If you've heard about cryptocurrency, then you've probably heard about bitcoin. In fact, you probably heard about bitcoin first. It is synonymous with the concept as far as popular culture is concerned. Bitcoin is where it all started.
The blockchain, which is the fundamental technology that bitcoin was built on has provided solutions to some of our major problems in the economy and beyond. At the very least, businesses can appreciate what blockchain technology can do for numerous industries.
But there are also people who can't appreciate what the blockchain has created. Anger for bitcoin has boiled the blood of many traditional economist and investors. They claim that bitcoin is a speculative bubble.
To be fair bitcoin is speculative, to an extant. But to be more fair, so is everything else. That is why I am so tired of hearing the nonsense. I think its time we cleared the whole thing up. Being that these people are either very confused about how money works, or the more likely conclusion, they're lying.
For one, it is quite difficult for any commodity to be accurately valued. What is the true value of anything? It's actually quite hard to define. The market is a living thing, always changing, evolving. Nothing is ever the same. That is why the price fluctuates on just about everything. What people need today won't necessarily be important tomorrow. And what was trash yesterday may have a bright future when some new technology emerges tomorrow to demand its use. Computer code, as valuable as it already was, has seen that day, again.
Bitcoin is worth $14,000 and change for a reason. It may not deserve all of that value, but it definitely deserves some of it; and here's why. Bitcoin, in fact, all cryptocurrency has the potential to be exponentially more valuable than fiat. And in time, it will.
Jamie Dimon has been paraded through the rounds telling everyone how bitcoin has no value. And I find that a bit ironic considering the currency he backs has even less value.
Fiat is a scam. That may sound inflammatory but it's not. Unfortnunately, it's just true. Fiat is the direct evolution of people losing their stake in a legitimate standard of value. Like the gold standard. When the gold standard still existed, you could turn your paper money in for its equivalent value in gold. Gold was a standard of wealth for its many properties. Those properties were mostly aesthetic in the past, though in the technological age, those properties have gained higher utility due to the amazing features of the gold atom. (See gold as a superconductor).
So it is a shame that the wealth we once had was taken from us and replaced with paper money that wasn't backed by anything, except a promise, which was spoken by loose lips. Don't take my word for it. Do some research as to why the great depression really happen. Or what problems were at the core of the crash in 2007.
The problem with fiat money, besides it being intrinsically worthless, is that we have little to no control over its stability or value. We are in fact, at the mercy of a few regulators and rich wall street traders (Whales). Additionally, with fractional banking, the fiat system is always dying, always driving debt. You could even venture to say that it is designed that way. Debt is not natural, its a disease in the economic system. We have been conditioned to think its just a part of life, but it's not. Nothing in the universe behaves the way our current economic system does. It violated the laws of nature.
This story isn't meant to bash bankers. I am not claiming that the ranks are all filled with bad people. I am simply asking, what if they are? Because there is next to nothing you can do about it.
With cryptocurrency, there is something you can do about it. Apart from a million incredible things that cryptocurrency is doing and will do in the future, it gives you choice, and it gives you power. Like the world has never seen before. This is the Gutenberg press, the internet 2.0. This is liberation from a system that does not work for the people.
If bitcoin or any other cryptocurrency has no value, then neither does fiat for the same reasons. Though the difference between the two, is one is not controlled by the few, it is maintained by the many. It forces no one to use it, cannot be altered or changed to fit the needs of a wealthy minority and is completely transparent.
With a change in the code, it can evolve, it can propagate into new forms and develop an entire ecosystem where currency itself is subjected to the free market. Whether fiat hodlers like it or not. It is the future.
If anything, cryptocurrency has added value to money. It has fixed money. It is money.
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