Bitcoin taking a nosedive recently -- but I just read an economist who believes it will rise again, and in decades, replace banks. I watched a documentary on Netflix the other night to educate myself on bitcoin, and it really is an awesome idea -- removing the middlemen (banks) who keep destroying the economy and our lives. Anyone have a read on bitcoin in the future? I'm not asking for investment advice, lol, just exciting to think of the banks going away and having us all exchange goods peer-to-peer.
Hi, MizMargo, interesting that you should ask. Got a little activity around the edges of that issue this week myself.
It feels like the positive effects of Bitcoin itself will be blunted by Federal activity...brought under rein so to speak. However, the 'blockchain' programming inside it will be used by other cryptocurrencies. These feel like they will become more important in the future, enabling peer to peer local economic networks in some locations.
E-currencies are somewhat friable...they depend on electricity to run and computer technology to operate. Those conditions will not universally pertain in the future. Take Puerto Rico, as an example.
What it feels like to me is that right now our economy is a "monoculture." At some point, there will be multiple economic systems...some 'hard' (physical) and some 'soft' or virtual. -R1-