I posted this to you on Twitter, but you must have missed it.
I've been trying to put some thought into what might be risks of owning Bitcoin, because to deny that there may be risks would be foolish.
First risk I can think of is that there would be nobody else you can trade with, whether through lack of adoption as a medium of exchange or by outlawing its use. Long-term, of course.
Something that came to me overnight is that there's no physical, tangible object representing bitcoin. No "bucks" I can hold in my hand and give someone for a pizza or to fill up my car. This will limit Bitcoin's adoption over time, because some people just want to hold that cash. What happens if the power goes out?
And if there are physical "Bitcoin bucks", what happens if those are physically destroyed, such as in a house fire? New ones can't be printed.
I'm not saying that Bitcoin shouldn't exist by any means. I think having a stable currency unaffected by the whims of politicians (or the evil intent of politicians) is a fantastic thing.
I'm just curious as to what other risks may be out there and how to mitigate those risks.
a friend (who is 6 digits into bitcoin for years) recommended 'exodus wallet' recently. xfer from coinbase, etc. > your own wallet (there are many others too). you can store it on a laptop, your phone, or a physical device. !!DYOR (do your own research)!!. g/l
Jordan,
I posted this to you on Twitter, but you must have missed it.
I've been trying to put some thought into what might be risks of owning Bitcoin, because to deny that there may be risks would be foolish.
First risk I can think of is that there would be nobody else you can trade with, whether through lack of adoption as a medium of exchange or by outlawing its use. Long-term, of course.
Something that came to me overnight is that there's no physical, tangible object representing bitcoin. No "bucks" I can hold in my hand and give someone for a pizza or to fill up my car. This will limit Bitcoin's adoption over time, because some people just want to hold that cash. What happens if the power goes out?
And if there are physical "Bitcoin bucks", what happens if those are physically destroyed, such as in a house fire? New ones can't be printed.
I'm not saying that Bitcoin shouldn't exist by any means. I think having a stable currency unaffected by the whims of politicians (or the evil intent of politicians) is a fantastic thing.
I'm just curious as to what other risks may be out there and how to mitigate those risks.
a friend (who is 6 digits into bitcoin for years) recommended 'exodus wallet' recently. xfer from coinbase, etc. > your own wallet (there are many others too). you can store it on a laptop, your phone, or a physical device. !!DYOR (do your own research)!!. g/l