As technology evolves, so do our ways of conducting nearly every part of our life, including exchanging payments with another party, such as with cryptocurrencies. It can make exchanging payments over the Internet in some cases much easier. We asked our writers, “Will the hype surrounding cryptocurrency encourage you to use it?”
Christopher admits to “fantasiz[ing] about going back in time and getting Bitcoin while it was plentiful and cheap.” Yet now that he missed the boat on that, he feels “like it’s much harder to justify breaking into as a newcomer.”
Phil admits outright that while he’s no luddite, at the same time he doesn’t really “get” cryptocurrency. Having said that, he also thinks if cryptocurrency is trying to promote itself that it’s not doing a very good job because “my opinion of it is colored by the somewhat sleazy websites you find, of the kind that jump on bandwagons to sell vape supplies or mobile phone accessories as soon as it looks like there’s money in it.”
He’s not sure if it’s just a UK thing but sees those selling “mining equipment” and what appears to be graphics cards and recognizes a “sinister flavor” to it. To him they all seem like “sharks, in it to make a fast buck before it goes mainstream.” But when looking at it as “a more stable global currency with no flag in a form as accessible as Paypal,” he sees potential, but he still can’t shake off that sleazy image he gets.
Alex believes that the only thing that will make cryptocurrency viable is for it to be accepted by merchants. “If no one is taking the payment in Bitcoin or Ethereum, you have to exchange it into ‘real’ money before use,” and that’s just not interesting to him. He’s not interested in investment opportunities, so at this point just sees it as “an odd experiment people are doing that hasn’t taken off yet.”
Miguel recognizes that cryptocurrency “has its uses and its drawbacks.” Despite the fact he’s not swayed by hype, he still pays attention to it. He sees the potential to use it to finance projects and companies and work through small contracts but personally doesn’t see himself using cryptocurrency much. That said, “the prospect is attractive,” and he is “mildly excited to see what will happen with this technology in the future.”
Fabio remarked that he’s not drawn to using cryptocurrencies, as he’s only going to use something if he knows it’s going to help him, not just because it’s receiving hype.
Ryan admits the hype does pique his interest, yet he also realizes the value associated with it is speculative. “Like any commodity, a digital coin is only worth as much as someone is willing to pay for it.” He sees it as different than other commodities, as with gold or diamonds you at least get something tangible. That’s why he doesn’t see value in long-term investing but believes if someone has the time to day trade, there might be some money to be made in cryptocurrencies.
I look at it somewhat like Phil, as I don’t really “get” cryptocurrency either. It know the basics of it, but I haven’t ever seen anything about it that has caused me to want to learn more. I’m not really big into investing, so kind of see it like Alex, but if I did, I would want it to be something more tangible, like Ryan is suggesting.
What are your thoughts on this subject? Does cryptocurrency pique your interest or do you not really understand much about it? Will the hype surrounding cryptocurrency encourage you to use it? Tell us your thoughts in the comments section below.