Wednesday, October 15, 2014

My Thoughts on Bitcoin

In today's comic, the frogs are getting in on the Bitcoin craze. I've stayed out of it personally. It seems like an interesting concept and all, but I have a few reservations at this point. I won't say that I'm opposed to it, because I'm not really. I just don't think it's for me yet.

First, it's because I'm a person. I'm not a business. I have nothing to sell, so I'm not trying to reduce the fees I pay for credit card transactions or anything. I'm not trying to get more customers who might not want to use U.S. Dollars. I'm just a person.

Second, it's because I don't need to. All the places I buy groceries still take normal American currency. I live in central Pennsylvania. I don't know where the nearest business is that accepts Bitcoin, and I don't know if there are any in the state that accept it exclusively. I'm too practical to try to use Bitcoins at this point.

Third, it's too volatile. I don't have the hardware needed to mine the coins, so to get any I'd have to buy them with my dollars. I might see their value double in the next month, or I might see their value halve. I'm just not into currency speculation. I'll take my chances with U.S. inflation.

So that's why I don't have any Bitcoins. I do have a Bitcoin wallet somewhere though - if you want to send me some I won't say no. comic for 15 October 2014

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