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Why Bitcoin (BTC)

GIG · 2 · 1959

GIG

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Why bitcoin?


Heres the short end of the story.




Having had success in the stockmarket I needed to park my stash somewhere. Previously I held my savings in Bank Time Deposits. As the cash grew I noticed that the buying power of that cash doesnt really remain. It tends to depreciate as our national currency the Php tends to depreciate against the dollar. So I read up on which currency should I store my savings in. The dollar was a favorite since all things are valued in USD, but then the financial crisis came. Then I found out and realized that the dollar has no intrinsic value and whats holding its water is just the pure "Trust" in the United States that it would pay its debt. I mean trust in the worlds most powerful nation both economically and militarily is not by any means a small notion. But then again its just trust. The USD is not back anymore by gold or anything we perceived as tangibly valuable. So for that time on I was putting my savings in Singapore Dollar. Then came Bitcoin. First I thought it was a scam, then I read up on it and really get under its skin. From where I stand now, Bitcoin could be a very timely and suitable currency in storing my savings.


Here is what I like about it. All of these are potential right now


1. Store of value because its finite - only 21 million BTC fully mined
2. Trustless and cannot be hacked - no third party involved so it brings about
3. Low transaction fees
4. Outside government control - so we dont end up like Greece where your savings are withheld from you as the government is suffering from cash hemorrhage.


All this achieved by Satoshi Nakamoto simply by fusing cryptology and basic accounting. Thats what bitcoin is all about. An incorruptible ledger where all transactions can be viewed by everyone. Currently, the bitcoin code cannot be hacked yet. In the far future, well thats another story.




Now havings said that, Bitcoin does not come without any problems. Major ones how I rationalize them follows:


1. its erratic valuations - its still finding its level. We are still witnessing its dawn
2. very hard to secure your key -  study up, lots of it and then you couple that with a bit of common sense
3. very easy to lose them -  again study up
4. Scams abound in its space - study up
5. Some governments are against it - we are afraid of what we do not know yet syndrome but my concern is why the government try to stop fiat to crypto and vice versa transactions.
6. Who really is Satoshi Nakamoto - yeah, I would prefer he be known so I can do a background check on him. The clues left in the net do not paint a whole picture of him.


Now we come to the question on how much do you invest in bitcoin. Quick answer is the cash you can afford to lose. Start small like P500. Read and study up, hold down your emotion and if your confident and rational enough then put in some more cash.


Until next time, do share any of your bitcoin questions or experiences here and I will be happy to help or listen.
« Last Edit: Jun 14, 2018, 10:27 AM by GIG »


adjahar

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Now we come to the question on how much do you invest in bitcoin. Quick answer is the cash you can afford to lose. Start small like P500. Read and study up, hold down your emotion and if your confident and rational enough then put in some more cash.




The highest I invested on bitcoin is Php600.00 when the value of bitcoin then is around $8000... just after 24 hrs the value becomes double and climbed almost $20,000 in December 17, 2017. But before that happened I cashed it out, so I didn't earn that much. However, I earned free bitcoins from ICO bounties without cash investment, but simply promoting their project thru twitter and facebook, and via Signature campaign as well. So, after 3 months of campaigning, I get my rewards last May 2018... image below.




 


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