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Why Many Educated People Think Bitcoin Is a Fad

It had been my senior year an excellent source of university and one of your educators called us in a room packed with new computer systems. We were instructed to take a seat and “surf the web. inches¬†

“Surf the web? ” What would that even mean? At the moment I did not live anywhere near the beach and couldn’t really understand this concept of web surfing. It was clunky and pages were slower to load. There was clearly no way that this was going to be useful. I went back to the library later that day during study corridor and read the newspapers. You already know, the ones you see in hotel industry lobbies and occasionally outside of restaurants.¬†

All kidding besides, when folks are being used to doing something a certain way for such a long time it truly becomes part of who they are. My spouse and i have functions management experience and whenever I experimented with to change the process or way of doing something to make it more efficient I used to be typically met with resistance.

A lot of people are far more married to certain ideologies than others. We see it all over the place. I realize it with the elderly at school not liking the modern music. Or, for example, the National League hockey purists despising thinking about the designated hitter. What about even simple things like when Facebook or Twitter changes the user interface? May mess with my fb timeline! LOL.

Why then when it is00 any different for Bitcoin or any cryptocurrency? I speak to people every day who are educated and successful and yet still can’t get to grips with the notion of cryptocurrency. To me it is a lot like outlining how to browse the web to people in 1994.

For years and years people have had it ingrained in their minds that money issued by the federal government meant it experienced value.

Fiat currency (money issued with an authorities – USD, Euro, Ruble, etc) has this significance behind it that because the government printed this it ought to be of value. Although it is true our dollars have value, most people think it is because it is backed with something. As a world we certainly have decided that bright minerals we dig up from the ground are “valuable” and therefore so is our money.

The moment economies are humming along and governments aren’t overbearing and folks have a comparative “trust” in them then yes, fiat currency works quite well. What goes on when we tip that level and things don’t go so well? Economists have varying opinions on that, but almost all of the time governing bodies will step in and try to stimulate the economy. This kind of is done by exploit the economy via techniques such as lowering interest levels or quantitative easing. Government authorities wish to turn on the printing press when things go bad.

These kinds of cases can lead to doubt, or far worse. Recessions can change into even bigger problems such as price controls or food crisis. Just ask the people of Venezuela who are protesting in the roadways on a daily most basic. This is because their government backed Bolivar has seen triple digit pumpiing and it’s not even worth the paper really printed on. Let that sink in.

The doubt of centralized banks, government authorities and corporations has red to people seeking financial refuge elsewhere. It can be incredibly difficult and costly to move money around the world as well. I used to manage banks and the process was tedious and required many eyeballs on it for verification purposes.

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