What up Hodlers. It’s BlocKade, aka Kade Crypto. Today I’m going to talk/write about the original Crypto, the original Blockchain, BTC. If you want to know the history of BTC or the fundamentals of it, check out the BTC whitepaper. I’m going to talk about the original purpose of Bitcoin, which was to be a peer-to-peer digital currency. I’m also going to delve into economics and finance and why BTC (or some other Crypto will be a game-changer).
[*FYI: This was more of a video rant that I turned into a post, you may want to watch the video in lieu of the written post (written for the hearing impaired). Cheers Hodlers.]
BTC was designed to:
1) Exchange value
2) Allow individuals to be in control of their own money
3) Make banking obsolete
4) Trade w/ anyone in a permission-less way
5) Be a stable currency with a fixed supply (not inflationary)
6) ____ _______ __ _________ _____ _____. (List your fav reason Hodler Homie)
These days, BTC hasn’t lived up to the whitepaper or what it was designed to do. With long-ass transaction times and monster fees, BTC has found a way to fuck up something that seemed like a sure bet (I’ve paid $30-50 for some transactions). Now, we’ve had the BCH fork, which has been around for about a year, and functions better as a form of payment (as well as the BTC Gold/Classic/Private forks). A peer-to-peer digital currency can be any crypto you want to use as a form of payment: BCH, Dash, Monero, RaiBlocksClassic. I’ll be using BCH for explanatory purposes, but you can substitute whatever one you like in place of BCH. I’m also using it because I hold a decent amount and I’m gonna shill it for you guys.
One criticism I hear is that BCH fluctuates. That’s true, but compared to what? The dollar? Sure, but how about compared to the Bolivar? It’s predicted to have an inflation rate of 1,000,000 percent this year. People want to conserve the value of their money. They’re putting it into BTC/BCH/Crypto/Gold. Whether they’re rockin’ $s, Euros, Yen, or Won, people want to conserve the value of their money. I predict in the long-term that BCH, or some other Crypto, will level out and stabilize. It could even be slightly deflationary as it gains prominence as a major medium of exchange and more people value it as a form of payment to be received and spent.
Even in the US, inflation can be 2-4% a year. Some even say those numbers aren’t accurate. Even if you buy the official numbers, that amount of inflation sucks and will just eat away at your savings over the long term (10+ years especially). We’re seeing high inflation numbers in Africa too. And in Iran, people evaded capital controls and $2.5 Billion left the country through unstoppable capital flight by way of Cryptos baby.
Even if you do everything right, sometimes the system is stacked up against you. Now people in Iran and Maduro’s Magical Kingdom have a means to preserve their wealth through Crypto rebellion. BCH is pretty fuckin’ stable compared to the Bolivar. In Venezuela, forget about Hodling for Cherry Red Lambos! You’re not Hodling, your hustlin’ to get a moldy rat meat Reuben with a cockroach side salad drenched in a red wine vinaigrette. In the US, we have scalpers for baseball tickets. In Venezuela, they have scalpers for flour (an ex-pat friend from Venezuela confirmed this). Crypto is an escape pod on that fiat spaceship.
Another thing I want to point out is that, despite these currencies fluctuating, people are still using them as a form of payment. This could be for financial, or even philosophical reasons. We see heavy BCH use in Japan and some other areas. In the Live-Free-Or-Die state, Dash and BCH are seeing a lot of growth/use. Places on the internet that accept crypto are exploding too. Several people have bought houses with BTC and I wouldn’t be surprised if real estate starts getting purchased with BCH as well.
If you’re on Twitter/Youtube/MSM calling crypto a scam, someone’s gonna screencap/record those idiotic mutterings. And in 5, 10, 15 years(more like 3 years probably), you’re gonna look like a complete tool. We’re talking Paul Krugman comparing the internet’s impact to the fax machine levels of idiocy (NYT’s favorite wanna-be economist also thinks BTC is evil. I’d listen to this forecasting genius, for rizzle).
BTW, I’m not saying you should go all in on Crypto like BTC-Dad (’m not a financial advisor and this isn’t financial advice. I’m a self-styled financial mfin’ genius, though). Even if you’re not super bullish on Cryptos, you should still have some. Some even predict an impending mega bubble in the US (ZeroHedge, R. Paul, DollarVigilante), one that could be a lot bigger than the 2008 mini-bubble. It’s an investment, but it’s also a hedge/insurance; in case your country’s currency goes 4Loko like Maduro’s Socialist Super-Utopia Paradise.
If people are willing to buy/sell with it, and it increases its network effects, BCH could be the reserve crypto. It’s not the first mover, but it has early-mover advantages and works better than most of its competitors. Maybe it’ll be a privacy token or even BTC, if it ever stops double-spending itself in the foot.
I’m hedging as well; I have both BTC and BCH (and a slew of others too).
I’m all about Hodling (especially in this Bear Dip), but if you want to cash out some of your profits: buy precious metals, buy real estate (be cautious, also looks bubbly in the US), buy guns (if legal in your area, MAGAland citizens can legally buy firearms). And buy a boat so you can escape from the horde of socialist zombies and cruise to your Crypto Island with a wallet full of Varyon.
And remember to Hodl for Red Aprilias and Ducatis and Dark Gray Astons and Maseratis.
(Currently rockin' a CBF 300 but I be Hodlin' for that Ducati Panigale!)
Feeback, questions, comments, and video ideas are appreciated. Hodl and let the NoCoiners Hate. Mo Crypto, Mo Problems.
#HODLWARRIOR
I love Steemit, but all my Social game be on point:
Instagram: block.kade
Twitter: BlockKade
Steemit: @blockkade
YouTube: BlocKade Hodlson
My Twitter handle is actually @KadeBlock.
Coins mentioned in post:
Congratulations @blockkade! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!