Bitcoin has earned a reputation for being very volatile. One of the biggest concerns surrounding the digital currency is that it performs like stocks and bonds; traveling upward one day, only to stumble and fall moments later. Bitcoin has hovered in high price ranges before (the present price stands at about $740), but the fact is, we never know how long it’s going to last.
But aside from being volatile, bitcoin is also very “versatile.” While it doesn’t take on different shapes and sizes, it appears unlimited in what it can do, and its benefits the lessons it can teach us are just as expansive.
One family promotes its usage, claiming it can teach responsible saving and financial awareness. On a small scale, bitcoin can be put to personal use, and isn’t always used for professional reasons. Professional hacker “Tuxavant” explains how he began giving his daughter Kryptina her allowance in bitcoin at the age of nine. Now at 15, she has learned immensely from the experience. In the beginning, arenas accepting bitcoin were fairly scarce, so Kryptina would have to cash it out with her father who in turn, knew how his daughter would spend her money. Now, she’s saving her coins to pay for summer camp and singing lessons.
4,000 miles away, the UK is trying to make gold more like bitcoin. Government-owned Mint, a new gold trading system, is looking to put approximately $1 billion worth of gold on a blockchain and allow customers to trade and sell gold through the use of digital Mint tokens. Business by way of the blockchain would ultimately cut storage costs and management fees.
And perhaps one of its largest claims to fame: bitcoin has given rise to more advanced blockchains for applications such as Ethereum and similar platforms. Without bitcoin, other currencies couldn’t exist, and its ascension to power has given the chance for a world of digital payment methods to practically grow overnight.
So look at yourself and ask this question: for what distinct purpose could you use bitcoin?