Lies, lies, and more lies. Bitcoin was a breakthrough in the financial and technological arenas. The growth of the entire cryptocurrency ecosystem has been astounding to witness. Its impact will be of a magnitude similar to the introduction of the internet or online shopping. Yet, Bitcoin, despite its superiority; has many enemies.
First and foremost the entire current financial system. The negative impact of cryptocurrency would devastate some very rich people. Any form of mass adoption could completely change the current financial structure. The current banking system is complex, slow, and inaccessible for some locations or days/times. Our money is printed out of thin air, and fiat currency is just a number in a bank account. Inflation grows faster than our savings.
In a country where freedom is foundational, breakthrough technology and miraculous advancements are major pillars in our country. Yet, blockchain and all its benefits are slowly becoming more widespread; incorporated behind the scenes, silently. It has been 11 years since the bitcoin whitepaper was published. The elusive author, Satoshi Nakamoto, is as intriguing as the coin he created. With a market cap of $123B for BTC (bitcoin), and $71.8B for all coins except BTC; remaining anonymous after initializing a $200B industry is quite impressive. That’s not even factoring in the multiple uses of blockchain in energy, government, healthcare, trade, law, media, real estate, sports, supply chain, voting, and basically any industry that could benefit from privacy and trust. Market size in 2018 for these industries was 1 Billion with an expected growth of 69%. Personally, I think it's a low estimate.
Bitcoin is Vapor. :-)
Fiat currency is backed by the government. That is true. They just keep printing and printing away. Physical dollars are a representative of an electronic balance you have in an account somewhere. The bank gives you paper denominations, bitcoin gives you electronic proof of ownership.
Buying Bitcoin allows every one, rich or poor, to buy their very own bank. You aren't just trading currencies or speculating that it is a store of value. Your buying the currency and the bank where it will be stored.
But what's wrong with putting money in my bank?
Banking has a $2.2 trillion market cap. Banking is an extremely profitable business. Banks that make a few bad investments with your money are bailed out by the government (ultimately you thru taxes). Even when it's ALL banks.
Buying bitcoin is risky, investing in stocks is safer.
The stock market might be more crooked than politicians. Politicians with their fingers in the stock market are the worst. No one will ever investigate or arrest these rich criminals. However, the majority can have a profound impact on politicians - vote them out, CEO - don't contribute to their product or service, and support the people and companies that have shown their humanity throughout this crisis.
It's amazing to me how some of these companies can make profits hand over first, and then during a global crisis they still prioritize profits over the lives of all the workers that made them successful. They need to stop treating workers like a liability, a cost they need to reduce for greater profits. We are partners in business, more important to your day to day operations than shareholders. Banks, politicians, and news show no shame when they get caught lying for profit.
Bitcoin is highly volatile, that is true. But it is a far superior payment system. Transactions are trustless, hence they are verified for authenticity and to ensure they are not sending the same funds to two seperate locations. There are only 21 million BTC, securing its value and interest as a deflationary currency.