LJ Articles| 13/09/2021 | #20
Bitcoin, A Introduction
by Lorimer Jenkins, y.at/⌛🚀💎🙌
Bitcoin: A Peer-to-Peer Electronic Cash System.
— Satoshi Nakamoto
I am willing to put money on that you sitting there reading this article have heard about Bitcoin before. I think you are one of these 2 people :
You either love bitcoin
Have no clue what it actually is
But what about if you don’t like bitcoin ? Well I think if anyone fully understood Bitcoin and its potential they would love it. Unless you have an agenda for keeping traditional financial systems and Bitcoin somehow proposes harm to you, I don’t see why you would like it.
Let me explain what Bitcoin is and why you should take a deeper look into Crypto.
Bitcoin has been adopted as the digital Gold, but as we can see from Satoshi’s quote above it was never intended for that.
It was intended to replace the dollar, but without a scalability network it is super inefficient.
Hence why so many projects are scrambling to create a better Bitcoin.
Money vs Currency
Recently I have learnt the difference between money and currency. Here good series of videos to watch about it :
But really the takeaway from that documentary is that if a government can print more of the thing they transact with, then it doesn’t end well. Hence Bitcoin being compared to Gold as Bitcoin only has 21m of them and Gold only has a certain amount on the planet. That is if Elon Musk doesn’t mine an asteroid !
Gold Vs Bitcoin Speed
As Bitcoin has now been adopted as money rather than a currency, let me show you how silly people sound when they complain about Bitcoins speed. A fun little way to put Bitcoins speed into perspective is to look at Gold’s speed.
Currently 1 Kilo of Gold is worth : $57,629
Currently 1 Bitcoin is worth : $44,581.37
The average human carrying a kilogram of gold can run 45 km/h. Transfering 1 Bitcoin takes around 10–20. Before I even carry on I think you understand the point I’m trying to make !
Cut Bitcoin some slack
Over the whole of human existence transportation of any precious assets has always been a problem. Bitcoin solves this, it is both the asset and the transportation.
The Current Situation
People are trying to make sense of this new and weird technology and are using it the wrong way. Buying a coffee with Bitcoin is slow and expensive and really a step behind. But for example using Bitcoin as a backer in cross chain assets is an absolute win. Take a look into DeFi and although you can’t use Bitcoin in the protocols, Bitcoin plays a huge part in them existing.
One day every Crypto’er hopes to see Crypto mainstream but there will be a very big hurdle to leap.
hint hint, THE LOSS OF GOVERNMENT CONTROL.
Pretty big hurdle to leap, think about it logically all the government has over its people really is the ability to print money and also the army. And if you can’t pay the army things don’t work out, so money is really everything. So when you try to replace the monetary system that cuts them out, they get very annoyed.
by Lorimer Jenkins
Disclaimer : I am not a financial advisor these articles for education purposes, new articles released by 12pm BST every day.