I am here to discuss all about crypto and Bitcoin as an education. I don't really have an opinion of whether it is a real product or a scam and these opinions are pretty polarised.
I keep hearing that Bitcoin has:
No utility
Use a lot of energy for unnecessary complex equation solving in order to be rewarded for the privilege of updating the block chain.
Slow is transaction processing
Expensive for small $ transaction
Store of wealth
Limited issuance of coins
Distributed ledger hence no CB can print more as desired
Technology is the basis of the worth of Bitcoin and likes
I am wondering from a technology perspective if we are actually at the infancy of this blockchain practicality and the markets have yet to discover the power of its concepts. I recall the internet introduction late 1999 when the internet of things was still a future imagination and we didn't have any idea when or how the industry will evolved. Obviously FF 2 decades later, we can now appreciate how internet has impacted our lives to te point we cannot live without it, just like when electricity was discovered.
Is Bitcoin and etherium just the pioneers of future applications of financial transactions just like the initial discovery of how internet back in 2000 that took at least a decade for commercialisation of its usage and evolving technologies that disrupted out traditional way of living? You can see from email, payments, streaming, banking, financial trading, telephony and the latest being digital currencies of the fiat kind (digital Yuan).
We are potentially facing regulations from the bad press about bitcoin being an anonymous exchange of funds from Silk road scandal, hacking of exchanges, and more recently the payment of bitcoins in the ransom ware of US oil pipeline. No doubt countless unreported commercial transactions of ransomware using this medium of exchange.
I am an old dog preferring gold to bitcoin but I can see the pros and cons of this currency if I can refer it.
