Back in 2011, Bitcoin, an alternative currency collectively managed, caught my eye. Currency geeks were getting excited about its character as a purely electronic kind of money. Predictions were being made that soon, businesses everywhere would accept Bitcoin. The suggestion was that, eventually, the Bitcoin would replace the dollar. There were some problems with security, though. A purely electronic money could be simply hacked away. Bitcoin didn’t spread very far. The value of the currency in relation to the dollar went down.
I thought that, before long, Bitcoin would be dead and gone.
It’s not. Oh, Bitcoin is still quite marginal, as money goes, but people are still trading it and spending it. What’s more, the value of Bitcoin has gone back up over the year and a half – from $10.92 cents per Bitcoin in August of 2011 to $26.75 today. If I had bought some Bitcoin back then and sold it today, I would have more than doubled my money.
Color me wrong… I think. Help me out, Bitcoin fans. Where do you see the currency going over the next year or two?