Cryptocurrency

I have never bought, sold nor mined any type of cryptocurrency. I haven't really found the need to (despite recent events) other than it would be cool to say: "I use Bitcoin" or whatever variation. I have done research, so I'm not a complete noob. I feel that it is mostly an exciting, new fad that attracts attention just because of it's shininess. It's different, it's interesting. It's neat. Other than that, I can't seem to wrap my head around why so many people dump real money into this. It seems to be because it's under the radar, out of sight from governments and regulations. I'm perfectly happy spending my american dollar on things that you can also buy bitcoin with. Of course, there's the anonymity of cryptocurrencies, like using cash instead of a credit card. Sadly, I don'y buy illegal products like drugs or hit men online so this would be useless for me. With recent events, it is clear that bitcoins can be stolen. Another $600,000 was just plunked from Canada. I feel that these currencies are mainly used for anonymity, I can't see any other reason to join the party. I'm not trying to hate, I'm just curious as to why you would choose Bitcoin over perfectly fine regulated currency. Let me know if I'm an idiot. I'm just trying to learn.

As I write this, one Bitcoin is worth around $644.50

It seems as if cryptocurrencies' have flaws, in the process of sending and receiving them.

I think the future of these currencies depends on a certain amount of increased regulation and security. I am curious to see what the future will bring. It would be nice to hear from those who have more experience with bitcoin and other cryptocurrencies than I do.

 

There are many reason to get into cryptocurrency.  Some people got into from the beginning in the hope of making a profit (e.g. the Winlevoss twins, they did an AMA a while back).  If you are trying to make a quick profit Bitcoin or anyother cryptocurrency is not the place to do so.  Now that more businesses are starting to accept Bitcoin its credibility has increased.  Decentralization has played a big part in the past couple years.  There is a push to decentralize everything: the web, money, art, etc....  Because bitcoin transactions are more or less anonymous I foresee cryptocurrencies in elections making a difference, and because of that the government will try and regulate bitcoins.  They will force companies to register their wallet with the government that way they can see where the money is coming from and going to.

Interesting! I hadn't thought about politics and elections