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Why should you buy and own bitcoin?
There are many reasons and we will go over as many as we can think here as well as link to other great articles on the same, similar or related topics so you can decide for yourself.
- Did you realize every Central Bank in the world prints money without any real controls or measures in place to stop them? I mean sure they have their finance and economic people etc but if you can just create something whenever you feel the need to without anyone stopping you, where is the real value in that? Imagine you could get as much of something any time you want without any real limits or oversight – this ties in with markets and economics, demand and supply. If there is too much of anything the price falls and in the case of money or fiat currency this means the value always has to be balanced out and help with the real purchasing power of your fiat always losing the amount of goods and services you can buy at any time. It’s a race to the bottom and the only current solution they fall back on is printing more of it, also known as quantitive easing. Bitcoin Solves this problem and acts as a safegaurd, defense mechanism or hedge to your downwoard spiralling fiat currencies. This/these articles explain this problem and solution well. ( links coming soon)
- Global Distributed Consensus – Before Bitcoin there remained a big problem in computer science, distributed computing systems and info science – which actually has a big effect on the world and how we send and recieve messages as well as transact. This problem is widely known as the Byzantine Generals Problem – to be put it simply, when you want to send a message and have to rely on 3rd parties to be able to send that message over a considerable distance which makes it ineffecient or ineffective for you to do alone, so you will need the co-operation, teamwork and assistance of other parties to carry out an action or send a message in a co-ordinated manner leading to a successfully agreed on strategy. If you are unable to trust all these parties, they can turn on you and sabotage, disrupt, destroy or distort your message and in effect your intended outcome. Bitcoin solves this huge problem by making us of an algorithm known as Practical Byzantine Fault Tolerance and executing a practical solution. What this means for everyone is that we can check and know for sure if a server is down, the exact amount of money was sent to a specific address and when and where it was sent, data protection and integrity – this solution from Bitcoin and Satoshi Nakamoto is widely known as blockchain technology.
- As Bitcoin has seen to be the best performing asset class and store of value for the last 10 years and counting you can think of Bitcoin as a new and improved form of gold, digital gold, Gold 2.0 or Digital Gold 3.o etc. Personally I have found that whatever price in fiat I buy in at – it always seems to rise or improve my return. The price may swing up and down but it always seems to settle in the green. Therefore swing traders, day traders and the like – are able to make money of this new market. You can also think of Bitcoin as a very high-interest savings account.
- Bitcoin is the MOST secure network on earth and in existence. How does the Bitcoin Network achieve this?
- Bitcoin is built from and ontop of many years of research and technologies – it is a genius level invention that mankind has never seen before. These Technologies Include Peer to Peer Networking ( Bitshare Protocol used in Torrenting Software Applications, Napster, Utorrent, Bitorrent etc.) Blockchain & Distributed Ledger Technology – The Ledger System which acts as a digital account or record of all your transactions and data, Cryptography – in particular, cryptographic hashing functions which secure the message or money & Proof-of-Work Time-Stamping or Timechains which allow you to verifiy all your data at any time and know where and when your Bitcoins and therefore money and data was moved. (The Internet of Money books explain this very well)
- It is still early days – Not many applications have been built on top of Bitcoin – The majority of the goods and services available for the cryptocurrency market is infrastructure which allows you to invest in or buy and sell cryptocurrencies – we are seeing more applications and companies being built which utilize all the tech that bitcoin came out with but their intention is to improve on any seen deficiencies in the Bitcoin Network. Only time will tell – to see if we any of these alternative or competing cryptocurrencies and various implementations of the technologies behind bitcoin will last and ever seen mainstream adoption and use. For now, Bitcoin is the most secure network, has the largest market capitilization ( money held in bitcoin), and is the most trusted cryptocurrency or cryptoasset. There are alternative cryptocurrencies which have copied and slightly differentiated from Bitcoins source code and they offer numerous benefits such as faster and cheaper transactions, but their widespread adoption still lags greatly behind Bitcoin. The 2nd most popular cryptocurrency besides Bitcoin seems to be Ethereum or the Ethereum Network which is used more as a Platform for Tokens and applications to built on top of. Ethereum also suffers from many projects not staying the distance and has been used for many pump and dump schemes or exit scams. So as always do your own research and keep your own private keys! If you buy now while it’s still early you could reap all the rewards in years to come.
- Bitcoin is the better form of money – You can send and receive it any time you want, you have access to it whenever you need it, it is a global free market form of money available to everyone at anytime. Just get in early and buy some now while the price is not so high. Just one whole Bitcoin is seen as a great target to pursue right now. Get more if you can.
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