Text 30 Jan 3 notes Some thoughts about Bitcoin:

Bitcoin is an interesting beast… I personally think that it is a great innovation that will lead to a revolution in the banking industry. Now, that being said, it is an innovation. It is a tool. Whether the price goes up or down, it does not matter. All that matters is that the amount of money going in, and coming out, is constant and growing. If the amount of money flowing in and out grows, the usefulness of Bitcoin grows as well.

Think of it this way, imagine the Earth was filled with only 100 people and the only way to communicate was by placing rocks down forming letters. Now imagine two people managed to learn how to speak. Out of 100 people, now two people can communicate quickly, effectively, and with little effort. Obviously the 98 other people would try and hire these people to send messages. The amount of messages would be limited, both by time, and by the richer driving out the poor.

Bitcoin is bloody efficient, safe, and damn right amazing. I’ve sent money to Singapore, in 5 minutes. I didn’t have to drive anywhere, look up some arcane bank routing numbers, deal with international banks for days on end. “What’s your address? Ctrl-c ctrl-v, bam. Done.” Now, that being said, there are only two people on this Bitcoin planet. I can’t go give my local butcher Bitcoin yet. However, if that butcher wanted to buy an HDMI cable for cheaper than anywhere he could find/”communicate his way to”, I could buy it off BitcoinStore.com for him, and accept fiat in return. Even if I charge a small %, he still is better off because of the cheaper prices. Bitcoin adds value by removing a middleman, and that’s the point you need to look for… In anything really. Does this company add value? Stock goes up. Does this product add value? Shelves get emptied. Does Bitcoin make life easier and save people money? Yes.

For example, look at Coinabul, it might not be a large company, but it can be very competitive on gold and silver prices. They sell gold and silver in the form of bars and coins. The pricing is possible because of Bitcoin. No chargebacks or middlemen means a lower price for consumers.

I don’t ever buy any bitcoins, mainly because I can’t be arsed to,┬ásecondarily┬ábecause I can receive wages in BTC when I need more. I use Bitcoin much like a banking account, I store a lot of my BTC wealth in a savings account that I don’t touch, then store 10-25BTC in a wallet that I use to buy things. I don’t think Bitcoin is an investment. I think it’s volatile, and I find it downright humorous when people claim Bitcoin is dead because it dropped $10. As long as there is money moving in and out, the tool still works, and it is still alive.

  1. lordofopossums reblogged this from coinabul and added:
    The first time I’ve heard about it, I though it was one of these restrictive services where you have you have to be 18...
  2. coinabul posted this

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