News, Culture & Society

Is Cryptocurrency Really Worth It?

Have you ever felt like someone’s watching? Or someone may find out about what you are about to buy or invest in? Well, chances are, what you feel is accurate, especially if you are using your credit card. You see, there’s a beauty in using cash. It’s the anonymity that it offers, but wait, aside from cash? Has there been any other form of exchange or currency that could be considered as good as cash? Well, you guessed right.

Anonymity

We always get worried when someone is spying on us, I mean, who wouldn’t, right? There’s just this satisfying feeling whenever we could consider doing something private like no one would care to know about it, more so keep a record of it. Cryptocurrency’s advent makes it possible for consumers who don’t want to carry around cash yet do not want companies, their governments, snooping around on their transactions, whatever it is. This is what we call decentralization, where no one is in absolute control of it (cryptocurrency, i.e.). To cite an example, Bitcoin, which started in 2009. A lot of people must be asking, is bitcoin a safe investment? We can cover that when you finish this article.

Trust

It was such an ordeal in the pre-cryptocurrency times when people were trying to come up with a way to safely do transactions online, yet keep your tracks to your self. This is what we call the “Byzantine Generals Problem,” cut a long story short, imagine you are in a conflict with a different nation in the past, and you deal with one or more generals (think of your self as a general, too.). You need to come up with a consensus with them on whether to attack or not. Well, you guessed right, this wouldn’t have been considered a problem if you knew the generals on the opponent’s side, right? This was where the trust problem came from, and one general can declare that his troops will not attack and yet do the exact opposite. Now, this verification is done by a merchant when they call your bank about the money you promised to pay, except that it leaves a trace for everyone to know. Well, someone solved this problem by making it possible to let everyone know that you have the money you are promising without disclosing your identity at all. This is now what we call the blockchain technology. Think of it as your list of transactions updated every time you do the transaction without your identity, and everyone can access it, except your identity is left out of it. Oh yes, you saw this coming, cryptocurrency is as good as cash!

Investment

Now, this part can be a challenge, and it is really up to you if you are willing to take risks, Bitcoin. Sometime in 2010, 1 Bitcoin was equivalent to $ 0.06 or 50 Bitcoin to $ 3, but in 2017 (at its peak) was worth around $ 850,000. But if you ask me, this is not the problem, there’s a much easier way to lose your investment, just forget your password and you are set. There’s just no way to reset your password yet on Bitcoin. There’s always a price for that anonymity, right? Having a reset password option is a vulnerability; that is why it’s not yet introduced, or better yet, will not be introduced anytime soon.

Takeaway

It’s a challenge to take risks, but you just need to know your priority. If you would like to get rich? Bitcoin and other cryptocurrencies can help. If you are after doing the transactions themselves, all the more that you need to try Bitcoin. It’s not the safety that you are after; it’s the risk, big risks yield big wins OR loses. You choose.