Would Bitcoin Work in Southeast Minnesota?
Bitcoin. What is a Bitcoin? I honestly had no idea until I did a deep dive into what the Bitcoin really is. The Winklevoss twins have become 'Bitcoin Billionaires", according to the New York Post. Yes, the Winklevoss twins are the ones who sued Mark Zuckerburg over Facebook.
If you are unfamiliar with it, it is a form of cryptocurrency that you can use to transfer money between people and a customer and a business. You can trade it for materials, if the other person is willing to take it. You can watch this video for a brief description from the Bitcoin website. This is basically all I understand from it. I honestly have no clue what it is, so if you know more please tell me.
As of December 4th, 1 bitcoin is worth $11,320.01, so that is a lot. But when will it drop?
So, would something like this work in Southeast Minnesota? Would the Mayo Clinic take Bitcoin as a form of payment? Would it ever take over the actually U.S Dollar? It makes it hard for me to believe that the Bitcoin could actually take it over. To me,
Is there anything out there backing Bitcoin? Can the developers of Bitcoin just say "We do not want to do this anymore, and oh yeah we are keeping your money."? There are so many questions about how this works and the backing of it, meaning that eventually the uncertainty will crash it.
Bitcoin is so volatile at the moment, that it makes it almost impossible for it to be a standing currency. The value of the bitcoin may have skyrocketed recently, but it can come crashing down in a hurry.
You won't see me buying any bitcoin anytime soon. Seems like a bad investment.