Connect with us

Tech

5 Reasons You Should Be Swimming In Bitcoins

style=”margin-bottom: 0in;”>Let’s get this out of the way early: Scrooge McDuck was my childhood idol, the best-dressed cartoon on TV, and the chief inspiration for this blog. I have dedicated a sizable portion of my life to living out my dream of treading in colossal mounds of money like it’s a green tea bubble bath – and I’m not in the minority.
bitcoin_yWEKu

Rather than defend my personal grandiose fantasy or uppity-feathered icon, I’m proposing a way for us all to be swimming in monetary mountains very soon (at least digital ones): Bitcoins.

 Bitcoins are a kind of online, open-source currency whose value is not backed by any precious metal, tradable commodity, or national economy – making it essentially decentralized with respect to the international market.

 The “coins” are produced by powerful computers deciphering dizzying algorithms and “mining” for returns. As more coins are uncovered and introduced to the market, the more complex the mathematic equations become, regulating the supply and maintaining the currency’s value. This money is then traded online on its own and distributed to individual accounts. Funds can ultimately be accessed through personal computers and smartphone applications.

 This advanced technological cash, however, should not be reserved for computer science majors or Wall Street wizards. Here are five reasons why anyone with a smartphone and a dollar should be investing in Bitcoins:

 

  • The rest of your life is digital; why not your money?

 Our friends, entertainment (I can and do watch episodes of Ducktales on YouTube), and communication preferences are online, so it makes perfect sense for our finances to follow. Sure it may put street muggers and remaining tollbooth operators out of business, but I’m all for ditching my bulky wallet in favor of a 5 MB app. (Bonus benefit: skinny jeans would soon become a staple of my wardrobe.)

 

  • Its value is rising as traditional forms of currency are diminishing

I’d like to get Paul Krugman, Ben Bernanke, the ghost of Alexander Hamilton and Donald Trump together in a room and propose the following question: Isn’t it time we stop blaming our economic deficiencies on politicians and banks and indict the mostly arbitrary and outdated varieties of currency we continue to use? The international economy should modernize with the rest of developed societies. It’s time to ditch gold for every use except creating jewelry and sculpting sink faucets for hip-hop artists.

 

  • Become rich!

 A quick history: in January 2012, a single Bitcoin was valued at $7.20, then climbed to $140 by the first week of April 2013, until peaking at $266 just a few days later. That equates to a 3,600% value increase in 15 months. Does anyone else see the potential?

We can’t all be Gordon Geckos, but there’s money to be made here, folks – and it’s the computer generation that’s spearheading the revolution. Plus, I really like the idea of college kids tapping into their inner 19th century prospectors and digitally mining for gold.

 

  • Get drunk with Bitcoins

An April 10th Yahoo article reported that the Manhattan bar EVR recently started accepting Bitcoins from customers to pay tabs and tip their waitresses. In fact, the owner even prefers Bitcoin payments to credit cards due to their significantly lower fees (1%-2% for the former, 3%-5% for the latter). As the digital currency spreads in popularity – possibly aided by a capable Internet marketing company – so too will the volume of merchants who accept Bitcoins right alongside cash, checks and plastic.

 

  • Don’t be repelled by the volatility

In fact, embrace it. Bitcoins have gotten a pretty nasty rap recently after experiencing a sudden 45% drop in just a few days, causing the market to temporarily halt trading. A striking decline in value such as this does warrant further examination, but not the litany of alarmed scrutiny it has received. As I previously mentioned, the high water mark of $266 was a result of a nearly 100% spike from the previous week. It’s my guess that a significant portion of those who just lost a lot were playing with house money from the astronomical gains they enjoyed just a few days earlier.

Volatility is part of the game, and in a way it mirrors the hyper-changing world of technology itself. Bitcoin prices become obsolete quicker than each of my Apple devices. It’s a developing currency in an independent market with seemingly no regulations or administrative oversight. It was introduced just four years ago by an ambitious tech-savvy financier who simply envisioned a wallet-less world. Its value is fueled by a growing mass of people who share such a sentiment and believe in money’s natural progression to the digital world.

Regarding Bitcoins as an inflated bubble or fleeting fad is, in effect, betting against the digitization of yet another aspect of our lives. An examination of American society in the past twenty years has the odds stacked sky high against such a bet. And though I’m not draining my bank accounts and reinvesting all my money in digital dollars just yet, I am buying into the idea of online currency and keeping a close eye on the development of this burgeoning market. Above all else, it’s simply more sanitary than bathing in actual gold, and I’ll contend that ol’ Scrooge would approve.

Citations:
  • Meet the Bitcoin Millionaires
  • An Illustrated History Of Bitcoin Crashes
  • New York City Bar Accepting Bitcoins as Payment

Alex Becker, a Magna Cum Laude graduate of Stony Brook University, went on to obtain his MBA in Marketing and Management from the same school. While earning his graduate degree, Alex joined one of the most prominent names in Long Island advertising, Greenstone Marketing, in 2011. There, he honed his crafts in various disciplines, including copywriting, brand development and account management. A 2012 collaboration between Greenstone and Fishbat Digital Marketing, Long Island’s largest online marketing agency, afforded Alex an exciting new venture. He’s now immersed himself in the burgeoning fields of social media, SEO and web development. Alex strives to stay on the cutting edge of his industry, while continually seeking new opportunities and initiatives.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Recent Posts

Business3 days ago

Why Is Quantity Surveying Essential in Construction Industry

Quantity surveying is an essential part of the Australian construction industry. It is the process of calculating and estimating the...

Home Improvement5 days ago

How to Maintain Upholstered Furniture

No matter if you have pets or kids, maintaining your upholstered furniture is quite a challenge. Even though vacuuming it...

Business1 week ago

How Do I Find a Good Bubble.io Developer?

Finding a good bubble developer to help build your app or digital product can seem challenging. How can you choose...

Home Improvement2 weeks ago

When is a right time for home repairs?

Summer is a popular time for a renovation around the globe. While it is true that bright days and warm...

Top Alteryx Competitors Top Alteryx Competitors
Tech4 weeks ago

Top 15 Alteryx Competitors

The world has seen a tremendous rise in startups and new incorporations in the business world. Companies have great potential...

Lifestyle1 month ago

Latest Wedding Trends for 2023

If you’re planning on getting married this year, chances are you’re probably overwhelmed and confused when it comes to wedding...

Lifestyle1 month ago

Tips To Make The Most Of Your City Break In London!

London is one of the best cities in the world, known for its quintessentially British culture, great nightlife, fantastic museums...

General1 month ago

The Ultimate Guide To Packing For A Trip To London

London is one of the best cities in the world, known for it’s rich history, quintessentially British culture, the best...

Tech2 months ago

Top 15 Web Development IDEs

The web development field has seen sustainable growth throughout the years. As technology is advancing, so is the web development...

devops devops
Tech2 months ago

12 Key DevOps Programming Languages to Still Popular in 2022

“DevOps is not a goal, but a never-ending process of continual improvement.” – Jez Humble Delivering the finest of services...

Entertainment2 months ago

Festival Fashion Style Tips For 2022

Summer is well and truly here and with that comes the festival season! From the biggest stars performing on stage...

Green & Energy2 months ago

4 Tips For Making Your Wardrobe More Sustainable

Everyone is trying to make more of an effort to make their wardrobe more sustainable, but often are unsure where...

General3 months ago

7 tips on how to organize a budget-friendly move

If you are planning a move any time soon, you might be worried about all the expenses that wait for...

Metal Roof Colors Metal Roof Colors
Home Improvement3 months ago

Metal Roof Colors: How to Select the Best Color for a New Roof

Choosing the right type of material for your roof is enough of a hassle already that the question of choosing...

Health3 months ago

Simple Ways To Feel More Confident At The Gym

If you are new to the gym, or you haven’t been in a while, sometimes you might not feel completely...

Categories

Archives

Trending