Cryptocurrency Not So Cryptic
What’s so hard to understand about a “decentralized” digital asset whose value is reflective of an amount of power consumed for data processed over a period of time, which is ultimately derived from the price of the US dollar that can grow in value to the point of making the USD completely worthless and impractical?
I’ve been delving a bit into cryptocurrency this weekend. Now, I have some invested on Robinhood, but as far as I can tell what you’re buying isn’t the actual coins but a representative unit equal to the current value of the currencies themselves. I like that this is an option, but it is certainly a segway into centralizing Bitcoin.
Webull just recently began crypto trading, and if I’m not mistaken you own the coins but can’t transfer them (yet) out of the Webull wallet. I didn’t look at it for too long.
There’s also exchanges for trading actual coins, etc. There’s VISA cards you can get that give you cashback in crypto. I’m on a waitlist for a VISA card that will allow me to spend crypto directly via the card.
It’s possible to deposit your crypto and earn interest on it. You can get a %12 return on USDC and USDT, and on at least one platform, even just on USD fiat. It’s possible to get free crypto (faucet coins), convert that to crypto(Tron), convert to another crypto (Tron betting coins), and “stake” that (deposit and hold, essentially) and earn compound interest in the form of cryptocurrencies. When you have enough you can then transfer your crypto, convert your crypto, then transfer and withdraw your money from your bank. Easy peezy. Or use your Coinbase Wallet app and just buy/sell sans cash. Actually you might be able to use USD fiat as well via the app.
So I’m trying to earn some pennies with BetFury. I can use the coins from FaucetCrypto to get Tron, and can get free Satoshis on BetFury (and if I can remember the other faucet I was using, I might have enough to transfer at least to a microwallet (not to be confused with a regular wallet) and get more to my BetFury account wallet that way) to wager with to generate the “house” coins derived respectively from Bitcoin and Troin. Those are awarded based on your wagers, not your winnings.
The Federal Reserve is coming out with their own coin presumably based on blockchain technology. Or maybe Ethereum tokens? Point being, if the government (the Fed is a private enterprise I know stfu) is getting involved, crypto is here to stay.
So supposedly the whole idea behind Bitcoin was to have a currency that is readily available to the masses, and free from manipulation of centralized banks.
From what I’ve come across so far, it seems a lot of people don’t want the government issuing its own coin. And here I thought USDCoin was issued by the Fed. There’s a few coins that are tethered to the USD. And to be fair, so is Bitcoin.
Okay say we don’t want to rely on the USD. Let’s just all agree to use Bitcoin. Then we just have to figure out what Bitcoin is worth in relation to other currencies or means of exchange and eventually it’ll come back to the USD. You’d basically have to completely reset the entire global monetary system by removing all current currencies and issuing a single global standard, like Bitcoin.
My favorite cryptocurrency is Ethereum. I wish I didn’t get laid off, I was going to buy myself one full Ethereum for Christmas, because I deserve it. And you know why?
