Digital Gold

With all the politics and socioeconomic ramblings in my recent posts you might have forgotten, dear readers, that I'm still your average crypto-brother. Heck, I almost forgot it myself. But right now it all seems to come together, as there's a fair chance that the upcoming economic and financial crises caused by mismanagement of the financial crisis of 2008 and the current pandemic will possibly bring about another breakthrough for Bitcoin and other cryptocurrencies.

_{source: PxHere}

Bitcoin and cryptocurrencies in general have always been promoted as a way to cut out the middle-man; already in Satoshi Nakamoto's white paper for Bitcoin there's a lot of attention for the problems of the current money-system that can not function without a mediating party, The Bank, to which we delegate trust. Cash payments from person to person are no problem, but wiring money over great distances always goes through that "trusted" middle-man. Well, we've learned that this middle-man can't be trusted at all, so it has remained somewhat of a mystery to me why Bitcoin, a "trustless" peer-to-peer online cash system (and other, more easily transactable crypto-currencies) hasn't yet reached much higher levels of popularity, even if there's a rather steep learning curve to get started.

It might be, and this thought struck me just a couple of days ago, that Bitcoin didn't enjoy the breakthrough because the genesis block of bitcoin was mined on 3 January 2009, only a couple of months after the financial and housing crises began. Since then, Bitcoin and thousands of other crypto-currencies have evolved in spectacular fashion, but they're still not "mainstream". But... These last couple of months we've seen somewhat of a resurgence of crypto-assets with Bitcoin leading the way. The Coinmarket cap has returned to 350 plus billion dollar and Bitcoin's price has been hanging around the 11,500.00 - 12,000.00 dollar mark for quite a while now, which is the level many analysts have identified as the next area of resistance we have to break through to reach the next level; from there it's just one or two steps to regain the level of Bitcoin's all time high of around 20,000.00 dollar from December 2017 / January 2018.

Now, this possible next breakthrough in Bitcoin's price and popularity (or rate of adaption if you will) isn't because Bitcoin itself, unfortunately, but because people are looking for a way to safeguard their wealth and income in these times of great financial and economic uncertainty. Not only Bitcoin is regaining territory, but gold as well; yet another "safe space" for your money. So while the cause is nothing to write home about, both digital and real gold are on the rise. And the digital gold is sure to have other cryptocurrencies hike along in its wake, currencies like Steem, Hive and Trybe, my fellow blockchain-bloggers and readers ;-) So I hope you'll join me in keeping my fingers crossed in the hope that this time around the world will realize with us that we do really need to get rid of the banks, that middle-man we've trusted for so long even if time after time he proved to be as untrustworthy as any regular con-man who knows all the tricks to liberate you from your hard-earned cash. The video is from professor Richard D. Wolff, who is an older man and doesn't include digital gold in this little analysis, but you and I know that what he's saying here goes for our preferred crypto-currencies as well... ;-)

P.S.
This current crisis hasn't left me untouched as well. You may or may not have noticed that I have powered down quite a lot of my Steem power; that's not voluntarily, but to be able to make ends meet just this month. Like most Americans I'm also not able to pay for a couple of hundred euro emergency expense, and that reality has come to bite me in the ass... Don't worry about me leaving though; I'll be back tomorrow, same time, same place, and I hope you will be too :-)

Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, keep safe, keep healthy!

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