Everyone knows Bitcoin. It's the foremost and pioneer cryptocurrency, and the one with the largest market cap, as well as the largest blockchain. It's also the most expensive cryptocurrency out there, with it's current price a few Benjamins shy of $10000.
And possibly, everyone reading this post either owns or wishes to own Bitcoin. Because of this amazing value it brings.
We all know these facts about Bitcoin. But what we don't know is why Bitcoin matters.
So why does Bitcoin even matter?
Bitcoin doesn't matter because of itself specifically. It matters because of what it has helped build.
"What?" You're probably saying.
The creation and success of Bitcoin literally brought about a revolution. It created money of the internet, and eliminated the middle men from the equation. It brought peer to peer sending and receiving of money which, before its creation wasn't even a thing. You'd have had to use a bank to send and receive money.
This of course brought about some friction between bitcoin and the banks who make money from being the only peer to peer option for sending and receiving money.
Up to this day, many banks and financial organisations haven't accepted Bitcoin or it's services.
Most of the feds are actually freaked out by the idea that Bitcoin might be winning. And anything that freaks out the feds is a good thing.(apart from crimes and the Corona virus)
All these are good points, but none of them is the reason Bitcoin really matters
Bitcoin matters because of the ecosystem it has helped to create.
It's successful creation and launch has led to the creation of great cryptocurrencies like Ripple and Stellar. Many people loved the anonymity that bitcoin provided, and this anonymity led to the creation of much better privacy centered coins like ZCash and Monero.
Now, there are more and more useful blockchains being created everyday (probably not everyday), and these blockchains and their products make switching to this digital life much more easier and stress free.
More and more people are beginning to see the impact of Bitcoin on the financial and general world.
The rate of increase of Bitcoin since it's launch has exceeded 50000%, a milestone for any asset class.
And Bitcoin has actually been named as a safe haven for user funds. Many retirement fund companies said that portfolios with Bitcoin in them outperformed many other portfolios by significant margins.
All these add up to strengthen the name and use case of Bitcoin. And this is why Bitcoin matters.