Confessions — I Absolutely Don’t Love Bitcoin

And neither should you

It's true, I have written several articles on Bitcoin and cryptocurrencies which will likely moon in the next year or so. If you haven’t read my articles before, you should understand where I’m coming from.

I lay out why I hold cryptocurrencies as well as my personal goal.

My goal is not to see a cryptocurrency become a global currency though this may happen in my lifetime or my kid’s lifetime.

My goal is not to see a currency evolve so that it’s not touched by financial institutions. This may become a part of financial institutions as J.P. Morgan Chase is creating its own cryptocurrency as well as countries such as China. No one knows what direction these cryptocurrencies will take and the future they hold in their respective areas.

If my goal is neither of these, then you are probably wondering what is my true intent.

My goal is pretty simple…

Money or an investment

There is a lot of discussion by true cryptocurrency experts who mention how a cryptocurrency can become a global currency or help the unbanked people of the world. There is nothing wrong with that. These are definite benefits to these communities. Many people need a way to pay for items when they lack a banking infrastructure. This will be a true blessing in their eyes.

As I mentioned, I’m not in this to help change the world. Waking up one morning wealthy will definitely change how I live my life. This will give me the opportunity to impact my own community. Personally, I wouldn’t do it with cryptocurrencies.

At the current rate of acceptance and difficulty it takes people to buy and sell cryptocurrencies, we’re not there yet. We won’t be there until a simpler method is developed.

This method has to allow an ordinary person to exchange their fiat currency for cryptocurrencies. In addition, more education is needed to inform people what exactly is a cryptocurrency.

Bitcoin’s future

As I mentioned, Bitcoin is not my favorite cryptocurrency. If this were ten years ago when Bitcoin was trading for pennies compared to the $10,000 price tag today, I would love to own several Bitcoins.

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Since the price tag is a lot more today, it doesn’t make sense for me to own Bitcoin. If I were rich, then it wouldn’t be a problem. I could buy plenty of Bitcoins and wait for the price to increase.

Unfortunately, I don’t plan to wait for years to accumulate more Bitcoin as the price will more than likely increase. This year alone, Bitcoin has risen from a low of $4012 to $10,495 as I write this.

Some experts predict Bitcoin will reach $100,000, $250,000, and $500,000 overtime. The question is when?

Is Time on your side?

Bitcoin could rise to one of those predictions, but you are looking at time. How long are you willing to wait to see Bitcoin reach this price?

It could be two years, or it could be 20 years.

Various experts and sources have given different predictions.

• Bitcoin.com predicts $397,727 by 2030.
• Lightspeed Venture Partners Exec Jeremy Liew predicts $500,000 by 2030.
• Roger Ver predicts $250,000 one day.
• Vinny Lingham, a co-founder of Civic, predicts $100,000 to $1 million by 2030.

Given these vast price differences, no one truly knows.

Experts have given their price predictions before and many did not come true. So this leads me to believe time is the biggest factor.

These Bitcoin prices may or may not reach one of these predictions in 10 years from now.

I’m not getting any younger and have plans with my cryptocurrency.

My plan is to continue investing in altcoins.

Do you have a plan for you cryptocurrencies?

Disclaimer — The writer owns Bitcoin and some cryptocurrencies.

Tom Handy is a top Writing, Finance, Investment, and Bitcoin writer on Medium, and the father of two kids. He retired from the Army and sits on several non-profit boards. You can find him on Twitter @tomhandy1.