Cryptocurrency has been in the news a lot lately, but I still don’t understand it.
Yes, I AM a silly getting-older person trying with minimal success to navigate an increasingly complex digital world.
But this stuff just seems crazy to me.
The more I look into it, the less appealing it seems to be.
Oh, I know it has its advocates. They all say it’s the coming thing, that the world is turning to Bitcoin and other cryptocurrencies. In fact, El Salvador just became the first nation to endorse crypto as a monetary instrument.
Those who love crypto say it lets them be their own “banker,” issuing payments and taking in money without paying any fees or taxes or having any government interference.
Hmmm...that sounds a little suspicious to me…
Let’s see: Who would have the most to gain from an unregulated Internet-based currency?
Perhaps those who are into somewhat, shall we say, “shady” dealings?
Just sayin’....
Anyway, crypto was launched into the world in 2008, so it’s been around for awhile. Bitcoin was the first crypto, but since then hundreds of other cryptos have jumped into the financial arena to try to lure me into investing in it.
Now I can see residents of a place like El Salvador -- not known for its government stability (remember the death squads of the 1980s?) -- to view crypto in a positive light. And their own currency -- changed from the colon to the U.S. dollar in 2001 -- having a slightly volatile history.
Speaking of volatility, the value of crypto seems to fluctuate wildly at the drop of a hat. When a Bigwig like Elon Musk says something slightly disparaging of crypto, its value plummets. Or when another Fatcat says it’s super-duper, crypto’s value shoots back up again.
And why does it have to be so damned complicated, with the "mining" and all the energy use to create new crypto, etc., etc.?
Aaaargh!!!
Here’s something I DO know: Actual dollars have worked pretty well in this country since it was founded nearly 250 years ago. Sure, paper money has had its ups and downs over the years depending on the state of the economy, but that’s just how the economy works.
At least, that’s what I thought.
Crypto advocates keep trying to sell the average person on getting into the crypto market. Of course. They want to make sure it can get a foothold in the American economy and not lose the investment THEY have already sunk into this risky venture.
Let’s face it: Putting our hard-earned dollars into the stock market (The Big Casino if there ever was one) or crypto are both risky. And -- unlike Bob Seger (look it up) -- I’m not a ramblin’ gamblin’ man, I must admit.
As for me, I think I’m gonna stick with what’s been working all my life: Real banks and real pieces of paper with the faces of real famous people printed on them.
You know: REAL MONEY.
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