Buzz about Bitcoin
Buzz about Bitcoin by Rob Wiser
It’s said that “crypto currency” (with Bitcoin the 800-pound gorilla for the foreseeable future) will eventually transform our lives in a way we haven’t seen since the arrival of the Internet.
I post about Bitcoin from time to time, and over the past couple of months, I’ve had old friends and family members (whom I never thought would be interested in this) reach out to me, to ask how to get started with it.
Which is a sign that this is really starting to penetrate the mainstream and gain wider acceptance and recognition. (Much more important, however, are the countries and major banks that are getting on this bandwagon.)
To the skeptics, however, all of this “buzz about Bitcoin” among regular people is a sign that it is a bubble that is due to burst.
I have painful personal experience with the last technology mega-bubble. The Internet. Back in 2000, the “Wild West” days of the internet, I was hired by a dotcom startup in New York City that had $90 million in Wall Street financing. I was paid an exorbitant salary (me being a young broke wanna-be filmmaker) to write scripts and produce shows and content for what would be an “internet media studio” that would deliver new music, cartoons, and shows by independent artists, via the web.
The company I worked for wound up flaming out in spectacular fashion. Tech was one of many huge problems. Delivering streaming media, back then, was a nightmare. And the main founder of the company (who was much beloved) suddenly died just weeks before the launch.
(He was one of my early mentors – the larger-than-life George Jackson, former president of Motown Records and producer of “New Jack City” and other urban classics.)
Tons of other ambitious, extravagantly funded dotcoms went down in flames around that time. But was it a “bubble?” Or was the world just not ready for it? (If you think back to 2000, it would be four more years until Facebook launched…and five more years until YouTube.)
Maybe Bitcoin is in a bubble. No one can say. It can’t hurt to buy in with some money you can afford to lose. (I thought I came late to the party when I bought in for $2900 back in August. Now it’s at $8,000+ and I believe it will go much, much higher.)
Understand this: you don’t need $8,000 to get in. You can buy a fraction of a coin for $100 or $500 or whatever you want. And then you have skin in the game.
And if this is a bubble, and it crashes big-time at some point, I still have no doubt that crypto currency is the future. To say otherwise would be the equivalent of me saying, “Oh well, that whole internet thing was a stupid idea” when the dotcom I worked for in 2000 crashed and burned.
So while I think it’s a great idea to invest some money in Bitcoin right now, I also think it’s a fantastic idea to take the time to LEARN about it. Read up. Watch a YouTube documentary. Don’t criticize from the sidelines without understanding WHY this transformative technology has so many fans and backers.
This is an extremely simplified version of my thoughts on Bitcoin and where it is headed, but personally, I find it fascinating and I devote some time each day to trying to understand its history and what it promises in the future. And to hopefully be ahead of the curve, whether my crypto currency investments wind up being called “Bitcoin” or something else.
Rob Wiser is an Author of many books and products and international traveler and speaker.