This article will be a little different from what I usually write. 

Basically, during fellowship lunch in church, there were occasions where there was sort of a clash between traditional financial views and views about Bitcoin and crypto in general. I have been trying to convince my church friends about the viability of BTC.But I can also see why it is a long road ahead for it. 

For me, as  I came from an IT background and have no problems accepting BTC as a new form of money because the strength of blockchain technology which powered BTC is indisputable. But for people of an older generation, even my good friend in trading they prefer to see something backed by a physical tangible substance such as gold. I can see where they are coming from.  It is like the internet, when it first started nobody saw the need for the internet. But this covid 19 pandamic proved that it has it became an essential part of life at least for city dwellers like me. I can’t imagine how many more companies would have shut down if there is no web element for their businesses. 

In the same vein of things, nobody except me and people who work or are associated with technology saw the need for Bitcoin. Perhaps bitcoin will not be as successful as I envisage. Governments will try and limit its use and come up with their own centrally controlled cryptocurrencies. But one thing is certain, BTC will NOT disappear into obscurity as my other friend from the same table said, ” Why not? As long as there is demand and Supply, BTC will survive.”

For one thing I can tell you, more and more traders around the world like crypto because they can earn a lot of money precisely because of its volatility. Its a little like the ” pump and dump” scam in stocks. I am not an expert in trading cryptos and I only dabble in ETH and BTC trading in the beginning of this year.  But traders like Josh Roger and billionaires like Elon Musk are putting their weight behind crypto especially bitcoin. Even old school millionaire Robert Kiyosaki is leaning pro Crypto. The future continues to be uncertain for crypto at least for this decade, but it is my belief that Bitcoin  is here to stay and might one day replace even gold as the most preferred store of value. 

Ethereum on the other hand is a totally different animal altogether, It is based on Blockchain but its main aim is like acting as a medium for companies to create decentralised “apps” much like the apple store or google play store,  New blockchains can be created on top of Ethereum and it also acts like the “Internet protocol”  for Blockchain, Ethereum therefore has the most number of developers all over the world and technology giants like Microsoft are on its teams to help further its development. It rewards users for using its blockchain. It can also be used to create ” smart contracts ” – contracts that are digitally signed meaning A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized  blockchain network. The code controls the execution, and transactions are trackable and irreversible.  It therefore is NOT limited in supply and does not act like money It has competitors  but currently none is able to challenge its place as the second most valuable crypto in the whole of the market after Bitcoin. To me it has  tremendous potential in changing the way we work.

Don’t forget crypto is around less than 15 years and it has already made an undeniable mark in the evolution of money or technological development  in human history, just as in trading, “Anything is possible.”

All in all, Bitcoin in particular crypto ( at least for the top 10 on coinmarketcap.com )  are not scams. The scams are only possible the further down the list you go on coinmarketcap.com   But most of all, it is only the human heart that can devise scams. 

” The heart is deceitful above all things, and desperately wicked: who can know it? Jeremiah 17:9 (KJV)

I leave you folks with Bill gates describing the Internet in 1995. This is an epic video. We all sound so foolish when you look back in the past, exactly how the majority are behaving towards Crypto now  :)….I am not saying people who don’t believe in Crypto are foolish, don’t get me wrong.  It just feels like deja Vu 🙂 

 

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