The Fallacy of Bitcoin
Bitcoin is a failure waiting to happen.
It is being sold as a hedge against not only inflation, but also doomsday!
However, Bitcoin is not gold which can be sold or bartered in a true doomsday scenario.
Bitcoin is a digital cryptocurrency and as such it is dependent on technology.
In a doomsday scenario, there is a great chance for the interruption for extended periods of time of our technical infrastructure whether through terrorism, war, cyber attack, or an electromagnetic pulse.
Even with Blockchain distributed ledger, there is a high probability that you will NOT be able to access or trade Bitcoin from any digital wallet if the infrastructure is severely or broadly damaged.
Your gold watch, ring, or coins will still hold value as currency, but your Bitcoins will be useless!
If you think losing your password to access Bitcoin is a problem, what happens where you can’t access the Internet.
A digital doomsday is not as far fetched as you may think and the vulnerability of Western Civilization, in particular high-tech countries like America have much at stake.
If you think Bitcoin will be your hedge again a major disruption in our way of life you are caught in the greater fool theory. ;-)
(Credit Photo: Pixabay)