I remember the moment well, hovering over the purchase button, wondering if I should do this with such a new and somewhat controversial technology, but I did it! It was a rush the moment the purchase went through and then it said it would take 10 days to get my Bitcoin - I wasn’t sure it was really going to make it. That is all history, now Bitcoin is a significant part of my life and visions for the future.
BITCOIN IS MYSTERIOUS
I will forever be intrigued with the mystery surrounding the creation of Bitcoin. Who is Satoshi Nakamoto? Was it a group of currency idealists or one person? Whoever it was, the vision is pure genius. There is no need to know who it is, they must have a very good reason for disappearing from the spotlight as to not distract from the technology moving forward. I have read through every old post that Satoshi made on bitcointalk and other areas on the web. One of my favorite Satoshi responses to a question about Bitcoin is from http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source :
Reply by Satoshi Nakamoto on February 18, 2009 at 20:50
“To Sepp's question, indeed there is nobody to act as central bank or federal reserve to adjust the money supply as the population of users grows. That would have required a trusted party to determine the value, because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that.
In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.
BITCOIN IDEALISM
I am an idealist and also a realist, mostly an idealist though. Working with the poor and homeless for many years I have a passion to see poverty eradicated. Digging deeper into Bitcoin and the possibilities for profound global change I quickly fell in love with it. Concepts like Basic Income and banking the unbanked are a step in the right direction and something much needed. Here is a good article on Basic Income and crypto’s involvment:
https://www.cryptocoinsnews.com/cryptocurrencies-bring-world-universal-basic-income/
BITCOIN AS $
Bitcoin brings transparency and decentralization to finances - this could end corruption, collusion, and eventually wars. Decentralizing economics and services puts the power in everyones hands, not just a few. When you own Bitcoin you become your own bank. I am Bitcoin & You are Bitcoin.
Bitcoin fees are low and can end exorbitant ones imposed by banks and financial services. The fact that you can send money overseas instantly and with low fees makes sense as we enter a more globalized market and state of affairs. Finally, Bitcoin is math and code and that is much cooler than grimy paper currency.
REGRETS
- Of course not buying when it was a penny.
- Being a skeptic and conservative in my approach.
- Not mining it.
All regrets and idealism aside, Bitcoin is the future of money, the future of “work”, the future of many things and the underlying technology called the Blockchain will take the world in a new and positive direction. Thank you Satoshi whoever and wherever you are.
Cool =]
I remember when it purchased my first bitcoin. I was excited and the same time afraid as well as it's so volatile. My top regrets is not knowing about it earlier. But it's ok.
Thanks for reading, yes as long as you are in it doesn't matter when.