If you are reading this, then you are either a collector of bitcoin, or you are looking for advice on which way this internet currency is going to turn. Bitcoin has been around since 2009 and was a joke to nerds and computer geeks alike, that was until the dark or deep web shot the currency onto the world stage with its criminal use on websites such as the silk road. The silk road was a website on the dark web where one was able to buy exotic animals without a permit, drugs, assassins and even people. Criminals saw the potential of using an untraceable currency in order to do business with one another, thus making the currency a political and social hot potato.
Over the years, bitcoin’s popularity has grown due in part to its anonymity as well as the lack of a middleman. With virtual currency, there is no bank. There is no middleman and no taxes. As the world moves into an ever-increasing digital age, such conveniences as virtual currency are becoming more sort after. Many people are using their savings or converting their money into bitcoin for use in the online world. While this may seem like an exciting frontier, it is also a dangerous one. Bitcoin has no backing. It is not backed by currency or even gold. Right now the price of bitcoin is skyrocketing, but there are still not many ways to use the currency and it can be hard to trade.
Bitcoin is a phenomenon, and it is uncertain why so many people would buy into a currency that is backed by nothing. The currency is climbing in worth but that could easily dissipate overnight. This is a crowd-driven currency and many corporations have the resources to mine it 24/7 so the amount of bitcoin that is being found by the general public is dwindling. The people want a digital age where paper money is the minority, but these businesses make it impossible for regular folks to get bitcoin by any other means then purchase. What is more, many banks are banning customers from using their own debit cards to purchase the bitcoin and in a sense, they are trying to regulate the industry on their own, without the consent of the customers or the local government. Bitcoin hurts banks so I can see why they would want to see it gone.
If we wish to see Bitcoin succeed then ironically, it is going to have to have some kind of regulation, which is counter to what the general population wants as it takes away from the allure of the free economy that has been created with the rise of bitcoin. I personally do not want to see any regulation but big business is cutting into the dream of internet currency and I want to see their mining curbed so we as a people can realize the dream.