Bitcoins have become more and more popular around the world. The same can be said for South Africa; with Bitcoins now being used by a large amount of people. However, a lot of people claim that mining Bitcoins are just a hobby. They say it’s a fad that will soon become history. Is this negativity true or can Bitcoins be a legitimate business?
Just a hobby?
Bitcoins are called a hobby because young people invest most in it. Some people can not take something based on technology seriously. However, let’s remember that this is the technological era, and that technology will define the world. Either we get with the times or get left behind. Technology has become all-pervasive, entering every facet of our lives. It was only a matter of time before it entered the financial arena.
A lot of skepticism about Crypto Currency comes from Banks. This is because they legitimately see it as a threat to their hegemony over all financial transactions. With the decentralised nature of Bitcoins, there is a deep fear within bankers that they will no longer be needed. In many ways, this is true. Bitcoins rely on each peer making their own checks, instead of a central authority checking everything. They are also safe from forgery and fraud, making them even safer than the physical currency you carry in your pocket.
Yes, Bitcoins are a business. Or at least, you could make one of them. They are not just a currency, but also a means of earning. Since all Bitcoins have not yet been found, you can still mine for them. As you mine for Bitcoins, you create new currency. New currency which is verified and all yours. It’s like mining for gold, back in the old days. Valuable currency just waiting there to be found. That was and still is a business, and so is this.
The only difference is that you’re not physically prospecting for gold, but instead solving algorithms for Bitcoins online. This time, we’re GPU Mining and ASIC Mining instead. But that’s the technological revolution, things are no longer online, but offline. That’s what this revolution is about
In South Africa itself, there are many skeptics and doom-mongers, but so many people have made a killing mining Bitcoins, that it is ridiculous to listen to a few people who have very little idea of what technology is all about.
Mining for Bitcoins, Ethereum and Litecoins is the future and what this revolution is about. Anyone who tries to be skeptical about this is not right.