Development Capital Group's blog entry about the arrival of Bitcoins:
Would you buy a share of Berkshire-Hathaway for $1,000? Do you
currently trust moving your money into gold? What if there was a similar
vehicle available to the public that could fuse both financial promises
with a third, yet more compelling promise - to literally change the
world. What then?
There are few watershed moments in human history that have
drastically altered our existence. Johannes Gutenberg's adaptation of a
technology that had been used in Asia for centuries led to an explosion
of new ideas. The moveable type printing press, it has now been
observed, helped Europeans greatly increase their communication and
spread of ideas. This led to major shifts such as the Protestant
Reformation, in which Martin Luther utilized the power of the printing
press to share his Ninety Five Theses - each challenging the authority
of the Catholic Church over the sale of indulgences.
With a chink in the religious armor of the Church, Europe began to
convulse. Soon political changes began to sweep across Europe and the
monopoly of people's souls, owned by the Catholic Church for roughly
1,000 years, was challenged. The middle men to God were bypassed and
people began to take control over their own destinies.
Does Bitcoin, a simple digital currency or cyptocurrency, really
expect to deliver on the stuff of epic Biblical proportion? If you are
attending the North American Bitcoin Conference, you may be on board
with such beliefs.
Roger Ver, a venture capitalist who developed his economic acumen
through dealing in used Cisco memory and networking equipment, has
become a prolific Bitcoin startup investor and arguably the movement's
unofficial spokeperson. He likens Bitcoin to humanity's greatest
invention since the Internet and cites the cryptocurrency's ability to
transform human life.
Matthew Roszak, who is a co-founder and vice chairman of Silk Road
Equity and has invested in excess of $1 billion in various ventures,
summed up the potential of Bitcoin best during a panel of venture
capitalists at the North American Bitcoin Conference. Roszak stated, "Bitcoin is freedom."
Regardless of where you stand on Bitcoin, it cannot be denied that
the current economic global situation is dire and also, like Europe's
religious situation during the 16th century, in need of reform.
The central bank experiment, which really started to gain traction in
Europe as far back as the time of the Renaissance, has yielded many
mixed results. Some cite the many positives it has delivered to modern
societies as our money supply has become more plentiful to allow for the
growth of new industries and technologies. It has allowed for the use
of capital for risky investment and speculation, leading to advancements
in many phases of life on Earth. Then there are those that have
characterized the central banking system as a shackle to control
humanity by setting the value of currencies while also creating rapid
inflation the likes of which the Weimar Republic of Germany still serve
as a cautionary tale. Furthermore, some plead for the dissolution of a
government's ability to simply print money at will, which not only leads
to inflation, but allows for more sinister activities such as funding
wars and other horrific measures that destroy lives on the planet.
Such is the philosophy behind the creation of Bitcoin. It boasts to
be a decentralized currency that is going to have a limited run and be
available to people for creating direct transactions between one
another. It eliminates the need for a middle man and offers low to no
The currency's value, however, has been mostly speculative. Since its inception in 2009, the value of Bitcoin has had dramatic rises with some serious retracements.
Some of that speculation seems to have dampened when China made the
decision to ban Bitcoin from its banking system. Yet China doesn't seem
to be able to pick winners in the tech industry as they also banned
Facebook which only continues to see growth.
The US, however, could prove vital to Bitcoin's
future. Officials in the US are looking into what kinds of regulations
need to be considered. New York is scheduled to have a public hearing on
virtual currencies on January 28th and 29th which will do a lot to
determine the future of Bitcoin and other virtual currencies in the US
One message resounded clearly from the North American Bitcoin
Conference and that is, virtual currencies, whether it be Bitcoin,
Dogecoin, or Litecoin, are here to stay and are not going anywhere. The
need is there and the transformative nature of the technology is much
needed to help with economic reform. Various venture capitalists
and other investors have stated they intend to target the platform of
digital currencies in regards to potential startups. David Aylor, an
attorney from South Carolina, has a client who is alleged to be involved
in the first seizure of Bitcoins by the US government. Aylor offered
some legal perspective in pointing out that although many websites offer
the sale of illegal goods and/or services, they serve as tools to be
used by the community. Digital currencies, much like traditional
currencies, can be used for good or ill and should be considered tools
So it is with digital currencies. Many will cite the potential for
transforming society, others will point to their filling a potential
need for economic reform. There are many companies and startups
that are forming now with the potential to grow the industry and meet
the needs of its future customers. Whether or not backing its
transformative nature proves to be hyperbolic or predictive, there is no
doubt that the digital currency industry is here to stay and is poised
for tremendous growth potential.
Read the original article about Bitcoin here.