Ep34: The Crypto Report [What’s it all about?]
The 80/20 Investors Crypto Report
gives you insights and opinions on the exciting topic of cryptocurrencies.
In today’s episode, Nathan Rose reports on his own experiences with various cryptocurrencies while David is playing the role of the Devil’s advocate.
Questions covered:
What are cryptos? Currencies, assets – digital gold? What are its advantages and its short-comings? What are its hurdles and are we already in a bubble? Nathan’s view for 2018.
This and more will be discussed in the first episode of the Crypto Report.
Nathan’s Review on Cryptocurrencies
There are some widely divergent opinions on this new form of digital money – ranging from ‘it’s just a big Ponzi scheme’, to one guy who emailed back to tell me that he’s now working fulltime in a crypto startup.
But the message that really got my attention though was this one:
“hey Nathan, I just don’t get what all the fuss is about. What’s actually wrong with normal money? Why would anyone use crypto??”
That’s a very good question.
Our dollars, euros, yen, (or whatever) get paid into a bank account, and we use them to purchase goods and services. Next year, our savings seem to be worth about the same as what they were the year before. Frankly, government-issued money and the banking system seem to fulfill our needs just fine.
Many of the problems with government-issued money and the financial system are hidden. We have become accustomed to the fees, we don’t notice the risks or privacy problems, and (if we are from a developed country), we don’t see the crushing effect that lack of banking access has to the estimated 2 billion people who are “unbanked”.
So in this article, I go into some depth on the pros and cons of cryptocurrency. I came up with 7 problems with government-issued (or “fiat”) money, and 4 challenges that cryptocurrency is yet to successfully overcome.
Read: Cryptocurrency Pros and Cons
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