The House of Bit
This Bitcoin crypto/digital “currency” thing is a monster with many heads. I have it pretty much figured out in my head.
Now if I can put it into perspective with words.
It is a wave of the future. You can surf it, swim it or drown in it. There are sharks in the water, along with dolphins.
Bitcoin proper and its first of a kind blockchain is not the final solution. It is like a house with no doors, windows, and utilities to make it user friendly and useful to a large market. Still, people are excited and want to put money into this mostly useless house. They are betting on a dream and a concept.
The hope is that someone will come along and install the doors, windows and utilitities and make the house useful and worth a lot more. The current miners and investors are counting on this. At this stage Bitcoin is a bubble of euphoria waiting to pop.
When it pops, ie, loses money for people and institutions, government will see an opportunity to say, “see, you need us to regulate this thing.” At that point the people lose confidence in the whole concept and it becomes a harder sell.
Newer projects/blockchains with a better infrastructure, business, and economic usefulness model will have a harder sell and face even stiffer government resistance. Trust is the core issue. It always is in transactional systems.
Right now there are newer projects/blockchains taking the dream and concept to a user friendly widely marketable level. A level free of the current sharks swimming around Bitcoin.
The question is, will they get sufficient momentum in the market before the Bitcoin bubble pops. Regardless, Bitcoin and other cryptographic currency isn’t going away. It will have a market correction. Just be smart enough to buy low and sell high. Bitcoin is not the only game in town by a longshot.
There are a multitude of opportunities out there in a completely unique new industry. I am currently figuring out which 1st floor elevator I want to get on.