Reflections After Reading Tim Denning on Cryptocurrency

I’ve waffled on cryptocurrency for too long

Photo by Andre Francois McKenzie on Unsplash

Tim Denning has never led me wrong, so when he chimed in on Bitcoin again today, I read what he has to say. What he had to say, besides the main point that Bitcoin isn’t dead, nor will be, explains the cryptocurrency phenomena as clearly as I’ve found.

I’ve waffled on Bitcoin and all cryptocurrency for too long for what I believed were good reasons. The original reason was not understanding anything about it, which is likely true for the majority of us.

When my son graduated from college six years ago and showed an interest, he studied it and informed me. I read as much as I could. He decided to invest in Bitcoin and I didn’t. It seemed too volatile to me, the criticism most people who don’t understand it give for not investing. He made enough money to support himself while advancing as a content creator, so I was wrong.

My second reason to hesitate has to do with the way most cryptocurrency is “mined.” When I learned the massive amount of energy it takes to mine Bitcoin and other cryptocurrency using high powered computers, I decided I didn’t want to contribute to that level of abuse of the environment. That part still worries me. It often seems in order to shake up the status quo we end up doing damage in other ways. Any revolutionary shift in the way things have been done needs to be examined in terms of good versus potential harm.

So why have I finally jumped on the barreling locomotive of cryptocurrency? Because unmined cryptocurrency doesn’t hurt the environment. And because Tim Denning says it’s a good long-term investment. Moreover, because I support the concept of shaking up the market and challenging the world economies that are based on printing money with nothing to back it up. Cryptocurrency is a revolution and I’m a revolutionary at heart when it leads to progress for us little people. Moreover, because of Tim Denning, I now understand cryptocurrency can be a long-term investment.

Originally I’d thought all cryptocurrency was short-term, and investing in it was designed for all those who wanted to “get rich quick.” Until Tim’s article I never saw it as long-term. Now I do.