10 reasons why you should NOT miss on Bitcoin. #10
10 reasons why you should NOT miss on Bitcoin. #10
I'm gonna make you an offer you can't refuse.
I was sleeping and as I woke up this thought came to me - 99% of people are working day in and day out for money someone prints out of thin air. There was no effort invested in creating that money, yet billions of people work 365 days a year trying to acquire it.
Does this transaction sound fair to you? The best deals are those where both parties win something. Zero-sum games lead to nothing good. Nature is not built on zero-sum games, rather it is built on synergies and cooperation.
Here is where Bitcoin enters the picture. Scroll down. (voiceover ©11.ai)
1️⃣ In order to acquire one Bitcoin, or any amount, you have to work for it or give something in exchange. There is no such thing as Bitcoin issued from nothing. Either miners have to mine it in exchange for energy, which required effort, or buyers have to pay its market value with cash.
Those buyers are probably paying with cash they worked hard to acquire. They are part of that 99% group that cannot print money at will. There was real effort invested in that transaction. Now you may ask, what does Bitcoin give in return?
2️⃣ Peace of mind first of all and second, probably more practical, access to sound money. You could define that as money with intrinsic value. Like gold for example. The intrinsic value of a US $100 dollar note is the value of the paper it is printed on. I checked - it costs exactly 17 cents to print one note of such value. That is its intrinsic value. The difference from 17 cents to $100 is the trust people place in those that issue such paper money, also called fiat money.
Fiat money is not backed by any tangible asset. If we learned anything from crypto is that trust can vanish in seconds and with it billions in value. This should not surprise you, particularly when the money you work so hard in acquiring costs almost nothing to print and is backed by trust.
3️⃣ Bitcoin does not require your trust. It does not even need trust to function. It has intrinsic value, no matter if people trust it or not. Satoshi mentions the word trust or its derivatives, seven times in his Bitcoin whitepaper and that is only on the first page. To use Bitcoin, you do not need to rely on a “trusted third party”. In this case, that trusted third party is your bank - the one issuing fiat money from thin air. In most cases, they just type the money on a keyboard, and then it appears in your account.
Bitcoin fixes this abuse of power and zero-sum game by creating a level playing field. In a Bitcoin economy, those that currently type money into existence on keyboards will no longer have this privilege. They will also no longer be able to benefit at your expense, meaning they create money without effort, and then you have to work for it to give it value.
4️⃣ Bitcoin is the first global implementation of money separated from the state. Just like the church was separated from the state, so should money be abstracted away from the interest of the few and become a public good, for the benefit of all. This evolution of money is inevitable as the shortcomings of fiat money - like inflation, mismanagement, poor allocation of a nation’s wealth, and poverty - will force things to change.
What is even more interesting is that since the invention of Bitcoin in 2009, there has been no single cryptocurrency or alternative blockchain to truly challenge it. Why is that? It’s because Bitcoin is not just a number, it represents a decentralized network of people cooperating to sustain it and use it as a tool to achieve financial independence.
5️⃣ Bitcoin is the world’s largest network measured in raw processing power, distributed among hundreds of thousands of miners. This means, every day, billions in hardware and energy is being used to sustain this network. This network calls Bitcoin its unit of account. There is none like it.
6️⃣ There is no Bitcoin CEO. There is no customer support. Trust itself is decentralized. Money is abstracted into a network with over 80 million users. If a cryptocurrency has CEOs, investors, foundations, venture capital interests, or similar set-ups, then be very skeptical when they talk about decentralization. It may be in name only, also called DINO (Decentralisation In Name Only).
7️⃣ Leaving aside the technical jargon, Bitcoin has elegance in its simplicity and transparency. It has a fixed supply of coins released on a schedule which reduces the issuance at intervals of four years. The maximum is 21 million Bitcoins with the last Bitcoin expected to be mined over 100 years from now. With 19 million already in circulation and each Bitcoin being further divided by 100 million units called Satoshi, there is enough of it for everyone. This information is public and makes Bitcoin predictable in the next 100 years. There are no secrets. Bitcoin is not hiding anything and can’t surprise you. These are important qualities when talking about money.
If anyone decides to change its configuration (say increase the maximum number of Bitcoins), then a new network will be forked that will require its own miners and hardware. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are examples of forks that tried to “improve” Bitcoin. Instead, what they proved is that there is only one Bitcoin and forks will not change that. Remember, Bitcoin is the most powerful network on the planet, you cannot copy-paste it unless someone finds a way to materialize mining equipment from thin air on this planet.
8️⃣ Similar to how the Bitcoin network cannot be copy-pasted, your Bitcoin on its network cannot be copy-pasted. No one can dilute the value of your Bitcoin by creating more of it out of thin air. It’s impossible. For this reason, Bitcoin is one of the best assets to store your wealth in. Some call it digital gold. Its fiat price may be volatile, but over time this becomes less of a concern. More so, Bitcoin’s inflation rate or the rate of new coins mined vs old coins is at 1.8% per year. This is better than gold and eventually will hit zero. What more can you ask for?
We can also call zero inflation money, hard money. Thousands of years of history show us that people always move to the hardest form of money and Bitcoin is the hardest money man has ever created (you can’t dilute it). In this sense, fiat money is an anomaly that is currently being corrected by the invention of Bitcoin.
9️⃣ Bitcoin is censorship resistant. No one can confiscate your Bitcoin except your own memory or bad fortune. What I mean by that is that you can store your Bitcoin in a hardware wallet only accessible by you. That wallet is attached to a private key or seed which you should never lose or type anywhere for security reasons. Whoever has access to your key, has access to your coins. If you don’t have the keys to your Bitcoin, then that Bitcoin is not yours. Not your keys, not your coins = NYKNYC.
An example of this is Bitcoin held on centralized exchanges. Someone else has the keys - not you - and you trust that exchange to keep it safe for you. Trusting others with your Bitcoin defeats the purpose of Bitcoin (see #3). Moreover, you can send or transact in Bitcoin at the speed of light anywhere in the world. There are no borders and no one can stop you as long as you have the keys.
🔟 Bitcoin is an investment not just in your future, but the future of everyone around you. It represents a chance for a better tomorrow, for all. Over time, Bitcoin adoption can reduce violence since states will no longer afford to pay for wars at your expense and against your will (via inflation), it stops the dilution of your money and empowers individuals to become sovereigns with their wealth which cannot be confiscated at the will of others, nor taxed without permission - as long as you have the keys.
Notice that I never mentioned profit even once in the above text. If you understand Bitcoin, you will quickly realize that this invention has nothing to do with profit. That is fiat money language. It is ironic that most people buy Bitcoin so that they can “cash out” their profits into fiat money, not understanding either. You don’t cash out into fiat money, you cash out into Bitcoin by selling your dollars for a superior form of money. It takes time until a critical mass will be achieved, but once that happens, the trust in fiat money will melt like snow under the sun and a new money system will emerge - maybe it will be called the Bitcoin standard.
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Duo Nine - YCC Founder