Bitcoins and Relics

Imagine that you are inside a bank in Switzerland, right in front of a safe that will be opened by your grandchildren, in fifty years from now, what would you like to put in that safe, a Bitcoin or a million dollars? Probably some of you, myself included, don't even have children, so to imagine that you already have grandchildren is a bit bizarre, but still, for the sake of this imagination exercise what you would put there...

Personally, if I were in this situation, I would definitely choose Bitcoin, and although I did not invest in crypto more than my savings pocket allowed, I still believe that this virtual currency, which appeared out of nowhere and seems to be created by nobody, will become over a few decades that digital gold, which at the moment is just a concept difficult to understand for the vast majority of the world's inhabitants, but which seems to be becoming a reality.

This exercise of imagination came to my mind after I watched, last night, a video of @cryptodaily in which he somehow tried to explain how and why Bitcoin has become more of a trading asset, rather than a store of value, and for a moment he caught me in his vortex. Kidding, there was no vortex but, being aware of how exchanges manipulate prices and also knowing that they live out of trading commissions and price fluctuations it makes sense that they manipulate it and have to make it a trading asset, but exchanges are not all that Bitcoin is about and not all of us are traders.

In the comments section, which I rarely visit, I found a very interesting comment from a gentleman of almost 70 years, who politely contradicted cryptodaily, stating that NO, this type of asset is not just a trading asset, it increased itself exponentially in value against the USD, and has at least doubled its price every four years. In other words, it almost doesn't matter when you invested in it, if you have the patience not to sell it, you will definitely be profitable, in four years from the moment of purchase.

Moreover what the guy underlined was scarcity, which is what the USD lacks of, and considering my imagination exercise, BTC vs USD, in my opinion there's a clear winner on a 50 years time frame. Another interesting fact is that the US debt has increased by 15% in the last two weeks, while BTC has registered an at least 15% price increase, hence the trend is clear and the store of value label seems more appropriate for BTC rather than USD It is true that no one, or almost no one, knows who created Bitcoin, and what was the exact purpose of creating this technology.

What we know for sure is that over 60% of the miners of this currency are Chinese, and related to this high percentage there could be countless discussions about what Bitcoin can become in the hands of the Chinese and what would be the reason why they do not speak too much about it and do not encourage its people to buy it, but still mine it. Returning to the subject of the post however, I personally would choose Bitcoin as a legacy for some future grandchildren, just for the simple fact that it is the money of the internet, there will never be more than 21 million coins created while the USD has a unlimited supply and it's the money of the rich, and because I think there will never be a single entity that fully controls BTC.

The future is digital, and the dollar was not born to be digital. Even if it becomes digital at some point, the basic principles behind the creation of such a coin will be paper. It is the currency of other generations, and it is the currency of another type of economy, but also a whole different way of life. I remember that almost 13 years ago I was still applying for jobs with printed resumes, and that it seemed great to me to apply online for a job, and today we have millionaire kids who haven't worked a day in their lives, building fortunes on youtube, which for me is a clear example of how making a living has evolved.

The jobs of the future will hardly resemble the current ones, people will hardly live the way they live now, and the world economy will certainly be completely different. The times we live in are, in my opinion, just the beginning of the transition from the old to the new, and probably not necessarily from bad to good, but things are definitely changing. We got to communicate with a phone software nowadays and rely on its answers, to interact more virtually than face to face, to be able to transport our wealth abroad on a simple USB stick, so what's the point of USD. Almost none.

I admit that a few years ago, the idea of ​​having robots to replace people in different sectors of activity scared me, because I had no idea about Bitcoin or blockchain, and such a situation would have meant mass unemployment and hunger in my imagination. However, today we are in the middle of a pandemic that tests this type of situation, and the ways to earn your living are more and more diverse and innovative. How many of you were thinking of cam girls twenty years ago? See my point...

What Bitcoin and blockchain mean is beyond a simple peer to peer payment system, or a trading asset, and what we are experiencing is the early stages of blockchain technology and the digital way of life. We will have robot doctors, movies created entirely on a PC involving no human actor, money that will never really be in our hands, technology that will probably be able to read us and our emotions, and the dollar will surely become a relic. That is why I would choose to deposit a Bitcoin in that safe in Switzerland, that I mentioned about in the introduction, rather than a relic that clearly has no future. Or a million relics...

Image courtesy of pixabay and free to use

Thanks for attention,

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I'm an amateur blogger, crypto holder, and a passionate fisherman for as long as I can remember. For more details please ask, it's free. You can find me on and Hive:

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