Just gonna offload this novel here
My goal is to discuss cryptocurrencies in a way that anyone can understand them, and I will certainly have some additional opinions to add in. Of course, my opinions are just my opinions, I am not a financial advisor, and this is not financial advice.
Also, I'll tell you in advance that I'm not making any recommendations on what to buy or what will "make you rich". My interest is in the technology, social, and economic side of things, and the possible changes that crypto brings. I frankly don't care which crypto ends up revolutionizing the world, as long as one of them does.
There ARE some oversimplifications, because my goal is to write to people without presuming any knowledge or getting too caught up in the terminology. If anyone wants to offer any criticisms, suggestions, or corrections I am absolutely open to them. I do not proclaim to be a Guru, I just ask that you do so respectfully
Let’s get started..
What is Bitcoin?
Bitcoin was the first successful implementation of cryptocurrency. It was created by Satoshi Nakamoto, who has a super cool backstory because nobody knows who the fuck Satoshi Nakamoto is. There is speculation that Satoshi is a group of people, there is speculation that Satoshi is dead, nobody really knows. Satoshi was NOT the first person with the idea for cryptocurrency. There were others who came before Satoshi, one example being Bitgold which was idealized by Nick Szabo. What separates Satoshi from the others is that Satoshi solved a pretty complex Computer Science problem called the Byzantine General’s problem. More on that later. What you should know is that Satoshi was incredibly smart, and many Computer Scientists, Finance/Economic Gurus, and Lawyers have all acknowledged that Satoshi needed a pretty deep understanding of ALL these fields to do what Satoshi did by creating Bitcoin.
Ok but what IS Bitcoin?
Well, not so fast. Let’s talk about money first. Often people refer to “fiat” currency, which is a currency that is “established” by the government. The American dollar is fiat. I think technical terms can be a distraction when trying to learn new ideas, so instead of fiat, I’m going to just uses the term “money”. I will never use the term “money” to describe crypto, and that’s just to avoid confusion in this explanation.
What is money?
Well, technically anything can be money. If you look at the history of human civilization, there are people who have used all kinds of things as “money”. Tulip Bulbs, Stones, Salt, Shells, etc. At the end of the day, we as people need to come to an agreement on the things we’re willing to give and receive payments for. Let’s say I wanted to open my own cupcake shop and you come in hungry for some noms and you slap a 20 dollar bill down on the counter and say SIR GIVE ME YOUR FINEST CUPCAKE. I can 100% legally say nah.. I do not accept American dollars, I only accept Bitcoin. In fact, I can even legally pay my employees in Bitcoin, in fact many employers have already done this.
Of course government laws are going to vary country to country, but legally and more importantly, LOGICALLY there’s no reason why I can’t. It would be a somewhat bad business move on my part, because most people don’t have a convenient way to perform transactions with bitcoin, and I would probably lose a lot of business and go broke.
But money has physical properties, and some things just make “better” money than other things. We COULD use gold as money, but then we’d all be lugging around lots of heavy gold. But fuck, we’d never need to do a leg day again. But still.. that’s just not super convenient. There was a time when you could go to the bank and deposit your gold, and they essentially give you a receipt that says “Hey, you have THIS much gold stored with us at the bank”.
Now we just sort have the receipts and not the gold. Keep in mind, American currency hasn’t ALWAYS been backed by gold, it’s something they’ve changed their mind on more than once. The federal reserve still maintains a vault with a crap ton of gold, but that’s beyond the scope of this topic.
But one of the appeals to gold is that it’s FINITE. Once all of the gold on earth has been mined, you can’t just “create” more (at least not yet). When things are rare, they’re often more valuable. This is considered “deflationary” because over time the value actually INCREASES.
Typical money, however is considered “inflationary” because there’s simply no maximum to how much money the U.S. government can print out. The more money they print, the less your dollar is worth. Right now we’re seeing a lot of unusual spending to counteract the pandemic, and it’s hard to really predict how much that might increase inflation.
If I went back to 1920 with $100,000 it would be worth a heck of a lot more money than it is today. Inflation is always happening. That means if you just save all your money under your mattress and don’t invest it in SOMETHING (whether that be stocks, crypto, a house, paying off your debt, etc.) you’re ALWAYS going to be losing money because of inflation, which is somewhere around an average of 2% every year. So in 1 year, your $100 will be worth $98 today. In 10 years, it will be worth $90 today.
How do we as a society use money?Well there are important things to note. Arguably the most important is that we use a shit ton of “ledgers”. Ledgers are just big long lists of transactions and/or balances. I want this to be friendly to people who aren’t accountants, so here’s a very simplified version of a ledger for dummies like me:
Bob's Ledger:
Transaction || Account Balance
N/A || $200
Withdraw $50 || $150
Deposit $100 || $250
Pay Alice $10 for cheezburgers || $240
Alice could have her own ledger, and of course when Bob pays Alice $10, Alice’s ledger will be updated to add $10 to HER ledger. There’s also the concept of OWING someone money. For example, on the application “venmo” you can request payments from your friends. So if your buddy Elon owes you $50 cause he smoked all your pot, you can formally enter that transaction into a ledger to point out that Elon “owes” you money. Keep in mind, that YOUR account balance is still going to be the same and Elon’s account balance is going to be the same UNTIL Elon actually pays you. But you still have a record of debt, someone “owing you money” which is also a very important feature necessary for ledgers and economic growth.
Now there are many kinds of ledgers. If you’re a business, you have to keep track of ALL your expenses, the salaries you’re paying, how much money you’re making, any loans you receive, etc.
So who’s maintaining YOUR personal ledger? Well, it’s your bank isn’t it? They know everything about your account, and every time you put money in or take money out, you have to trust them to accurately make changes. You can go online and even view your transaction history which.. in essence IS a ledger.
What’s a potential problem with this?Well, for starters there is always the potential for fraud. Banks have historically engaged in some less-than-ideal business practices over the years. One classic example being the housing bubble in 2008. I’m going to REALLY oversimplify the complexity of what actually happened by saying they loaned out a crap ton of money for people to buy houses (mortgages) even though the banks KNEW those people did not have the financial ability to pay it back. Of course, the banks didn’t really care because if people can’t PAY those loans back, the bank just foreclose on them and keep the house along with the money. Eventually that blew up in their faces. There’s also a constant stream of banks loaning money to each other, putting it into investments, etc.
tl;dr the Bank does all kinds of crazy shit with your money. If everyone decided we all want to withdraw everything from our accounts tomorrow, the banks don’t actually HAVE enough money in their overall supply to pay everyone. Now I don’t want to mislead you into thinking Banks are just evil. They’re not (well, kinda). The investing and wheeling and dealing that they do with your money can actually be quite good for the economy. That being said.. the Banks are making profit off this. LOTS of profit. Profit that theoretically could be in my hands and your hands.
JESUS JUST TELL ME WHAT BITCOIN IS
Chill, Mary. What is the most important thing a bank does? They maintain those ledgers. Without that, none of the other stuff will work. But what if.. WHAT IF!! We could maintain those ledgers without actually needing a bank?
Well, that’s pretty much what Bitcoin does. It’s just software. If I send you 10 bitcoins (In my fantasies I actually have that kind of money) then it goes through the network and computers are used to automatically update the ledgers. It keeps a record of EVERY SINGLE transaction and dates all the way back to 2009 when bitcoin was created. Now you’re no longer trusting your bank to keep those records, you’re trusting a bunch of computer wizardry that’s not actually controlled by any one individual person or company. (Don’t worry, I’ll talk about the computer wizardry later)
Bitcoin has a finite supply just like Gold. Once all of it has been “mined” there won’t be anymore. Which means that if we as society all elect to use bitcoin, the value of each bitcoin will increase over time. More importantly, that also makes it a potentially good way to counteract some of the money you’re losing each year due to inflation. I personally think it’s unlikely that crypto will actually overtake something like the US Dollar, but they can certainly coexist in harmony.
It is all digital, so you don’t need to carry around cash or gold which is a pretty convenient feature for a “currency”. And it fits with many of the other ideal properties of a currency. It’s divisible, exchangeable, 1 bitcoin is always going to be equal to 1 bitcoin, and it’s clearly durable since you’re probably never gonna leave a bitcoin in your jeans and wash it by accident.
Most people want to get into cryptocurrencies selfishly because it’s beneficial to them. They see money to the moon want much rich quick doggo go quack quack. But there is actually another more ethical and economic reason why we should all be interested in cryptocurrency. There are currently 1.7 billion people in the world who don’t even HAVE banks, and they are statistically more likely to be impoverished. Making sure those people get banked and have equal financial opportunities as everyone else is not only the right thing to do, it’s also economically beneficial to us all because it introduces more people to the financial markets.
There are also countries that are using their own money, some of which are incredibly volatile (one day it’s worth a lot, the next day it’s worth a lot less). Cryptocurrencies are an alternative for them that COULD be more stable, and they also make it much more convenient trying to make transactions with people across the world. It cuts out some of the middlemen needed to do currency exchanges and online transactions and has much faster speeds for making payments and exchanges across the world.
And honestly, that’s the only explanation you need of bitcoin and cryptocurrencies you really need. I’m going to put off the more technical explanations for the end because I don’t want to scare people away.
But what’s the computer wizardry behind Bitcoin?Well, Bitcoin as I mentioned before, maintains a ledger. When I send you 10 bitcoins that ledger needs to be updated so that it removes 10 bitcoins from my account and adds 10 bitcoins into your account. But how do we determine whether or not that was a valid transaction? Well, if you’re familiar with checks (and I wouldn’t be surprised if some kid is reading this that’s never seen a check in their life. #oldmansadfeels) there are a couple things that you need to write on a check:
1. You have an account number (e.g. 8675309)
2. You’re putting in a dollar amount (e.g. $69 and 0/100 cents)
3. You have the person you’re sending the money to (e.g. Jenny)
4. You have a signature
These things are all represented when you make a bitcoin transaction. The software identifies and verifies that it’s you making this transaction in a secure way using cryptography. It takes a COMBINATION of your personal “private key” that nobody other than you can see, and COMBINES it with information about your transaction and converts it into an output that makes it virtually impossible for anyone to figure out what your “private key” is. This output is called your “public key” which everyone has access to.
Your “public key” is then combined with information about your transaction (such as who you’re sending cryptocurrency to, how much, etc.) and creates a digital signature that can ONLY be produced if the person who “signed it” has access to your private key.
Wait, real quick.. what is encryption?Well it’s a way to take an input of data and sort of scramble it so it’s difficult (but not impossible) to understand. An example is if you want to write a note to your friend in class about how hot Ryan Reynolds is but you don’t want your teacher to find out, you could both create a “language” where you change every letter in the alphabet to the right by one. So every “A” becomes a B and every B becomes a C etc. You can tell your friend Ryan Reynolds is “TP IPU!!!”
Now if you just see “TP IPU” it’s pretty hard to understand what that means. The average person would have to sit down and put some time in to try to figure out how to decipher it, but it’s not THAT secure or difficult to crack. However, for you and your friend it’s super easy to translate because you both know what the strategy is. Take “TP IPU” and move every letter to the left by one and you both know he is “SO HOT!!!”
But these computer algorithms are somewhat similar. They use a cryptographic “hash function” called SHA-256. Hash functions are not exactly like encryption, because they’re not designed be reversible. Let’s say my hash function is to multiply 2 numbers and I give you the number 1200. Now figure out what I used to come up with the number 1200.
It’s hard, but no impossible. There are a lot of numbers that multiply together to get 1200. In fact 1, 2, 3, 4, 5, 6, 8, 10, 12, 15, 16, 20, 24, 25, 30, 40, 48, 50, 60, 75, 80, 100, 120, 150, 200, 240, 300, 400, 600, 1200 are all factors of 1200. Without more information, I assume you probably couldn’t figure out which of these I originally multiplied in my head to get 1200. And this number is only 4 digits long, which is drastically smaller than any real number that would be used as a hash
But this information gets stored in a “block” which is basically just like a single page in a ledger. You can contain 500 transactions in a single block, so your transactions might be in a group with many other transactions, which is probably the same way the bank maintains their global ledgers. You might have your own account with the bank, but the overall bank database keeps a log of transactions for *everyone*.
All of these “blocks” are tied together. You can think of it like a conga line where the person behind you has their hands on your shoulders and you have your hands on the shoulders of the person in front of you. Unless the person in front of you is Ryan Reynolds, at which point you might be putting your hands a bit lower, but please just be respectful when kids are in the room.
The point being that because each of these blocks is tied together to the next block that follows it and the block that comes before it, they cannot be changed without screwing up the entire conga line. If you make changes to any ONE block in the blockchain, it will make changes to ALL of the other blocks.
So how do we verify that these blocks are accurate?
Well, every block in the blockchain also has a certain number associated with it. Going back to the example where you and your friend are passing notes to each other, all you’re really doing is “shifting” the letters in the alphabet by 1 so that A becomes B, B becomes C, etc. But 1 was just a random number, you could’ve chosen to use 2, 3, 4, 5, 6, etc. Let’s call that number n.
Say I give you the sentence “rcfgrva qvqa'g xvyy uvzfrys”. I’m not going to tell you what the value of n is, you just know that you need to shift all the letters over by SOME number.
You would have to keep on trying different “shifts” until you finally get a coherent sentence, at which point you’ll know that the value of n = 13 and the message is “Epstein didn’t kill himself”
The blockchain kind of works like that. Again, keep in mind that I’m oversimplifying and that a hash function is much more secure and difficult to crack than our very simple “alphabet-shifting” algorithm.
But there is some number, where if the computer can “guess” what the number is (and the computer has to do this by literally just guessing and putting in random values until it receives “Epstein didn’t kill himself” at which point it knows that n = 13.
But if we just had ONE computer doing that, not only it would be super inefficient time-wise (guessing these numbers is very difficult and can take a lot of computation) and it also would NOT be decentralized. So the idea is that absolutely ANYONE can use their computer to do these computations for the blockchain. And ALL of these computers will get their own copy of the blockchain that they can potentially make changes to.
It’s worth noting that if only 3 people are using their computers to update the “ledgers”, it’s actually not very secure or decentralized. If 2 out of those 3 people conspire against the other person and have enough technical knowledge to feed the computer fraudulent data, they can very easily manipulate the “ledger” aka blockchain to say “hey, that other person owes us 2 million dollars”. But the more people we have using their computers, the more decentralized it gets and the harder it is to manipulate. Because it’s based on a group vote where computer 1 looks at their data, which says “Epstein didn’t kill himself” and computer 2 looks at their data, which says “Epstein didn’t kill himself”, and computer 3 looks at their data and it says “Epstein killed himself” and both computers 1 and computers 2 vote that computer 3 has invalid data and is a big loser.
This consensus mechanism was essentially how Satoshi solved the byzantine generals problem. The more computers there are, the more secure the blockchain is. It's easy to manipulate the blockchain if there's only 3 computers, but it's MUCH harder if there are 1 million computers. Once there’s a consensus reached on which data is valid, ONE of these lucky computers gets to write to and update the blockchain (aka ledger) with the blockchain that has the most work put into it.
Here are some phenomenal resources for more details about the technical aspect of it that put me to shame:
https://www.youtube.com/watch?v=bBC-nXj3Ng4
https://www.youtube.com/watch?v=_160oMzblY8
https://www.youtube.com/watch?v=xIDL_akeras
But this process is basically bitcoin “mining”. Don’t get it confused, bitcoin mining is literally just leaving your computer on and letting it do all these computations for you. It obviously involves no real mining. It’s called “mining” because one lucky computer (hopefully YOUR computer), which managed to guess the correct number first, and that person will receive a certain amount of bitcoin. This is NEW bitcoin, that has yet to be “unearthed” from the supply, and this is the only way to “unlock” more bitcoin, similar to how going into a mine is the only way to “unearth” more of the world’s gold supply (which again, we noted there is a limited supply of both of these things. Once all of it has been mined, there will be none left. There will never be more than 21 million bitcoins).
This act of guessing the number is called “Proof of work” because it proves that your computer dedicated it’s resources to computing for the blockchain. Having these rewards for “miners” incentivizes people to mine for the blockchain. That being said, the more powerful your computer is, the higher your likelihood of being able to update the blockchain. They actually have computers that were built for the SOLE purpose of mining cryptocurrencies. Your average laptop probably won’t be super-efficient at making you a lot of money
This brings up two interesting questions. 1, what happens when all the bitcoin supply is mined? Will miners have incentive to keep mining? And the answer is that they will still receive parts of the transactional fees.The hope is that once the supply runs out, it raises the value of those fees and will still keep incentivizing people to mine. It’s not also not impossible that changes to the bitcoin network may need to be made.
Another question to ask is if bitcoin relies on so much computational power, won’t that generate a LOT of wasteful energy?
Here’s a great video addressing and debunking this question:
https://www.youtube.com/watch?v=DidAwxWaDKI
While it’s true that Bitcoin can potentially require a lot of computational power if adopted on a more global scale, it can still theoretically be more “green” than using no crypto. In addition to this, “Proof of Work” is just one possible way of verifying transactions.
Note that Bitcoin was the first real implementation of it’s kind. Bitcoin is the giant that all other cryptocurrencies stand on the shoulders of. Many of the newer currencies have the benefit of being able to take everything Bitcoin does great and on finding solutions for areas for improvement. Instead of “Proof of Work” we can use “Proof of Stake” which platforms like Ethereum, Cardano, and many others are moving towards and will be far more energy efficient than Proof of Work. You literally just put your cryptocurrency up into a pool with a bunch of other people, and one user is chosen at random (but it takes into factor how much currency you’ve put in, how long you’ve put it in for, etc. so it’s not entirely “random”, some people have a better probability of being chosen than others). Then the person who won will have the ability to update the blockchain and receive the reward. All of the other aspects of how the blockchain, signatures, etc. work are all either similar or identical.
Now it is possible to create applications and credit cards that allow you to walk into starbucks and use Bitcoin to buy coffee (and they do exist already) but from what I can gather, Bitcoin honestly seems better fit to be a store of value, like gold. You don’t bring gold into starbucks and put it down on the register and say “give me a pumpkin spice latte” why the FUCK do you always make my job more complicated, Becky?
So basically all this stuff is just a complex way of tracking payments and storing value?Well, no. It’s so much bigger than that, actually. Newer cryptocurrencies are capable of faster transactions per second with less energy usage. You can already see our society making movement toward mass adoption such as being able to buy Tesla cars and baseball tickets with cryptocurrency. Keep in mind, credit cards were first created in the 50’s and you couldn’t just pull up to any McDonald’s and pay with a credit until 2002.
That’s a pretty good indicator of how slow we are to adopt new technologies on a larger scale.
And these are just basic building blocks that could potentially lead the way to a much bigger and much more robust cryptocurrency economy. I know you see that there are 80 billion altcoins on the market, and many of them might just be “get rich quick” scams, but there are also a lot of genuine competitors who are currently trying to race to be the first one to really shape the future of the world.
Think of all the things you do with money. Buying stocks, opening a line of credit, buying insurance, paying taxes. People are actively working to make all of these things happen in crypto. You might see people refer to this as “Defi” or “Decentralized Finance”. Even the popularity of NFTs where you can buy artwork with cryptocurrencies shows different and creative ways that blockchain technology can be implemented beyond just “bank transactions”.
If you ever hear the term “smart contracts” just understand that they’re basic computer programs built on blockchain technology that tell the computer how to carry out a transaction. You could think of it somewhat similarly to how a vending machine works. Nobody is telling it what to do, but it is understood in the vending machine’s programming that if you give the machine a dollar, it will dispense the item that you selected, that the item will not be poisonous or expired, in most cases you can expect it to be cold, and you will receive any change back that you’re owed.
These smart contracts make this type of Decentralized Finance possible and note that the Bitcoin platform (again being the archetype) does not have smart contacts. However, many platforms like Ethereum do have smart contracts and others like Cardano are adding them in (I mention these because they are my favorites)
As I stated, this also provides us with an opportunity to give the billions of people who don’t have it already, access to something like insurance. If you don’t have insurance and your house burns down or you get into an accident, you’re completely screwed for life.
It also opens up the possibility for a more decentralized internet. Right now, a handful of companies control a vast majority of the internet. I could build a website and ask you to let me use your computer as a server, and you could rent out your computer to act as the server for my website when you’re not using it, and in exchange I’d pay you in some cryptocurrency. If we move towards decentralized apps, or “dapps” which are much more difficult to change, we can eliminate the “middlemen” who maintain and control these applications. For example, Uber is just an application that connects you with somebody willing to pick you up and drive you. You pay Uber, they take a chunk of the money to themselves, and give the driver the crumbs leftover. Theoretically we could write an app that decentralized and eliminates the middleman. You alert the application and say “Hey, I need a driver” and it connects you to a driver who comes to pick you up. The driver can get a bigger tip, you can pay less money. You both win.
Alright, now I’ve been fairly bullish here. I have lots of hope for the technology and it is honestly the stuff that a revolution can be built on. But here are some slightly bearish outlooks (followed by bullish comments I couldn’t help but add on)
My biggest peeve at the moment might be Robinhood. Cryptocurrency (and currency in general) is not meant to be daytraded. How seriously would we take the US dollar if one day it was worth 40 cents and the next day it was worth $1.20 and then there were people just constantly trading them around all the time trying to profit off the changes?
The most important thing the cryptocurrency community can do as a whole to move towards acceptance on a national scale is stop buying every time the price goes up and stop selling every time the prices goes down. It’s not a casino or pyramid scheme, it’s revolutionary technology that has real life applications that can better the entire world, and you still have the chance to be at the forefront of it.
For Bitcoin and other cryptocurrencies to be accepted by the SEC as a store of value, we need to prove that they’re not excessively volatile. Robinhood is increasing the volatility of cryptos. Daytrading is increasing the volatility of cryptos. LITERALLY everyone holding crypto would be far richer if they just held for the long term than daytrading would EVER make you, because it’s the actual ADOPTION and social acceptance/implements of the stuff is what makes it valuable. The $500 you made off doge isn’t shit compared to the money you could make if you’re holding coins for a platform that eventually grows into a trillion dollar industry (note that doge does not have smart contracts either).
This also seems like a convenient time to point out that the chair of the SEC has already stated that crypto is a store of value, and that getting the SEC on our side is 100% possible if people act appropriately. Mind you, the chair of the SEC taught on an entire class on Blockchain finance at M.I.T. and he is very much still on the fence in his position on cryptocurrencies and well-informed on the topic. Any narrative that says the SEC is wagging their finger at cryptocurrency without giving it valid consideration is false. They can be convinced, but we are the ones that need to convince them. It starts making wiser investment decisions.
This is all still pretty high risk and high reward. Don’t get too caught up in the hype of crypto because frankly it’s impossible to peg down which of the hundreds of competing platforms will still be around in 20+ years, and frankly if people get scared away from cryptocurrency because they had a bad experience where you told them to buy and they lost money, the process of moving toward these changes is going to take much longer.
Which brings me to my next point. There’s currently no crypto ETF. Why do you want a crypto ETF? It’s exactly like I said, there are hundreds of competing platforms and no way to be 100% sure that they will be around in 20+ years. An ETF basically gathers all of them into one big bucket (metaphorically). If the price of one goes up and another goes down, they cancel each other out. Generally speaking, an ETF is the “safest” way to invest your money and get slow, consistent gains with less volatility. That doesn’t mean ALL ETF’s are good. You can have an ETF with the worst 20 altcoins you can find on /r/cryptomoonshots and it’s absolutely worthless. But if you can gather up a bunch of the most likely ones to succeed and put them in an ETF, the outcome is much more likely to be positive.
How do we get an ETF?Win over the SEC. See my previous comments.
dApps are great in theory but they’re more complicated in reality. In general, the most difficult part of decentralizing this stuff is trying to update the software, and it’s going to be a long time before the status quo is changed, if ever. It’s entirely possible someone could write a piece of software with an incredibly hazardous bug in it and it’s more difficult to change.
In theory everything is supposed to be decentralized, but even in this intermediate stage of decentralization we just see changing of middlemen. Instead of us interfacing with bankers to maintain our money, we now interface with apps which are making companies profits every time they take a piece of the transaction fees. Which one is “better” really depends on the tradeoff between how much you’re paying them versus how secure you feel your money is (not in terms of "hacking" but "secure" in the sense of volatility. That your $10 today will still be worth $10 tomorrow), but as crypto becomes more common, it’s inevitable that those fees will increase and we’ll just be stuck with more of the same.. or worse.
Anyway, I honestly did not imagine myself writing this much. I’m 10 pages in on a word file. But this stuff is certainly very interesting to me. I’m incredibly optimistic about the possibilities that can come from crypto, but at the end of the day it’s the actions of the people who determine whether or not any of it actually has value in the future. In a sort of hyperbolic analogy, we could have a scientific breakthrough like a cure for cancer, where the underlying science, math, engineering that all went on behind the scenes were revolutionary and able to create something that’s never been done before and capable of making the world a better place, but it’s absolutely useless if everyone refuses the cure and people just sell it back and forth to each other in hopes of getting a profit rather than use it for it's intended purpose
As of now, even the safest cryptocurrencies like Bitcoin and Ethereum should be considered fairly high-risk with high reward potential. I've been assuming the best case scenario for crypto, but the reality is that the regulation and banning is absolutely possible anywhere in the world. Crypto will still exist underground, it's impossible to fully "Ban" crypto, but acceptance on the global scale that we would all like to idealize may be much harder/take longer to reach with resistance
05-13-2021, 11:03 PM
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