Bitcoin Love Vs. Bitcoin Hate (And What That Means for Your Wallet)

While the iconic sitcom Friends was never a favorite of mine, whenever the reruns come on TV I do get a chuckle. Don’t we all?

One of the funnier episodes, “The One With The List,” comes early in the show, in the second season, where Ross has to make the almost impossible decision between Julie, his current girlfriend, and Rachel, his longtime secret crush, who, he’s just found out, also has a secret crush on him. (Oh, the drama.)

Ever the problem-solver, Ross decides to make a list of Rachel and Julie’s respective pros and cons. Rachel has lots of cons: too into her looks, thick ankles, and “just a waitress.”

Julie has plenty of pros: smart, driven, a paleontologist, and cute. She has only one con: “She’s not Rachel.”

Unfortunately for Ross (but hardly surprisingly), he soon finds himself without either girl – but with a very important life lesson learned: don’t make lists about who to date. (Or, you know, don’t live in a sitcom.)

In the spirit of that episode, I present to you my latest Bitcoin installment: “The One With The List.”

Let me take a swing at listing the pros and cons of the Bitcoin currency as it stands… and get started directing you towards some profit recs

How Not to Get Bitten By Bitcoin

This weekend, I want to give you just a quick look ahead at a fascinating topic we’ll delve more deeply into next week…

I find it hard to fathom the many life-changing innovations that have occurred in my lifetime.  As I look back, there is a definite theme to the introduction of these advances: lasting innovation is rarely embraced on the first try.

One of the earliest innovations that I can remember happened when I was a young boy and color TV became prevalent.  It took more than a dozen years (from the first color broadcast of the Rose Parade in 1954 until the mid-1960s) for color to be widely accepted, and 18 years from that first broadcast for the sale of color TVs to outpace black-and-white sets.

By the time I was in college, the first IBM / Microsoft OS personal computers were introduced.  Again, it took more than 10 years for sales to move into the home in significant numbers and that thanks to the new widespread availability of Internet access.

I could list more – cell phones, HD TV, etc. For each of them, even in this age of rapid technological advancement, it has taken at least a decade to move from first commercial use to widespread use.

This brings us to transactional technology.  Credit cards were the last widespread innovation in commerce transactions.  They were a rarity until the 1970’s (with the original bank card, or “open-loop” card, introduced in 1966 as the BankAmericard).

Thinking back on this, I watch all of the Sturm und Drang over Bitcoin with great amusement – and interest.  I’m not a Bitcoin fan-boy; nor do I believe it is a worthless endeavor.  After doing a good deal of research on Bitcoin, here’s where I’ve landed: whether it flops or becomes a household name, I see Bitcoin as a necessary and ultimately useful step in the innovation cycle. 

But in order to profit from it, you have to understand what it is and where it’s headed…

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