Not saying cryptos are bad or good, just that the underlying technology (blockchain) is going to be as impactful as AI/ML. It is at a very nascent stage of development and people don't understand it (heck people don't even understand the stock market, they just invest what others say), and there are a lot of scam coins as well.
The more I try to understand the more I find this to be a bad idea. Then I meet people who are self proclaimed 'experts'. My understanding as to why it is a bad idea.
1. ECONOMICS: What is its fundamental value, how to arrive at same?
2. TECH PART: Complex terms such as hash, DLT mechanism, mining. I bet even sane person would become mad trying to figure this part only.
3. LEGAL ASPECT: Classification of these are still in limbo. Tokens can be classified having following functions currency, investment and utility. Now in reality it is a combination of these functions.
If you read credible jurisdiction have not yet defined this, you get Malta jurisdiction having introduced umbrella act such as 'Virtual Financial Act', basically a tax heaven.
I may be wrong but more i try to master/comprehend this, it does not look like a good idea.
PS: The creator of BITCOIN remained anonymous, we are still speculating on his identity.
1. ECONOMICS:- Only some coins have fundamental value, and only those have any future, others are scam.
2. TECH PART:- Don't try. Just like you don't need to understand the economy of the country to spend/acquire money.
3. LEGAL ASPECT:- Govt. can rule it our illegal tomorrow, but the problem is govt.
cannot take/seal your money/account.
What is bitcoin , i have never understood it to be honest
Have you seen this statement on any Indian note "
I promise to pay the bearer the sum of X rupees" - By governor ?
Yes, exactly that, but in mathematics and it is signed by different computers worldwide.