I had bought my first Bitcoin, to trade in the cryptocurrency. Back in 2013, Bitcoin had not taken off, and its validity as a currency was under scrutiny. For some, it was a currency, while others claimed it was a commodity. To this day, it remains a subject of much debate in the international financial markets. After a few months of trading, I decided to buy more Bitcoin because I noticed that Bitcoin’s fluctuation was steadily increasing – and despite the fluctuation, its value was increasing by the day. People began to use the term ‘cryptocurrency’. The transparency of this new currency ensured that governments could not regulate it or dictate its direction. I needed this kind of assurance. I needed to know that my money would not be determined by a third party whose greed could affect my returns.
Many prominent businessmen and millionaires across the world believed in the power of this new currency because its value was determined by the market – the people. I discovered a fascinating aspect that contributed to the rapid growth of Bitcoin – it wasn’t printed money, and its value wasn’t determined by quantity. In Africa where many economies are controlled by ‘big men’, hyperinflation can run rampant – Zimbabwe being a prime example. In the light of this eventuality, cryptocurrency has been referred to as a solution in need of a problem.
At university, I was making big plans that could change my life, for better or for worse. As I grew from novice to expert in trading, storing and buying Bitcoin, I decided to employ someone to help me supply Bitcoin. Bitcoin is a 24-hour business that requires you to be available at all times to supply the coin to people. I was still a student, and it was challenging because I had to attend to my varsity schedule and keep my newly founded business operational. Again, I also had to do well at school so that my family wasn’t aware of what I was getting up to. I often felt it was a shame that something so amazing and interesting had to be kept secret- Chapter 9, Page 96