Bitcoin is a money technology, unlike anything the world has ever seen — as it requires no trust. It is simply software designed so that all parties are incentivized to play by the rules. This, in turn, could make it one of the biggest opportunities to accrue wealth for generations to come.
Here are three reasons why “it might make sense” for people to buy some bitcoin “in case it catches on,” as Bitcoin’s inventor advised.
The 21 million bitcoin that will ever exist is probably the most attractive attribute to any low time preference investor. It is also the most transparent investment in history as the supply (and every transaction) is publicly verifiable.
“Bitcoin’s volatility derives from the fact that its supply is utterly inflexible and not responsive to demand changes, because it is programmed to grow at a predetermined rate,” writes Saifedean Ammous in his book, The Bitcoin Standard.
Throughout history, there was always some entity forcing people to use its money — be it the state, the church, or the central bank.
“In a world where everyone is using crappy government-controlled and censored money whose supply is expanding, anyone who has unstoppable hard digital money is at a huge advantage,” explains Ammous.
By successfully solving the Byzantine’s general’s problem through the proof-of-work, Bitcoin not only incentivizes people to save but also enables a system of monetary non-governance where politicians, central bankers or your local warlord are irrelevant
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