Bitcoin

Why invest in Bitcoin

Kay Hare

I have started to draw and doodle Bitcoin. Since the summer of 2020, I had to stop painting for a while as I moved, and the pandemic slowed many things down but continued drawing. During the pandemic, I started to spend some free time looking at alternative ways of investing my money other than high street banks. I looked at gold, silver and was told not to go near oil. At that time, oil was at an all-time low with little hope on the horizon as airports had shut down and electric cars being favored. The other stocks were pharmaceutical companies; however short term, they offered a haven, but long term, nobody really knows. The last stock that seemed interesting from a curiosity aspect more than anything was bitcoin. I never really understood cryptocurrency and thought it was a bit too quirky, only for the tech genius guys, and it seemed like a secret underground cult.

I think this was due to the animosity of bitcoins creator Satoshi Nakamoto. No one really knows who this person (s) was. I guess if he was alive today Bitcoin would be far more well known, understood, and accepted by mainstream culture. Although Satoshi has given Bitcoin secrecy and an element of mystery which also has added to the interest of a younger generation.

Little had I understood until I invested some money in a London company called Argo. I listened to Peter Wall, their CEO, on a thread from Twitter talking about the bitcoin industry in general and thought I understood a little more. A few months later, I noticed social media talking more about bitcoin, and I noticed the price creeping up. At this time, the pandemic was well underway, with different broadcasts each week of new lockdowns and new precautions. The stocks reflected the general situation, which was unsure, and many under strict lockdown and some countries allowing things to go on as usual.

Unlike many pharmaceutical companies, Bitcoin never really dipped and gave me no reason to panic sell. The more I held onto this stock, the more curious I became and started researching more and more quickly, realising that it was not just me who was holding. I noticed more experts cropping up and fans of bitcoin explaining why this trading way could become the future and overtake traditional banks. Little by little, I was also grasping how bitcoin worked and what it offered. I still don’t fully understand the way it works, but I have little doubt that it is a system that can, with time, override traditional ways of banking.

 

Bitcoin is not a physical coin. It is blocks of transactions that exist in cyberspace, but it does exist, and its weightless form of transaction makes it a valuable asset that works for everyone. All you need is a computer or a phone, and whilst this requires energy, it can also be a driving force for renewable energy. There is no passport required or visa making it quick, easy, and inclusive for everyone. It could also attract the bad guys as there is little regulation however money will always be laundered or used for corrupt reasons and bitcoin is not an exception but it does offer a more inclusive way of trading.

I see bitcoin, like many others, as the bridge to creating a better world. A transparent world where people trust each other more and realise that everything starts in the imagination. We get what we think about. Bitcoin is transparent. It is highly complicated although not impossible to steal a transaction and time-consuming. As it’s not physical, you cant break into it. This saves time and cost for security issues, and whilst it uses electricity, it requires no other form of production like notes or coins and is more hygienic.

Bitcoin represents an imaginary world that is hopeful and inclusive where we can trade our money directly and ‘be ourselves in the process.

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