What a week for Bitcoin.
“The hearing ends. This was a huge step toward the mainstreaming of digital currencies like Bitcoin — and it seems likely Bitcoin will become the only game in town — and Bitcoin markets seem to view this as a bullish development.” http://www.businessinsider.com/senate-bitcoin-hearing-2013-11
Monday saw a US Senate hearing where lawmakers talked about the positives and negatives of Bitcoin. The law enforcers were unanimous and clear, they have the law enforcement tools to manage a shift to digital currencies, they (law enforcers) just want to make life as difficult as possible for “bad actors”. Well that’s a win! There will always be criminals, there will always be cash (or maybe not), so in simple terms, it’s “as you were world”. Except, the USA Government understands that digital cash is here to stay. The result, it may be that Bitcoin is the major digital currency ( Gold 2.0) it maybe not, but you will have a digital wallet before 2020, quote me on it.
Bitcoin briefly reached a value of $900 per “BTC” ( the symbol for Bitcoin) on the news and reaction from that Senate hearing in Washington DC on Monday (18th November 2013).
Most major established global news outlets had stories:
Twitter came alive, water cooler chats were had, and those pro and con Bitcoin started to talk and shared their thinking.
Most people were talking about values, ‘can it go higher?’, ‘how is it worth that?’ and “is it too late to catch the wave/gravy train?’. Greed basically, but maybe that’s harsh.
For me, the answer to any Bitcoin question is, think long game. Think about the way you send people (your children, friends and family, online stores etc) money on the internet today, is it the best way to do it ? Through your bank with 2nd 6th and 12th letters of your password and 4th, 2nd and 1st digit of your online Banking PIN ? Really? Seriously?
I don’t think it is the best experience. That’s why I like long game thinking, I believe “Digital Cash”, “Virtual Gold” or “Gold 2.0”, whatever term you like best is here to stay, it’s not going away. Did you resist email in 1999? Or a maybe you have still said no to a smartphone? We are in a world where the technology is going to get you, sorry. Unless you find that paradise island where you and other inhabitants are entirely self sufficient.
If you can believe and trust my statement(s) above, that will be your time to buy or learn more about digital currencies. It’s never too late to learn or invest in anything you truly believe in.
After a week like this, I’m sticking with Bitcoin for now, but I will be looking at Litecoin next week.
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