Admittedly, I will lose a lot of purchasing power if the price of a bitcoin falls to US$5. Hell, I've already lost money in Bitcoin – I didn't really get interested in it until the fall of 2013. Yeah, I repeat: that fall of 2013, the famous run up to the US$1,000 bitcoin.
But even though I've lost money buying bitcoins, I feel like I've gained wealth.
How is that possible?
Well, I measure my wealth – primarily – by the quality of the hours in my day. And the simple fact is that Bitcoin has made my life simpler. Smoother. More conducive with the kind of person I want to be.
So here are the top five reasons that, even if Bitcoin plummets to US$5, I'll still happily get paid in it, save it, and spend it.
1. Bitcoin allows me to live without a bank account. Modern banks are a monumental pain in the ass, to say the very least.
They want “papers, please,” including facial photo, home address, birth date and more. They send you postal mail, emails, and call your cell phone incessantly whenever you spend fiat abroad. They charge you fees, require in-person visits for even basic functions, close at 5 pm, and set a cash withdrawal cap at their ATMs.
Who has time for banks? Who has patience for banks? Not me.
2. Buying things online is so much faster. After making dozens of purchases from the likes of Overstock, Gyft (to use at Amazon and Home Depot), and various smaller merchants, I still get a small thrill every time I pay a Bitcoin invoice. Really.
No time spent filling out first name, last name, billing address, credit card number, credit card expiration date, credit card security code, and godknowswhatelse. God, I hope their database doesn't get hacked!
No. I send my bitcoins, they receive my bitcoins, and the transaction is complete. It's stupid-fast, and borders on pleasurable.
3. Bitcoin is far easier to travel with than cash. I am a pretty mobile person, and I can't imagine having to lug around my money with me in cash. I'd be petrified. Theft isn't even the only risk in storing cash – what about a fire? A flood? A natural disaster that forces you to evacuate with only the shirt on your back?
Cryptocurrency can be carried in the cloud or in your memory. With a little planning, it literally needs no physical components that can be stolen, burned, or waterlogged. Bitcoin is money
I can have with me wherever I am, whenever I need it.
That is serious peace of mind.
4. I don't have to track my purchasing history or account balances anymore. Remember the days of balancing a checkbook? Of calling your bank – and talking to a robot – to check your balance? Or after online banking came about, remember logging in to your bank account only to see that your most recent transactions still had not posted?
That's long gone with Bitcoin. My purchasing history is laid out flawlessly before me every time I open my wallet. Transactions post immediately, so there's no waiting 2-3 business days for an accurate account balance. There's no central party to fine my account due to overdrawing, and besides – overdrawing is impossible, anyway.
I've never been more in control of my own money. And that puts me more in control of my future.
5. I feel like I'm making a positive difference. Every time I send or receive bitcoins, I kid you not – I feel a little better about myself. About my life. About the world.
Why? Oh, I don't know. Because I'm using a currency created by math, not politicians. Because I'm using money that suits honest people, not cartels. Because I'm using valuable bits that flow seamlessly over pretend borders in the sand.
In short, I'm using a currency that aligns with who I am.
Your bedroom matches your personality. Your clothes match your personality. Your dog or car may even match your personality. Why not your money? This is the 21st century. It's not too much to hope for.
Not a One-Currency Woman
I have no special attachment to Bitcoin among other cryptocurrencies. The five benefits I've described can be derived from almost any of the excellent “altcoins” that exist alongside Bitcoin. If it becomes more advantageous to use a different crypto coin, I will not bat an eyelash when making the switch.
This is because I aim to use whichever currency adds the most benefits to my life. And right now, that's Bitcoin. And the same would still be true if it were only worth US$5.
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