Is Bitcoin Worth It?

Celebrities and citizens are changing from dollar bills to cryptocurrency, but is it a good idea?

Bitcoin+allows+a+person+to+buy+products+like+normal+currency%2C+just+without+the+need+of+a+bank.

Photo by André François McKenzie on Unsplash

Bitcoin allows a person to buy products like normal currency, just without the need of a bank.

By Eryn Rainer, Staff Writer

As technology progresses, the world around us does too. From futuristic cars to online shopping, it was only a matter of time before electronic currency would be on the rise. Some may have heard of CashApp or Zeal, but they don’t compare to Bitcoin, a cryptocurrency that is producing millionaires.

Invented in 2009 by an anonymous person under the alias Satoshi Nakamoto, Bitcoin allows you to store and make money without the help of the bank. Money is stored in a virtual bank called a digital wallet. Yet, it is also known for the loss of accounts and other cryptic activity.

In order to get bitcoins, you must buy them with real money, get paid with bitcoins, or create them on powerful computers also known as mining, but mining could take several years to produce results.

Unlike banks, the only thing you need for bitcoins is the account number which is not shown when making transactions, giving ease of privacy.

However, because of this privacy, CNN Money says, “It has become the currency of choice for people online buying drugs or other illicit activities.”

Nevertheless, security can be stolen when trading in marketplaces called “bitcoin exchanges” over even worse, like Stefan Thomas, in San Francisco, who owned  7,002 bitcoin, you could lose your password and be locked out of Bitcoin forever.

Stefan Thomas, lost the password to the iron key which allows access to the bitcoin wallet, and because of that he only has ten password attempts. So far eight have been used which have not worked, taking a toll on his mental health.

“I would just lay in bed and think about it. Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again,” Thomas said to the New York Times.

Unlike banks, Bitcoin doesn’t provide a way to recover passwords, nor does it store them.

The New York Times explains that, “Of the existing 18.5 million Bitcoin, around 20 percent—currently worth around $140 billion—appear to be in lost or otherwise stranded wallets.”

An estimated 11% of Americans currently hold bitcoin.”

— Bitcoin Market Journal

Investing in Bitcoin is definitely a risky business, but it hasn’t stopped 11% of Americans according to the Bitcoin Market Journal.

Some Americans who have involved in the use of bitcoin include Russell Okung, the first NFL player to be paid in Bitcoin which was half of his 13 million salary according to CBS Sports, as well as Kanye West and possibly Elon Musk.

As dangerous as it seems, Bitcoin allows for simpler transactions by cutting out the middle man, the bank, and bank fees. You are also able to trade with anything to earn them, and there is privacy. However, with the lack of password recovery and hacking, are bitcoins really worth it?