Bitcoins and other cryptocurrencies are all the rage these days. I’ve never really been one to follow trends, but I’m obsessed with cryptocurrencies. I check my Coinbase account dozens of times every day.
It took me a while, several videos, explanations, and articles until I finally wrapped my head around how bitcoin works. Now that I have a pretty good understanding, I truly think cryptocurrencies are the currency of the future
Will Bitcoin always the prime crypto? Probably not. There are so many versions of this technology that have features that could make them more or less successful than the well established Bitcoin. Lite coin, for example, is a peer to peer currency with a more efficient way of mining transactions. Maybe they could take over globally in a year or so.
But today, with our world technologically advancing at an exponential rate, time is of the essence. Amazon made an entire business model out of 2-day delivery. They sped up the shipping process because people expect things to be faster. They are now one of the largest retailers in the world, and they are taking over many industries. Cryptocurrencies could be like the next Amazon. They are fast, efficient, and versatile for most, if not all, industries.
People want transactions to be fast and easy. If I were to make a million dollar deal with a business in Sweden, it could take weeks, if not months for banks to make the transaction. With Bitcoin, the same task could be accomplished in minutes.
One of the best features of Bitcoin is that there’s a ceiling at 21 million. After 21 million are created and mined, there can be no more. This can prevent inflation. Tanzania has lost trust in their citizens and ruined their currency. They printed so much money that their money is virtually worthless. One of the most interesting things to me is to see this change in developing countries. Venezuela is starting to change over to cryptocurrency because their country is in shambles.
So far I’ve invested $80 in both Litecoin and Ethereum, and $165 into Bitcoin but I’ve already made over $100 in a few days. It’s extremely fascinating to me, and I can’t wait to see what direction it takes in the future.