The Real Reason to Own Bitcoin

There are numerous advantages to owning Bitcoins, the new and somewhat controversial “crypto currency.” One of the major advantages is to increase one’s privacy. Bitcoins offer greater privacy than do financial transactions made with credit cards or checks.

Of course, the most private transactions are the ones made with cash but cash seems to be rapidly disappearing these days.

To be sure, Bitcoin transactions are not completely private. However, the difficulty of tracing Bitcoin transactions has, so far, stopped commercial companies from spying on your crypto currency transactions in order to send targeted advertising or to use your personal financial transactions for other nefarious purposes.

Writing in the Sovereign Man e-newsletter, Simon Black has compared the introduction of Bitcoins and other crypto currencies to an earlier technological disruption: the introduction of Johannes Gutenberg’s new moveable type printing press in 1483.

If you are curious about Bitcoins or if you believe Bitcoins are a scam, you need to read Simon Black’s article at: http://bit.ly/2rpWnc3.

3 thoughts on “The Real Reason to Own Bitcoin

    • I read the article but completely disagree with the author’s conclusions. Statements such as “the only way to prevent Bitcoin from plunging in price is to find new people to keep buying into Bitcoin,” are unfounded, not backed up by any facts.

      You also quoted the article’s words of “Bitcoin owners will never be able to sell Bitcoins for anything close to its imagined current value.” That simply isn’t true. You can sell Bitcoins today for their full face value. That has always been true and I suspect it will remain true for a long time yet, probably forever. If you own one Bitcoin or one million Bitcoins, you can sell them today for their full value.

      The article also ignores the fact that many millions of dollars have been invested in crypto currency and blockchain technologies, including huge investments by IBM, Bank of America, other major banks worldwide, and dozens of corporations. Japan just approved Bitcoin as a legal method of payment and other governments are studying the methods also.

      With all that money and effort going into research and development, it is difficult to believe that crypto currencies will disappear. Having said that, I do believe that crypto currencies absolutely will be modified and improved in the future. The name “Bitcoin” might someday be replaced by something better so, yes, the name “Bitcoin” might disappear when it is replaced by an even better crypto currency.

      There is an interesting web site at https://www.buybitcoinworldwide.com/bitcoin-obituaries/ that keeps track of all the online articles that predict “The Death of Bitcoins” in the past seven years since Bitcoins were invented. At last count, there are 131 such “predictions.” So far, all of them have turned out to be wrong, including the ones that predicted that Bitcoins would disappear in 2014, 2015, 2016, or by the early part of 2017.

      I believe the article you pointed at is equally in error.

      Also read http://www.coindesk.com/survey-government-execs-blockchain/

      It seems obvious to me that, after all these investments, the underlying technology will remain for a long, long time. However, I also expect it will be constantly improved and refined. Perhaps a name change will also occur.

      I’ll bet you one Bitcoin that the article you cited will turn out to be wrong by the year 2020.

      In any case, it is a fascinating topic to watch!

      Like

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