Bitcoin - for good and for bad! :)

Have you ever heard one of the stereotypes from someone outside the crypto community saying that Bitcoin and all the other cryptocurrencies are only used by terrorists? In their minds, it might sound logical, but next time, why don't you tell them that money is only used by people buying drugs! It is just as logical. The fact that some people use it for terrorism, doesn't mean that it is only used for terrorism. And that leads me to the comparison of Bitcoin with fire!

Bitcoin like any other invention can be used for bad!

It is very hard to come up with an invention that cannot be used for bad stuff. Just think of a fantastic water boiler! It can be used to boil water, but it can also be thrown into a bath tub and be turned into a weapon of death. If you try to warm your cat in a water boiler, it will also end up ugly!

Living in Hungary, we are very proud of the Rubik's cube, an invention by a Hungarian. It might sound like a fantastic thing, and it is. But, if you throw it really hard into someones face, they might end up blind or at least it might cause their nose to bleed. And even more cruel, it will make you look at it for hours and days, you will get frustrated, annoyed, and irritated, simply because you cannot make it look like it should. The purpose of the Rubik's Cube might be good, but it doesn't mean that it always comes with good effects!

So, those who claim that Bitcoin is only used for bad hasn't done their homework, and they have watched too many movies about conspiracy theories! Bitcoin can, of course, be used for bad, but to be honest, no real and serious terrorist would use Bitcoin for funding their stuff. They would for sure go for more secure and hidden currencies like Monero!

Bitcoin can and will be used for good!

Bitcoin will for sure be used for good in the future, just like it is already today. Not only because it is easy to transfer and quick to transfer, but because the technology behind it makes it easily accessible to anyone. If you want to buy actual gold, you will have to leave your room and find a goldsmith (at least) in order to buy. But, it cannot be found everyhwere, and it is hard to access for most of use. Bitcoin, however, can be accessed by anyone. You can buy it and own it, no matter where you are in the world. And even better, you can access it and use it worldwide. It doesn't have borders, and you are 100% in control of it yourself.

Bitcoin cannot be printed forever

We have seen examples of unhealthy inflation with so many currencies out there. This has made the actual currency lose value, meaning that you might end up being able to buy less than before, even though you have more money. Bitcoin set a fantastic example, being a currency that will be mined with a set number. When this number is reached, there will never, ever again be mined more Bitcoin. That is quite a fantastic thought? Imagine, when the last Bitcoin is mined, it is over. As of then, it is only the existing Bitcoins that will be swapped and traded. If we also take into consideration the fact that many Bitcoin are lost in wallets to which the private keys have been lost, or maybe that were owned by people who suddenly died (without handing the information on to anyone else), the actual number of Bitcoins available will be way lower than the actual supply.

What's up with the fire?

A fire starts small. It might start with the end of a cigarette thrown into a garbage can. But, there it finds some paper, it starts to smoke, then comes the fire. This later reaches a branch of a tree above the garbage can, which again takes fire and leads the fire onto a house nearby. Suddenly, a neighborhood is on fire.

Bitcoin started slowly, and it has taken quite a while for the technology and Bitcoin itself to be accepted. It hasn't turned into a giant fire yet, but it is for sure spreading, and more and more people can experience its heat. But, it is still not anything compared to what we can expect to see in the future.

I still stand by my statement from a previous writing in which I mean that Bitcoin will not be used by everyday people in the future. I consider it more to be like digital gold. But, it has paved the way for other cryptocurrencies and the blockchain technology itself, and this is something that people have just as hard a time avoiding in the future as it is hard to avoid the Internet itself in our days!