Re my post about Etherium and cryptocurrencies

This post is about the cryptocurrency flu that seems to have caught up the whole world for the past year.

I previously wrote about it being strange that bitcoin rushed completely off the charts while Etherium did not show the same progress.

Little did I know Etherium was just a slow starter. It is now doing the same rush bitcoin did before the holidays and going steadily (well, for a cryptocurrency) upwards.

Other cryptocurrencies I am keeping an eye on right now:

  • Ripple
  • ADA

Bitcoin, Ethereum and other cryptocurrencies

Crypto currencies bitcoin ethereum are they here to stay

Bitcoin and the legacy of cryptocurrencies

Five years ago I was convinced that Bitcoin, bearing the legacy of all cryptocurrencies, had reached its peak.  From here on it would silently fall into oblivion, sort of like those horrific 5-second snippets of music people used as their ringtone back in the 90s just because technology allowed for it. I will never be able to hear the first tones of Sugarbabes ’round round’ without a stressed peak in adrenaline, and a nervous glance at my phone. Anyway, I was convinced it was a done deal.

As we can see, these are clearly one of those wonderful far-sighted things I was completely on point with (please hear the Scandinavian irony here).

bitcoin price cryptocurrency development
Price of bitcoin in the past five years, picture from www.bitcoin.com

Bitcoin has rushed like nothing else in the past few months, and there are a few forerunners along with it like Ethereum that are making its way up too.

As a newbie-bitcoiner and a borderline-news-junkie  I am torn between what to think of these. This is definitely the high-risk part of The Leprechaun .

Yes side

Yes, I see the future of finance, the internet finally seeing its legacy being instantiated into something tangible and useful, outmaneuvering the big, bad, corporate banks and so on. Sure. 

No side

But I also see the fragility, the marketplace made for people that have reasons to want to not be traced (human traffickers, illegal exporters etc.) and heaps and heaps of sites with semi-legit (read fraudulent) dealers, shadow-sides that mirror real online markets where people send their money somewhere where they will never see them again.  All without the slightest legal chance of getting them back.

But still

Still, I am ending up on the yes side. I think that as the years are starting to add up, it speaks for the probability of cryptocurrencies being here to stay. As more and more people are using it, the legitimacy as well as its liquidity increases tenfold. In addition, I am a firm believer that technology capabilities like this (music ringtones being the exception) cannot every be banned, it will only increase its attraction. We are making this a “good” force to be reckoned with, but only as long as the masses keep latching on to it. This is mainly because the technology behind blockchain is genius and unprecedented in its its usability as a financial mechanism.

What do you think?

 

— Note that I am only expressing my own opinion and not speak in any professional capacity nor giving any financial advice.