
I do have a Bitcoin wallet. I have nothing in it. I don’t intend to mine for coins – it has reached a point where you would have to have a bank of computers running full-time to make it worth doing.
Will I take payment in Bitcoin for my products or services? Yes, but I will switch it to other currency as quickly as possible. I fear being stuck with a worthless currency.
Will I speculate in the Bitcoin market? Not a chance. I don’t waste my time speculating in other markets so certainly won’t jump into one that I barely understand. I think I’ll run a test on someplace like Craigslist and sell something for Bitcoin.
Do you have Bitcoins? What are your thoughts on this currency?
by Chris Doelle