November 3

I bought a bitcoin in Ireland




Working with technology over the years made me witness its transition from basic to what it is today. Being a part of such a dynamic industry, I must say that I understand technology very well. I know how it works and how it will possibly evolve.

Speaking of evolution, it is defined as a development of something from basic to a more complex form. Taking for example when television sets started out in black and white with analog buttons. Same as when desktop computers generally transitioned into laptops and tablets. How about when money evolved from gold to bills, to credit cards and could possibly become what we now call as BITCOINS?

What is a Bitcoin? If you search it on Google, it is described as ‘an open source peer-to-peer electronic money and payment network’. In a much simpler sense, come to think of it as a digital version of money.

Bitcoin started in 2009 and introduced by a developer who he calls himself as ‘Satoshi Nakamoto’. Over the years, a growing number of people are already utilizing this form of currency and a few banks and companies are accepting it. But one cannot simply rely on Bitcoin as an equal replacement or equivalent to Euros.

I bought a Bitcoin here in Ireland around year 1997 or 1998. Although I cannot say I was the first, but probably one of the first who bought it. I bought a full Bitcoin for 100 Euros during that time. Right now, it costs around 700 Euros. I only bought one and I sold it again for 700 Euros and I did not place any charges on it which a lot of people add in nowadays. If only I’d held on to it, it would increase its value to 700% from my original purchase. Taking for example if I spent 10,000 Euros on Bitcoin, it will eventually return as 70,000 Euros in a couple of years.

I’m not suggesting that you invest in Bitcoin unnecessarily because spending too much on it is rather a huge risk. Nonetheless, I was interested in the process and I like testing out new technology. The process was simple. I deposited 100 Euros at the bank to Eircoin’s account (an Irish Bitcoin broker) and started out a Bitcoin wallet which there are a lot of ways of doing online.

My opinion about Bitcoin is that it is comparable to gold. For centuries, gold has retained its value because it is a limited resource and cannot be replicated. Same as with Bitcoin, I am completely convinced it will not degrade in value like dollars and Euros. The limiting factor of Bitcoin is with the amount of encryption, which means it can be created only up to a number, which makes its value increase with time.

The risk with Bitcoin is government interference. Perhaps they could stop it if suggested, but if it is considered illegal in the future, its value would rapidly increase. Although time can only tell.

It is only a matter of years that the future of Bitcoin will be right in front of us. Bitcoin is still at a rise in acceptance and far more advanced to our understanding and how to adapt it as a part of our ways of life. But who knows.


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