Expounding On Four Good Reasons
Before I get into my personal story, let’s expand those four compelling reasons a little.
Volatility
The first reason I gave was volatility. Let’s be honest – the history of Bitcoin prices makes a yo-yo look like a 6″ thick slab of concrete. Right? One day Bitcoin is worth $50,000 a coin. The next (so it seems), it has tanked by 70%! Now imagine if this happened to the U.S. dollar? Would anyone trust it? More importantly, would it even be useable for trade?
Scarcity
Next, let’s talk about scarcity. One day I heard Jason on the Sound Retirement Radio podcast give this example: Imagine that you owned the last and only dog alive in the entire world. How much would its poop be worth? No doubt, you could sell some on Ebay, but seriously, how many people would be standing in line to buy doggie poo? But its scarce, they say! So what?
Utility
That brings us to the next point. Utility. What if that doggie poo, when mixed with mint and olive oil and turned into your garden beds automatically kept all weeds and pests at bay while producing amazing vegetables – vegetables that totally prevent cancer? Now it has utility and that my friend, is worth something. But what is the utility of a currency you can’t even see or hold in your hand? Can you mow the lawn with it? Can you eat it?
Finally, do you really want to put your trust in a currency that is only worth something as long as enough people believe in it?