James,
The more I learn about cryptocurrency, the more it reveals itself as a Godsend that could save us all from the tyranny of a central bank manipulated currency. I see this now as a revolution in civilization itself, nothing short of what penicillin or the internet has meant to us. It is new and undiscovered, just as America was in its beginnings, it is an unfolding wonderment.
When Bitcoin was starting up a few years ago, I fooled around with it on my computer trying to mine some coins, but it became apparent that I needed a lot more compute power to be able to mine very many coins at all. So I gave it up and de-installed the software.
I certainly wasn’t going to buy any of these coins on the MtGox exchange at about $6 a coin if remember correctly. It seemed like a scam, not worth even buying 10 coins.
What I didn’t see was that the developers who designed this system had figured it all out and they foresaw what I did not, that this was going to be big, really big. I am now beginning to see what they saw. They have true genius and vision. They also love freedom.
I missed the boat with Bitcoin, if I had just bought a hundred or so coins, I could sell them today and be $60,000 richer. People are skeptical, but you can not argue with success. Bitcoins are worth something whether we like or not, or whether the government or the central banks likes it. The truth is they can’t stop the avalanche now. It’s world-wide and totally private. Even taking down the entire internet may not stop the use of crypto currency as long there are computers and thumb drives, coin can be exchanged.
I think Bitcoin is too expensive to get into, like gold at $2,000 at per Troy Ounce, so I am presently looking into mining and investing in some alternative crypto coins such as Litcoin now selling for $16.35 per coin. There are many others now, such as Peercoin, Primecoin, and Worldcoin.
Some will succeed like Bitcoin and some will fall by the wayside as the gold rush into crypto currency begins. There is room for competition, Bitcoin is limited by design in the number of coins it can produce and many have already been mined and are expensive.
There is room for other systems and the same visionaries who brought us Bitcoin are busy designing new systems as I write this.
In the near future I will be writing more about crypto currencies and will post it on Set2survive.com/crypto-coins. Also check out the many cryptocurrency forums by doing a Google search for cyptocurrency. – Tim T.