WHAT IS A BITCOIN

One day a Merchant came to a Village to buy Monkeys!

He announced that he will buy the monkeys @ $100 each.

Villagers thought how can somebody buy stray monkeys at $100 each? Still, some people caught the monkeys and gave it to this merchant. This news spread and people caught monkeys and sold it to the merchant.

Then, the merchant announced that he will buy monkeys@ $200 each. Villagers started the hunt and sold the remaining stray monkeys @ $200 each.

The Merchant further announced that he would buy more moneys @ $500 each!

There were only 6-7 Monkeys left in the village and all were caught and handed over to the Merchant for $500 each.

The Merchant announced he will buy more monkeys @ $1000 each! However not a single monkey was left in the village to be sold to the Merchant. The villagers were very sad that there were no more monkeys left for them to sell.

Then the Merchant’s employee told the villagers that he will sell some monkeys @ $700 each secretly so that the villagers could make $300 each. Rich bought monkeys in big lots. Poor also borrowed money and bought.

Villagers waited for the merchant to return. But nobody came! Then they ran to the employee. But he was missing too! Villagers then realised that they have bought useless stray monkeys @$700 each and unable to sell them!

Bitcoin is the next monkey business. It will make lot of people bankrupt and a few people filthy rich in this monkey business.

Our world is governed by certain methods and systems as far as money is concerned. The money issued by the various countries is guaranteed by the individual governments issuing it. Hence a fair amount of safety net is observed in transactions.

Bitcoin on the other hand has no physical presence or format nor is any government of any country responsible for the fluctuations and acceptance of the said crypto currency.

It has also been observed that the Bit Coin has given birth to many other crypto currencies such as the Ripple / Bitcoin Cash / Ethereum / Litecoin / Cardano / Stellar / IOTA / Monero etc. All these new formats of crypto currencies have mushroomed in the past 2-3 years after the sudden rise of the Bitcoin. However, the Bitcoin remains the undisputed leader among these new cryptos.

May 2010 the price of Bitcoin was $0.01 whereas in July 2010 it rose by 900% to reach $0.08 from $0.008.

It peaked at $17900 per Bitcoin on Dec. 15, 2017! This was the highest that a merchant could pay to buy a stray monkey!!! 

Currently available at $7000.00 it has dropped by $11000 in 3 Months !!!!  So, what should the villagers do with the stray monkeys now after losing $11000 a piece?

With the heavy fluctuation in prices and no regulatory control in place, the Bitcoin has a very bleak future predicted for the crypto currencies. Besides this a very strong chance of losing your money to hackers from the wallet can also be foreseen.

It is therefore, sensible for a common man to keep away from crypto currencies until all these issues and many more are addressed by the World Governments and brought under control, otherwise there would be too many stray monkeys and no takers!!!