If Bitcoin’s the answer, what’s the question?

Posted on October 9, 2014



When we were kids, we all became obsessed about what the future would look like in the year 2000 – a night sky shimmering with skyscrapers, flying cars, neon lights and hoverboards with regular trips to Mars. A new millennium had passed and what do we have to show for it? Well, quite a lot actually. Just not in a way we all expected. Except for maybe the neon lights and even then they look kitschy.

Post 9/11 and the world is a different place, but it’s more of a dystopia. Big Brother is indeed watching our every move, a war that’s hurtling into World War 3 and we’ve surgically attached Apple products to our palms. Nothing we can do can go right. The world has been put asunder and we can’t stand the sight of one another. ISIS vs Muslims, English against Scots, the world against the English, what is one to do?

If world politics wasn’t so flippant and hard to understand was bad enough, our own money in the bank is being seemingly stolen from us bit by bit as well. By the very people who we’re leaving them with! The other day I read that in the UK, we pay around £192m to the banks in interest payments alone EVERYDAY. And if you understand how that works, it’s a bit like charging someone to leave our money with so that they become richer off it. Interest/Usury (let’s keep it real now) is an evil construct because it keeps the rich, rich. And the poor, even poorer. But is there an alternative?

Satoshi Nakamoto seemed to think so in 2009, when he/she/they invented Bitcoin. It was intended to be a social experiment as a software-based online payment system to be used as an alternative to currency. It’s also decentralised, which means no banks, or to put it simply, it’s a free-for-all. It’s democratic money in your hands. All you have to do is download a wallet to store your bitcoins and there you have it. Transaction fees are mere pennies, the speed in which to clear a payment takes mere seconds and there’s no middleman. Finally, here is a store of wealth that’s suited to the 21st century. It’s certainly far better than a bit of plastic. What could be simpler?

Though in its infancy, Bitcoin isn’t without its issues. It’s regularly slammed by critics on mainstream media for its links to Silk Road and the underworld and security issues in regards to hacking wallets. Admittedly the concern surrounding the crypto-currency under lock and key in personal online wallets is a matter of contention that needs resolving to convince them that BTC is indeed the way forward. Governments can all they can to ban it, but it’s a futile exercise because it’s impossible to trace and contain.

But the feeling among many investors is a feeling of being very bullish over the long-term viability of Bitcoin. Not only because the market share points to an upward trajectory in terms of price, but of the simplicity of usage. While the price of BTC may be dropping in recent months, it’s also time when investors look to pounce on low prices in the hope for a boom in the near future. It’s a basic tenet of economics: buy low and sell high. Hardly rocket science.

If Bitcoin is the answer, what is the question? Where is it headed? Well, it looks set to break enormous strides. The real question here is are you coming for the ride?

I accept Bitcoin donations via this address: 1KC4Xd7NfxTtu3WSts3gsaTdcrJiRKeXW8

Posted in: Social