Why I think Bitcoin is an Asset and not a currency
I have been in the Bitcoin world since beginning of 2013. I started to learn about Bitcoin when I had alot of computer power left, from my Bots running the computergame Diablo 3. I was actually looking for ways to get out more value of my graphic card, this is where I heard about Bitcoin, that you could actually turn computer power into money.
I started mining with GPU's and moved to ASICs as soon as they came out. From reading about those people in Alaska that made most of the money werent actually the people that were mining for Gold, but actually those people that sold shovels and equipment for people that wanted to do mining for gold and those people selling them alcohol.
Actually I made more money selling Bitcoin Equipment then mining. It was actually also the time when the price hit the alltime high of 260$ and shortly after dropped to 100$. I figured out that mining takes quite some time and its way easier just to buy the bitcoins and sell them. I found the plattform Localbitcoins.com pretty useful for that. To buy Bitcoins from an exchange and then resell it.
Since 2013 alot of Altcoins launched, and I see them more as experiments, even Steemit I see it as an experiment, but I honestly like the feeling of getting reward by getting upvoted from other peoples. The financial reward is for sure a benefit, but I value the building of your reputation much more, quality being more valuable then quantity. We can see those Altcoins basically like investing directly in those projects. While Bitcoin on the other hand is the first decentralised currency, the so called Gold of the crypto world. In the beginning Bitcoin transaction cost where really low, 1 Transaction used to cost about 2 Cent. But it has changed dramatically. These days 1 Transaction can cost up to 1$. So if 1 transaction cost 1$ using Bitcoin as a currency seems to be quite expensive. There are currencies that are much cheaper to use M-Pesa in Kenya is these days are free up to 100 KSH, Paypal cost 1% if you send it as family and friends. So I basically see transaction of lower then 50$ not really of a benefit for Bitcoin, Bitcoin is cheap for big transaction, but for small transaction is not really useful, its also really slow, who can wait if a confirmation takes more then 30min to buy a cup of Coffee?
Also Bitcoin follows a phenomen that is mostly horded by people. People just buy Bitcoins store them and wait for them to gain in value.
I was at a Bitcoin Meetup in Zurich ( In German is sounds like too rich ;), which has some truth.)
People there were just caring about the price and Bitcoin as a store of value, and not as in using it as a currency.
I on the other hand thought its a currency because I sell it mostly on Localbitcoins for other currency and I use it for buying and selling things on purse.
so what do you think about it? Any feedbacks or comments are welcome.
thanks for reading, I hope you enjoyed my first post.
Bitcoin is more of an asset I do agree. It will be the digital gold, because it was the first. Now with ALTS we have all been in search of something else that brings value to us and the crypto community as a whole. Something that will also empower Bitcoin. Bitcoin does what it does very well. It is mostly stable and I see it as a great future store of value. STEEM is a one of a kind blockchain. Take a look at coinmarketcap for a while ...just stare at it. Then read up on blockchain related news for the past few years. The time is now for the markets to start maturing and weave out useless junk coins. Why does LTC and other alt coins have the value they have now? STEEM has the attention economy backing it. We are bringing value to attention. Backing a currency with it. STEEM in a way is better than any bank account today. If you are someone who deals in crypto why would you even want to keep large sums of money in the bank? STEEM is a great alternative especially with this in the pipeline: https://steem.io/roadmap/confidential/
I've come to the conclustion that Bitcoin is free speech, not a currency or an asset.
You mind back up your conclusion with some proves?
I want to dive further, but I’m slammed with work. :(
First Amendment - Code protected - Digital signatures are equivelent to handwritten signatures - Money is free speech
First Amendment protects verbal and non-verbal forms of communication.
First Amendment Protects Computer Code
Bernstein v. United States, Universal City Studios v. Reimerdes, and Junger v. Daley—federal courts held that computer code merited protection under the First Amendment.
“This court can find no meaningful difference between computer language, particularly high-level languages as defined above, and German or French....Like music and mathematical equations, computer language is just that, language, and it communicates information either to a computer or to those who can read it…”
-Bernstein v. U.S. Department of Justice. Judge Patel, April 15, 1996
Digital signatures are equivalent to traditional handwritten signatures in many respects, but properly implemented digital signatures are more difficult to forge than the handwritten type
These messages can be transmitted over phone, person, mp3, email, morris code, artwork, etc.
Electronic Signatures in Global and National Commerce Act
Also, note SCOTUS ruled in Buckley v. Valeo that spending money is speech and regulating Bitcoin restricts political free speech.
My hope is that one day it can become a currency. Or STEEM, for that matter.
is it legit to edit your own posts?
Huh?