Death, Taxes, and Bitcoin

Three Things are Certain; Death, Taxes, and 21 Million Bitcoin

By Keegan Francis | Go Full Crypto | 15 Sep 2020


Part of my job is to keep up with what the experts are saying. When I started my journey to becoming financially literate, and eventually crypto literate, I found Robert Kiyosaki extremely helpful as a resource. He is the goofy rich grandfather you never had. He now hosts a radio show, which in turn, is a popular YouTube channel covering all things money. He recently had Robert Breedlove on his show talking about Bitcoin and the many interesting aspects of its existence. The ultimate tagline from the show is the title of this blog.

Three things are Certain; Death, Taxes, and 21 Million Bitcoin

This is the perfect summation of what was discussed in the show. Robert has an incredible ability to articulate what makes bitcoin the superior money, and superior gold. As he puts it, there are five properties of money that we should be paying attention to when selecting a money of the future.

The Five Critical Properties of Money

The five properties are as follows. Divisibility, Durability, Portability, Recognizability, and Scarcity.

Divisibility

This property ultimately comes down money being useful. Divisibility enhances the utility of money, by being able to separate the units, into smaller parts. We are already familiar with this, as the dollar can be divided into 100 cents. Although, due to inflation, one penny has become meaningless, as most goods have risen in value to the point where nothing can be bought with pennies. 

Durability

The money you have now, should persist long into the future. A money is not very good if it degrades over time simply by sitting in a vault. This may be one reason livestock has never become money. While livestock may be valuable, it's not very durable. If my cow suddenly gets a disease, not only can it die, it can also infect my other cows and deplete my life savings. 

Portability

Being able to move my money around is very important. In fact, this was one of the reasons why paper money was invented in the first place. Back when we were using gold and precious metals as money, we used to store them in vaults. In order to keep track of where all the gold was, the storage facilities would give receipts to people. These receipts eventually became tradeable, and thus paper money, as well as banks are born. Now we have bitcoin, which is portable across borders, at lightspeed. Ultimate portability.

Recognizability

This aspect is sometimes termed as acceptability, referring to how widespread the currency has become. It should be easy to verify that the asset being dealt with, is really what the person trading you says it is. One of the best examples of this is fools gold. When we were using gold as a medium of exchange, and a unit of account in the past, fools gold may have been used to trick people into prematurely parting with their goods or services. With bitcoin, it is very easy to tell whether or not you are actually receiving bitcoin. Don't trust, verify.

Scarcity

Scarcity is in some ways the ultimate critical property of money. If this property of money breaks down, and is violated, then the money itself becomes worthless. It doesn't matter how portable, or divisible the money is, if there is an infinite number of them, they are worthless. This is exactly what we see playing out on the world stage in the form of the devaluation of the USD and other world currencies. 

The Go Full Crypto Vision

We want to help people opt-into the world of cryptocurrency, one dollar at a time. In order to do this, people must need a reason. They need their own "why" behind discarding their government currency for the world currency of the future. Go Full Crypto is putting out content to help people discover the reason why they want to get involved in cryptocurrency.

If you like our content, and want to see us produce more, consider donating to our podcast. We are ad-free and would like to keep it that way.

BTC - 1H3mLLktD8hhaZCKfVKrgF2fRSYYbnsptC

ETH/ERC20 - 0x7E51bd8BBb9B85A477F3244a29290E2F579A2bAa

Please rate, subscribe, and leave a comment for our podcast. We can be found on SpotifyApple Podcasts, and Google Podcasts

 

 

 

How do you rate this article?


45

1

Keegan Francis
Keegan Francis

I am the owner of Atlantic Blockchain Company. We help onboard people into the world of cryptocurrency. We have a podcast called Go Full Crypto. The podcast tells the journey of how my wife and I are opting out of the traditional banking system.


Go Full Crypto
Go Full Crypto

Go Full Crypto means completely embracing the world of cryptocurrency. To go full crypto is to opt-out of the traditional financial system, and live completely in the world of cryptocurrency. Go Full Crypto is a podcast, blog, and business that offers cryptocurrency onboarding services.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.