Quick question.

I feel like I'm quickly developing a Bitcoin addiction. I've figured out how to backup my wallet to 'The cloud's by saving a file to Google drive in case I lose or spike my phone. Tested it out, it works. Got like 98% faith that the crypto is safe as far as not being able to access it like the dogecoin that's sitting on a phone that I still need to repair the screen of. First it was 20$, then 40$ in the BTC ATM. Felt like magic.

My question is:. Is you're opinion of me stupid?

📍

safe? maybe.
unstable currency? yes

@Chea honestly, not a fan of BTC. Just interested in the conversation. (economically, that is)

@Gregozor2121 I heard not to think of it is a currency but more like a commodity. Think digital gold. Although the preconception that it would only be mines with CPUs and not gpus may have led this bubble to burst soon, but I wouldn't be surprised to see any of the alt-coins be a better store of value during this period of hyperinflation. Look at Venezula. Roosevelt outlawed the hoarding of gold in 1917. So then what's the answer, copper? Aluminum? Robux?

@NoMad That's the one that I meant to post

@Chea That is my current mind about it, i am not super into it... that is why i am careful

> safe backup for private keys
> cloud storage

Dude, I get that you're new to cryptocurrencies, but unless you've thrown a few good rounds of encryption into the mix, that's just a bad idea.

Sidenote: look into Monero. Monero is what people think Bitcoin is when they first hear about cryptocurrencies. True digital money.

And the best way to think about cryptocurrencies is to consider them money. Think about it: if everyone 'hodls' and keeps their coins stuck the wallet waiting for the number to go up, the whole currency becomes worthless because there is no economy to sustain its value, only speculation.
If, on the other hand, you use them as actual money, you help grow an economy, and its value will increase accordingly.

@endor I done watched that Monero go up from 68 to 92 over the past few months. Got the CPU miner going on that one as well.

@endor aw snap, look at that. Monero just hit 100

@Chea that's nice and all, but that's not why Monero is a great project

@endor What about it then? I just understand the untraceable part. Shxt, paper fiats got serial numbers.

@Chea the fact that it's untraceable is what makes it *real* money. Look up the definition of "fungibility".

Unlike most of ther projects (Bitcoin included) driven by pure hype and speculation, Monero is one of the few with an actual purpose that is seeing real usage. (No, Ethereum's NFTs and ponzi staking schemes do not count as real usage).

There's a reason why most DNMs have already moved to Monero-only. It's because it works.

@endor nano reddit.com/r/nanocurrency