Bitcoin is a new phenomenon for currency in general, and so people will definitely have all sorts of beliefs about it. Obviously, some people have already thought that Bitcoin is a newest hoax yet that is out to get peoples’ money. Some other people think Bitcoin is like a hybrid of ponzi and pyramid schemes where the ones who played with Bitcoin first would be the only ones that got all the profits and benefits, the ones who come in now are going to go broke as they will lose their money. Some other people though think Bitcoin has the potential of becoming the global currency where there are pockets of regulations in corresponding governments, but the Bitcoin’s true values will lie with the people (hence how some people proclaim that Bitcoin is paupers’ money or poor peoples’ money). Regardless of peoples’ different views on Bitcoin, in the end we have to wonder will Bitcoin be around for another 100 years?
My honest thought on Bitcoin is that I’m not sure Bitcoin could be around for another 100 years since someone might be able to break its’ encryption algorithm which is there to protect Bitcoin’s inherent values. Nonetheless, I do think that paupers’ money in the electronic/digital form will be around for another 100 years and beyond unless the people of the world in whatever timeframe, beyond now, decide that they rather do business and communicate through media that aren’t Internet/digital things. Imagine how the world will change radically when paupers’ money suddenly become the reality, because money will be changed hand much easier and globally. Just like how the Internet had transformed commerce, information, business, retailing and whatever else that the Internet has had and will be transforming next; paupers’ money will probably transform many things on such a manner and scale.
Anyhow, I thought I would share with you guys a Stanford seminar’s YouTube video on Bitcoin. In this video, a BTC China Bitcoin exchange’s CEO, Bobby C. Lee, shares his thoughts and beliefs on Bitcoin and the future of Bitcoin. Anyhow, check it out right after the break!
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Filed under: Anything Goes Tagged: bitcoin, Bobby C. Lee, China, Currency, digital currency, Economic, economics, Electronic money, money, paupers' money, Social Sciences, Stanford, YouTube 
