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Bitcoin; a Currency for Misfits and Outcasts?

If you’ve attended high school, you always see these cliques; there are the popular kids, the average kids, and the outcasts. For most people who went through a period in the social fringe in high school or college, peer conflicts were most likely the reason for social exclusion.

However, most outcasts turn out to become highly intellectual individuals, who tend to be very passionate over technology that their lifestyle revolves around tech or any other passion they may have. So, does your high school label affect you today? Or does your social experience in school connect you to something more fundamental that put you ahead of the curve?

My guess is that the answer to these question has less to do with science and more to do with attitudes. Everyone starts school with unshakable confidence, looking forward to the adventures. Amidst this confidence, however, we begin to feel like we have been cast out of society. We could argue that this precisely the situation that Bitcoin enthusiasts find themselves today.

Anyone with an Internet connection has heard of Bitcoin. Bitcoin has been on the news lately with Government agencies, financial experts, and renowned entrepreneurs and investors warning everyone to stay away from the digital currency. Anyone who is anyone in today society seems to be talking about Bitcoin. 

How so? Well, Bitcoin fans, or should we say, investors, believe that Bitcoin does have some value. While the rest of the world thinks that the digital currency is a delusion, Bitcoin enthusiasts, or better say at this point, Bitcoin outcasts, believe that the digital currency is useful thanks to the decentralized control of cryptocurrency.

For that reason, anyone who invests in crypto-assets is seen as a fraud. Whether cryptocurrencies have potential or not, there is popular discourse in the public that Bitcoin is nothing but a mirage. Considering the current financial system, you can’t really blame such individuals for not seeing the disruptive nature of cryptocurrencies. 

While the rest of the world remains sceptic about Bitcoin, many have begun recognizing the disruptive nature of blockchain tech. The problem with this is that people only see potential in the technology underlying cryptocurrencies but don’t care about cryptocurrencies. According to these sceptics, Bitcoin has severe limitations, and thus cannot replace the current fiat currency system.

While we have to admit that Bitcoin is limited by its energy requirements, transactions on the Bitcoin network are near real-time and inexpensive. So, why wouldn’t Bitcoin replace fiat currencies when it comes to some exchange of value?

Despite the ambivalence of many senior figures in the financial sector on Bitcoin, the digital currency has just passed a decade of existence. The crypto misfits, including the more nefarious elements in our society, and the geeks, will continue with their stance on the future of the crypto space until Bitcoin dominates the world.

Sources:

https://www.forbes.com/sites/billybambrough/2018/10/09/imf-issues-stark-warning-over-bitcoin-and-crypto-rapid-growth/#4951cf4e3544

https://www.businesstoday.in/current/economy-politics/bitcoin-finance-ministry-invest-rbi-warning-illegal-tax/story/266996.html

https://www.paymentscardsandmobile.com/cryptocurrencies-years-away-replacing-fiat-currencies/

Last modified: April 6, 2019

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