I’m sorry to inform you all that Bitcoin, and cryptocurrencies in general, are a trap. And that’s the main reason why they’ll succeed. That’s all you need to know, but do read on if you need details:
Look, I’m not claiming I know for sure Bitcoin was created by the CIA or anything, even though Satoshi Nakamoto’s story sounds a little suspicious. I’m saying the transition to a cashless society has been on the agenda for quite a while and this is the way to achieve it, so the powers that be will make sure that this crypto fad becomes the norm and that’s it. They are in no hurry though, and the technology is in prehistoric times, so expect a long and painful rollout.
I know all of this sounds dire, but cryptocurrencies are a trap in the same way the Internet is a trap. In the beginning, it seemed like a wonderland full of opportunities, but nowadays we’re addicted to it and it’s not hard to see that the net was always a data mining operation and your phone is nothing short of a spy machine. On the other hand, it brought a new age to the planet, the weight of the positives equals the negatives.
Cryptocurrencies are the Internet of money to Andreas Antonopoulos and the idea of the century to me. The arrival of a technology this sophisticated can only be considered a discovery, a revelation of the highest order, the dawn of a new day. It will take time and effort and there will be ups and downs, but Bitcoin will eventually arrive at the moon as enthusiast say. And when it does we’ll read the small print and realize that there’s no such thing as a free lunch.
Personally, I’m a cash man. I don’t want bills and coins to disappear and I don’t think they completely will, but we’re doomed. The magical computer money is here to stay. Since to the powers that be is important that we take the bait voluntarily, we’re going to get some banking freedom and ease of use, a bit of privacy, and an avalanche of innovation as a reward. Just as we got new ways to communicate with each other and organize ourselves, tons of information and a virtual playground with the Internet.
And just to be clear, I’m not claiming Bitcoin will increase in price and make you a millionaire, nor that its usage will replace traditional banking. I’m saying the technology will develop to a point in which it will become an integral part of society and nothing can stop it. The Internet didn’t replace traditional media and cryptocurrencies will not replace Fiat money.
At this point, you might ask, why Bitcoin and not a new and improved crypto-coin? Because Bitcoin doesn’t have an owner, that’s why. And it’s the only one that doesn’t. Regardless, I think there’s a huge market for private for-profit coins and some of them will live to see a new day. Also, the whirlwind that cryptocurrencies create will generate all kinds of business, revolutionary enterprises, opportunities for the unbankable, jobs, and more jobs.
Still, it’s a trap.
To close this all off, I have to make clear that I’m a bankrupted journalist and in no way a financial expert, so take all of this with a grain of salt. It’s my opinion and it shouldn’t be considered financial advice by any stretch of the imagination. Do your best to ignore the fact that I’m a modern-day Nostradamus and rarely wrong about the future, please and thank you.