TL; DR
Full story
Is cryptocurrency just stupid internet money? Or is it a life-changing technology?
Sure, to the cynical eye, Bitcoin (and every other cryptocurrency in existence) is just a glorified shared Google Sheet, updating in real time who owns which imaginary currency…
That’s the ‘against’ argument ☝️
Utilities…
Here’s the ‘before’ 👇
At its core, all modern currencies (whether crypto or fiat) are tracked this way… but people don’t value cryptocurrencies like Bitcoin because of their agreements for fiat, but because of them differences.
For example, Bitcoin has no intermediaries (banks), cannot be controlled by one entity (governments), and has a fixed supply (meaning it increases in value over time instead of decreasing).
Here’s a new angle to add to the ‘for’ argument👇
Buying and holding Bitcoin has done great things for many people over the years, but Will Foxley’s documentary ‘The Big Empty’ just highlighted a new avenue for Bitcoin to do social good.
(One we hadn’t really thought about yet).
Bitcoin mining operations are now looking to build mining operations in small towns around Texas.
Like the town of Spur, where most major industries are long gone, but left behind overbuilt power stations, leading to cheaper energy.
(That’s like catnip to Bitcoin miners).
Towns like Spur don’t often have many well-paying or stable jobs, but BTC’s mining operations can often create a hundred or so well-paying jobs – both in the short and long term. Think of: construction, maintenance, repair technicians, security guards, etc.
“Even just thinking about the facility, they are planning to open a kitchen to feed the 40 employees there. That will be about five to ten new jobs.”
-Will Foxley
Bitcoin mining: it’s not much, but it’s honest work.