The Compass

Bitcoin – A Look At The Financial Future

Bitcoin+enthusiasts+meet+in+Beaverton.%0APhoto%3A++Bryndon+Campbell
Bitcoin enthusiasts meet in Beaverton.
Photo:  Bryndon Campbell

Bitcoin enthusiasts meet in Beaverton. Photo: Bryndon Campbell

Bitcoin enthusiasts meet in Beaverton. Photo: Bryndon Campbell

Bryndon Campbell, Staff Reporter

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Reporter:  Bryndon Campbell

Bitcoin has been a long term investment for many people in the years of 2014/2015. People are making bitcoin grow more and more, it’s getting more popular every day. People have made meetups to discuss bitcoin, revolving around regular conversations, there is even a dating site revolved around bitcoin. Bitcoin is blowing up and will continue to be the future of finance, same with other cryptocurrencies.

Bitcoin went downhill when South Korea stopped allowing people in their country to buy cryptocurrencies, China followed South Korea’s footsteps by banning some forms of regulations involved with cryptocurrencies in China. This majorly drops the prices of all forms of cryptocurrencies and if it gets regulated by the government in the states, it would be really bad for cryptocurrency investors. At least that’s what some people think. Bitcoin hasn’t had nearly as much success for short term investors as it has for long term investors. Some people have been able to make cash quickly but people who knew about Bitcoin in 2014 and invested in it then has made the most money.

In a short interview with Drew Mim Mack, a Bitcoin enthusiast answered some questions regarding basic subjects on cryptocurrencies. Mack says, “It’s the separation between money and state and that it is the first implementation of triple Ledger Accounting.” Drew describes the future of cryptocurrencies as “the next generation of finance.” He also doesn’t see other forms of cryptocurrencies comparing to bitcoin, “as of right now no other cryptocurrency has the ability to compete with bitcoin. Bitcoin Cash is trying to foster merchant adoption.” Drew very clearly thinks highly of cryptocurrencies, especially bitcoin and sees a long term future with cryptocurrencies.

There is a lot to learn from these cryptocurrency enthusiasts, Shea has a lot of knowledge in the cryptocurrency market. He is able to explain the basic concepts of cryptocurrencies and what people are doing with them today. He mines for bitcoin which basically is random to find but when you are able to mine bitcoin then you are most likely making profit. He talked about how it is very costly for the electricity in doing so, but he still thinks it is worth it to mine bitcoin. Shea sees bitcoin going places in the future, he talks about how he could see it being used to purchase groceries, for car buying, banking. He also says, “it is where the next generation of finance is going.”

Ben, another Bitcoin and cryptocurrency enthusiast thinks very highly for the future of cryptocurrencies. He talks about a lot of the new devices, such as a paper wallet. Ben says, “think of it as your bitcoin vault or as a piggy bank that you can put in your closet.” Ben knows about all the ways we use bitcoin, the ways we could use bitcoin, and other cryptocurrencies and how we use them. Ben seemed mostly intrigued with the “curecoin”. Ben didn’t get too in depth with the subject of the curecoin but the main gist of it was that it’s not like all the other cryptocurrencies. You get the coins by bettering humanity, such as curing someone with a disease or something along the lines of bettering humanity.

All of these ideas these enthusiasts have are crazy and hard to believe for Bitcoin beginners but they all believe in it, and they an back the majority of it up with factual based opinions. If there were one thing all cryptocurrency enthusiasts share is they see a future in  cryptocurrencies but they also also can’t tell you exactly what they think is going to happen. They all know whatever happens is going to be big, some of them think it could change the way they have written the Bill of Rights. A crazy future lies in the closed door of cryptocurrency, and these enthusiasts see that door opening soon.

 

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Bitcoin – A Look At The Financial Future