I think by this point about everybody tryinig to make a living online thanks to the PTC Systems have heard the word Bitcoin, and many persons surely have looked into it, into What are Bitcoins, How are Bitcoins generated (most probably because of an interest to generate some of them), How to receive Bitcoins, How to acquire Bitcoins, among other things. At this very moment the PTC networks are getting kicked out of PayPal, so I think it is fair to assume that most, if not all, are looking into cryptocurrencies as an alternative. The question for us as both users and advertisers is then, are we prepared?
Don’t wait for the change to happen, be part of the change
It doesn’t take a lot of imagination to imagine a future based on cryptocurrencies for the systems that we are currently handling. Bitcoin (BTC) may be the first, and the most expensive out there, but it is no longer the only highly valued one, we have Ethereum (ETH), we have Dash , Litecoin (LTC), Unobtanium (UNO) and a large large variety of them. These Cryptocurrencies offer us a possibility that was unthinkable before: To exchange value outside of a banking system.
Are all of them worthy?
The thing is, we don’t know. Not even Bitcoin was a safe bet back when it all began, although some of us saw a lot of potential in it.
Of what depends whether a cryptocurrency will be worthy or not?
On its acceptance. On whether people want to have it or not, and I mean, want it enough to give up something else of value in exchange for them.
A cryptocurrency is no different than a normal currency in this regard. For the currency of where you live, you are willing to give up a very large amount of your time. But you do it because you know that you get things from others who also value it about as much as you do. The government regulates how much is the value of the currency.
Bitcoin and the rest of the cryptocurrencies are different in this regard, no government is determining how much it is worth, it is pure offer and demand. In order for it to work, the system had to be made solid enough that somebody with a bad intention can take it down by exploiting an error in the system. Once the system is strong enough to withstand attacks, then the value is whatever people is willing to give up for it.
Except for Bitcoin, we are at the stage in which people is hoarding as much of their favourite cryptocurrency, just hoping that one of them will see the same rise that Bitcoin saw and still seeing, but not many businesses or services are actually accepting them.
But if the cryptocurrency doesn’t begin to be accepted in a variety of services, or by people selling a variety of products, then these people will simple have a “wallet” full of said cryptocurrency that they can not use to buy anything.
And this is the destiny that awaits many of the current wave of cryptocurrencies, whether they are willing to accept it or not.
Should you try or not then?
I think you should, just don’t put your entire future in just one cryptocurrency, don’t put your entire life-savings on anything; only put on it money that you can spare and that you can live without.
Even in Bitcoin, I see quite a lot of very sucessful years ahead, but I think it may come to a point in which it develops some problems, it is way beyond the scope of this article to treat them, but it is about whether it can handle a very very large amount of small transactions. The cost of transferring Bitcoins has started to be noticeable; in a few years, with a much larger user base, I am curious about how is it going to work.
We recently have a new development in Bitcoin, in which two attemps at solving this issue went head to head. They were not compatible, and Bitcoin split in two: Bitcoin Core and Bitcoin Cash. I may cover this in a different article, or a different website, but the point I am trying to make here is that issue arise, and solutions come, but it is hard to predict what they will be or how they will play out.
Nothing last forever
We don’t have anything to put value into, that is sure to still be operational in 50 years. But Bitcoins may, in fact, become a currency used by very large scale transactions between countries. And it is scary to think about it, because there are some users that have been hoarding this since the very beggining. I think this calls for a good assesment and analysis of the blockchain, and being honest, I would bet that some organizations and governments have already done it extensively and are very likely trying to associate the wallets with the most bitcoins to the persons who own them, to either take them, or control them.