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BTC · 5w

My take on Bitcoin

I’ve only been here for a year, but here’s my take after running like Forest Gump all over the crypto-sphere: Bitcoin represents the first implementation of digital scarcity. Originally intended to be a currency, it has evolved into a store of value, which speculation has caused to exponentially increase in value at about a 200% increase year-over-year even through all its volatility. Bitcoin is the concept of hard money. It is referred to as “digital gold”. There will never be more Bitcoin, so as long as enough people agree that it’s value is all encompassing and act accordingly (by buying more), it’s price will literally only go up over time. It is a perfect vehicle because it is a conceptual one. There will never be a replacement to Bitcoin, because logically why would anyone put faith into a replacement — if the concept of hard money can just be replaced, then the replacement would be even more easily replaced and the concept of the perfect store or value would cease to exist. Bitcoin continues to succeed because the people who are believing it into existence are doing so by putting their money where their mouths are - they buy it. Bitcoin Maxis buy it with every dollar they can get their hands on and are even motivated to work harder to get more money to buy even more, no matter the price! Built into Bitcoin is the concept of the halving, where the computers that run and secure the network are rewarded half as much for doing so every 4 years. This assures a quickly dwindling supply for the market, and a reinvigoration to the community and increased rarity of the coin. The beauty of Bitcoin is a perfect synergy between many aspects - its simplicity, its security, its transparency, its immutability. There has yet to be a problem that it hasn’t eventually crushed with the sheer weight of its concept. Bitcoin being the vehicle for the concept of hard money allows one to follow through many logical thought experiments that have interesting outcomes. M...
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BTC -1.65% · · 8h

Daily Bitcoin News Sept 27th, 2021

Recap of everything Bitcoin: Weekend Edition► More people now use the Bitcoin app than a bank in El Salvador… that is 2.2 million Chivo users in comparison t...