Since it surfaced back in 2009, bitcoin is constantly gaining popularity and points in the stock market. At the time, research results showed growing popularity for the currency, but after analysis, I estimated it would only last a couple of years. This conclusion came after considering the following (keep in mind, I am not a finance wiz):
- As a currency, it has no physical asset to back it up - its distribution numbers and value can keep rising indefinitely.
- There are myths pertaining to who invented it - how much validity can a meme actually carry?
- It circulates in a highly volatile market - as if financial exchanges of this nature aren’t temperamental to begin with.
- It is unregulated and serves as a means to hide and launder monetary funds - government approved!
- It leaves the end user vulnerable to fraud, theft and hacking attacks - police and other agencies won’t help you much, if you actually took part in a cryptocurrency transaction.
- It is the main means of exchange on the dark net, which means it is used for illegal activity of all kinds - just making certain black market items available with the click of a mouse, isn’t enough…we should also make these transactions completely untraceable…
My estimation was wrong (shocking!). Here we are, almost nine years later, and it’s still out there. Bitcoin is making the headlines almost as much as President Trump. It has reached a soaring value of almost $20000 a piece in the stock market today, and despite all mishaps and warnings to the contrary, people are still putting funds towards purchasing it. This past October, a 39 year old Dutchman sold every single one of his assets for bitcoin, including his kids toys apparently, and this past November a woman lost $12000 in the latest Canada Revenue scam, with her story being one out of countless others.
There are multiple sites and applications, that offer up satoshis for seemingly simple tasks or playing games (not sure how many satoshis make up one bitcoin). Yet I have only found a handful of these sites to be secure. They are simply http sites, not https, which means they are vulnerable to anything under the sky and information should not be trusted with any of them. Play a fun game or watch a video and gain a little bit of a currency that is literally soaring. Does it sound too good to be true? Unfortunately, much like anything else, it is.
At the same time, the number of businesses suggesting bitcoin as a choice of payment, continues to grow, despite clear indications that the exact opposite should be happening. Why would a legitimate business be accepting a currency that carries the word “crypto” within it, is beyond me. Then again, as I explained in the very first paragraph, I’m no financial genius. Maybe others are more capable of finding something valuable in this risky investment. It probably won’t be long before governments all over the world start cracking down on digital coin, or at least I hope it won’t be. If money is the root of all evil, cryptocurrency must be the seed.
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