Monday, 30 December 2013

Coin all the Way?

The only way a person hasn't heard about Bitcoin in the last 3 months is if he has never had an internet connection or if the only thing he knows how to do online is log on to Facebook. The craze has swept over the planet and digital currencies now grow like mushrooms. There have been many responses to Bitcoin: some see it as a way to the future, while others have not been so polite in their critique.

First of all, we all have to admit that the idea sounds appealing: a currency created by computer code, not backed by any government and allowing people to mine coins by using complex algorithms (of which I do not have the faintest idea how they work). It is exactly that sense of independence and "techie-ness" which makes it sound such a great idea; the timing of its boom is not that coincidental either. When uncertainty rises and people fear for the future they turn to what they think might prove to be a good and safe investment.

Did I just say safe?

Let's face it: people crave for safety. We want a safe house, a safe car and a safe future. It's in our DNA; otherwise we wouldn't be what we are now. A few years ago, all we wanted was bonds, be it government or mortgage-backed....
Read the rest on Pieria

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