I think the use of Bitcoin and other virtual money can be viewed as universal money. I think the future is steering the economy towards the use of virtual money. However, my online findings online show that Bitcoin is a beautiful concept that does not instill confidence in me to use it. I have always been what marketers refer to as a late bloomer. However I have made some progress, I no longer keep my money under my mattress. But here are 3 reasons why I will never own Bitcoins.
Feels like putting my money in the drain
When the selling of a product comes with a warning I suggest you run. This is the warning note that I found on the Bitx website, “The Bitcoin market is very volatile and prone to bubbles and rapid price swings. The market price changes over time so your Bitcoins may be worthless in the future. In fact, they may even become completely worthless.”
Not even Warren Buffet gets it
If the 4th richest man in the world does not understand it, honestly how could I wrap my head around it?
This is truly an acquisition for the rich
Different sites give different prices for Bitcoin/Rand exchange. But ultimately, I don’t have R5,7K for a Bitcoin.
I think once again I’ll wait until somebody can improve the virtual money game. Somebody is going to get it right and when they do, I’ll be the last guy to surf the wave.
This post was contributed by Nomvula Seyama.