Cryptocurrency

Some may have noted that I am now ready to accept payments for my products and services in Cryptocurrency, and perhaps some may be interested in my reasons for this.

The emerging new economy
Just as many technical innovations today disrupt old ways of doing things, the rise of Cryptocurrencies like Bitcoin (and a host of others) also promises to bring disruption and change to the way that we do business, send and receive payments, invest our savings, and attempt to guard ourselves from the potential ravages of global economics. It is yet to be seen how disruptive this technology will be to established investment institutions and banks, but the rapid rise in the value of Bitcoin suggests that globally there is a surging interest and indicators suggest that this trend is only beginning.

What is Cryptocurrency?
Digital currencies like Bitcoin, Litecoin, and a host of others, are digital currencies that enable users to send or receive payments to or from anyone anywhere in the world without the use of a central bank. The digital currency exists as entries in a ledger in cyberspace, heavily encrypted and spread across multiple servers on the internet, making it impossible to hack or delete.

To buy cryptocurrency all you need is an account with a local exchange like Coinjar.com.au (for Bitcoin) to enable you to buy Bitcoin, and convert it back into dollars. And a digital wallet like Exodus (www.exodus.io) to enable you to safely store, trade, or send and receive payments in a variety of different crypto-currencies.

The For's and Against's of Cryptocurrency
The financial investment community are heavily divided on the real value of Bitcoin. Some assert that it's value will skyrocket beyond all expectations, whilst others assert that it's the biggest scam ever and a bubble that's about to burst. And yet the value of Bitcoin, and other cryptocurrencies continues to rise (400% over the last three months as at the time of writing this!) I am no financial adviser, so please don't take anything here as advice... do your own homework. But I have observed that those who are most critical and wary or cryptocurrencies either can't comprehend the value of peer-to-peer transactions using blockchain technology, or don't realise that our current economic system is itself a fragile house of cards, subject to corruption (Eg: Commonwealth Bank!) or deceptive exploitation (American subprime loans, which led to the last Global Financial Crisis).

Critics are also quick to point out that Cryptocurrencies are backed by nothing of substantial value, such as gold or silver. But then again, neither is normal money. The current day practice of Factional Reserve Lending effectively means that most money that we regard today as "real" actually doesn't exist, and is backed only be IOUs with the Reserve Back, whose promise to back it is only as good as the viability of the national economy. When countries experience economic meltdown, such as Venezuela and Zimbabwe have recently, their currency becomes worth less than the paper it's printed on, leading to hyperinflation and extreme economic hardship. In these situations cryptocurrencies like Bitcoin have played a role in providing an alternative form of currency and a safe store of value. And the currently trend (at the time of writing) is that the major cryptocurrencies are appreciating in value, rather than depreciating. In other words, if you invest even a small amount, based on the experience to date it is highly likely that your investment will buy you MORE a month from now, rather than less. But of course, no-one can be absolutely sure, but that's where my best prediction is.

Currently I am able to receive payments in any one if these cryptocurrencies:
Bitcoin: 1DXG5HtyLRcqAyfEcthTST2G3b8z3Tknf7
Litecoin: LfJq7X3hhcYb9cHPAxaH9bej9oLikQR6LF
Etherium: 0xFB0E9B8050B5C51Ff18Bce419bcEafF1903e0971
EOS: 0xFB0E9B8050B5C51Ff18Bce419bcEafF1903e0971
Bitcoin Cash: 13M1PSWZEQAUKpDKVAiLYx6ZvigXvRPS83

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