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| I am no expert here, or a big believer in Bitcoin. But I can give you a different perspective on some of your questions. Yes, I do think Bitcoin is going up because people believe it is worth something. And the goal is to have a supply limited by a code.
I have come to think of Bitcoin (any cryptocurrency) as more than an idea. There is a network around Bitcoin that adds value. Honestly, I think it adds most of the value. There are hundreds of thousands or millions of computers around the world with the Bitcoin code downloaded on it that are working around the clock to verify transactions and protect the system. Without these computers, the system falls apart. If an entity can take over 51% of these computers, they can ruin Bitcoin (I think). So, the larger and more diverse the network, the better. A smaller less popular coins can be hacked easier (and they have). So, it is the network and set of rules(code) that add the real value to Bitcoin (any cryptocurrency).
As far as I am aware, you can own a physical Bitcoin. People have. And you can trade it and use it. Most people prefer not to do it this way. Are most of your US Dollars (Federal Reserve Notes) physical? Or are they basically air and a non-tangible item? 95% of my US Dollars are digits on a screen somewhere backed up mainly by an idea of what their value is. Once I realized that we already live in a digital money world, it made it a lot easier for me to understand the appeal of cryptocurrency. Most of my currency units (Dollars or Bitcoin or Pesos, etc.) are a digit on a screen somewhere. Dependent on a system of computers to show that they are mine and really exist. So, the only question is: who controls the computers and code backing up the currency units? A government or a private code and group of people? To each their own here. I want to live in a world where private money is allowed to compete with government money. Let the best money win.
Does a former bus driver/dictator in Venezuela affect the value of the dollars that you have? My point being: does the supply and value of a competing government currency that you don't want(presumably), in a country that you don't live in affect you and your US dollars(assuming) in any way? I don't see how. So, I don't see how you creating a currency unit based on your fingerprints is going to bother or effect Bitcoin in any way. Why would it? Most likely nobody would want them. Any potential currency needs people to support and believe in it. Without this, it is useless. Bitcoin is a pretty popular currency in the world. What the future holds I have no idea.
You are welcome to day trade cryptocurrencies (just remember to file your taxes to report your losses). There are thousands of cryptos. 99% will never really have any value or be held by any noticeable amount of people. I have been following the community for a while now. It is next to impossible to pick a cheap coin and ride it to the top. There are phases where the whole market rallies together and almost any coin can gain in price. But to get a cheap coin and ride it up to compete with Bitcoin or join the top 10 is nearly impossible. I think you might be missing how hard it is to day-trade anything, especially cryptocurrencies. I think most people would be better off staying in Bitcoin, or maybe the top 20 coins. Just my 2 cents. | |
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Crypto question
