A Young Person’s View On Cryptocurrency

It seems to me that, at least recently, I cannot connect to any news, social media outlet, without encountering the circus of hype that is Bitcoin. I cannot help but think that with what I know of trends, especially those that climb rapidly in notoriety and attract large crowds of people who know little to nothing of it, that an inevitable correction hides around the corner. But before I discuss my reservations about Bitcoin in particular, let me first sing the praises of the reason Bitcoin gained so much momentum: block chain.

Whether or not Bitcoin will be here in the next five years is the subject of much debate in the world. But make no mistake, block chain is here to stay. This highly disruptive technology is what makes cryptocurrencies like Bitcoin possible and will fundamentally change the way currency works in the world. If you don’t know much about it, I highly recommend 3Blue1Brown’s video on it.

 

 

As a personal anecdote, being the “Tech Guy” in the lives of people I know, I get a lot of questions about what cryptocurrency is and how it works, and how to “invest in it”. It puts me in an interesting position. But here is my official recommendation for most people: stay away. There is too much misinformation and deception in them to reliably use them for the average everyday person.

 

That doesn’t mean that you can’t or shouldn’t invest in them. In fact if someone is willing to do the research, it could be quite lucrative to invest in the right alt-currency. So let my warnings above not deter those who have the drive to do the research and invest. But don’t think you’ll make a million dollars.

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