Here’s my case for bitcoin
here’s my case for bitcoin for those who don’t understand it - Fixed supply: The protocol says that there will only be 21 million. The protocol can’t be changed unless there is consensus of half of the miners and developers but it’s not in their economic interest to increase it. While more fiat can’t be printed tomorrow, bitcoin is the most scarce asset. Imagine a strong magnetic traveling around the world collecting paper money and becoming stronger as it does so - Decentralized: No one person or group controls it. Millions of individuals around the world control it and if half of them want something the protocol changes. This makes it most likely that people will do what’s in their best interest - Divisible and Tradable: 1 bitcoin can be split into 100 million satoshis. Think dollar to cents. You can send around the world and have the funds settle in 30 minutes on a Sunday night. You don’t have to ask permission from banks to do so - Secure. Hasn’t been hacked in 12 years despite being super popular. You can’t fake a bitcoin as each transaction is confirmed by many people. It’s the strongest computing network in the world. My take: it isn’t going anywhere. It has a $700 billion market cap. If you compare it to a company, companies that big don’t fail. If one government tries to ban it, the other govs who don’t will become more valuable to trade with. For the US, Yellin isn’t concerned with it competing against the dollar she’s concerned with money laundering which is good for bitcoin. Note, the dollar is the preferred currency for criminals. Banks are buying in and even governments around the world run mining operations. The world wants in. Countries like Venezuela and Zimbabwe love bitcoin and understand it very well because they have to. We don’t (yet). We’ve printed 22% of the dollars in circulation since March. CPI isn’t 2%, it doesn’t take into account real estate, I think it’s more between 10%-15%. TLDR - Buy bitcoin or you’ll get screwed EDIT: Challenge for no-coiners. Open a coinbase account open a Gemini account. Buy bitcoin on coinbase, then send it to Gemini and then send it back to coinbase and experience the magic #personalfinance #bitcoin #crypto
It takes so much power to maintain the network though. It's designed to be inefficient
Price fluctuates too much to be useful as a real currency. And who uses it anyways for real transactions other than criminals buying/selling illegal stuff?
Well that’s why right now it makes more sense for a store of value. Everything you can think of has been bought using bitcoin. Around the world restaurants have used it to avoid credit card fees and to get paid instantly
Tell me how I can buy every day stuff using Bitcoin now. Say a TV or food.
What makes bitcoin different from so many other cryptocurrencies out there?
Basically it’s capped and decentralized. So other cryptos have founders that control it versus bitcoin doesn’t. Plus it already has so much infrastructure and belief built around it. It’s the leader just like the dollar is the leader compared to other currencies
Cause it was the 1st trustworthy asset of humanity
USD - physical currency and it’s only one country. GBP, AUD, these are finite countries and finite currencies. Crypto is virtual - and there are already a million of them - so how will only one of them work? What’s stopping from more people to come up with their own crypto? Nothing - that’s why we see so many I guess. This is what scares me - Eth, xrp, dot, LTC, mkr, otc, xyz, etc etc
Yes, exactly.
Same with that earth 2.0 thing. Physical real estate is “real”. So only one person can own it at a given time. But virtual is virtual right - what’s stopping others to launch their own earth 3.0, 4.0 versions and sell those? 🤯
The average person loves the theory of decentralized. Because they don't know what they are compromising. 20 idiots got phished out of their Robinhood accounts and it's a national drama people still talk about. What happens when you get hacked out of your bitcoin and you have nobody to complain to but yourself? I love it, but I know the average guy won't. Same the first time Karen tries to reverse a transaction for a purchase
Anything can get hacked even your Bank of America. So hold your own keys if that’s a concern. If you lose your codes that’s your fault, maybe use a service like casa that helps with security but doesn’t leave you to be the only person handling it
BoA account is insured. If you swipe my credit or debit card and make transactions, I'm getting my money back. Not the same with bitcoin. Decentralization opens up the door for large scale fraud too, which is what we're probably seeing with Tether.
Ignore the haters OP. Bitcoin could reach a million a coin by 2029 and you'll get the same comments.
But transaction fees is too high and I don't want to pay transaction fees. I will deal in cash 🤣
Big yikes
I think Bitcoin is great as a digital gold but not a currency
Those fees are killer for countries like Venezuela and Zimbabwe... I imagine that a no-fee crypto will take over there as Bitcoin’s value comes from its scarcity (still bullish)