Why Bitcoin Will Succeed (Intro)
Why Do I Care About Bitcoin?
I initially got interested because (like many people), I wanted to make a bunch of money. However, I got sucked in and not because of the opportunity for immense wealth generation. The reason I became so enamored by Bitcoin was that I understood how powerful it could be in shifting the world as we know it today. I began to care less and less about money and shifted my focus from checking prices to reading, researching, and trying to understand everything that I stumbled upon.
Now almost 2 years later through 10,000% gains and 90% losses, I’ve discovered that the ole Einsteinian adage is true, “The more I learn, the more I realize how much I don’t know.” The more I read about all the different features that make Bitcoin this beautiful, disruptive technology, the more I’m reminded that I know jack shit about most of it’s technical components.
But that’s OK.
It’s OK because I get “it”. I understand why Bitcoin is so important.
It’s OK because the majority of people who will use Bitcoin won’t have the technical prowess to understand its most subtle mechanisms either. People shouldn’t get riled up over Elliptic Curve Digital Signature Algorithms or double-iterated SHA-256 because they don’t have to in order to use Bitcoin. It’s similar to how one doesn’t need to understand how power steering control valves operate in order to use a car.
Before one learns how to do something, however, it is necessary to ask “why” they are doing so in the first place. In the case of cars, it’s rather obvious: driving a car is a very convenient form of transportation. For Bitcoin, it is a bit more unclear. That is what I wish to address by sharing some of my personal opinions on why Bitcoin is important and why it will ultimately be successful.
So Why Should You Care About Bitcoin?
I’ve concocted a small list of my favorite reasons below. Some of these may overlap, but I still find it imperative to dedicate a full article to each subject:
- The Unbanked — more than 2 billion adults in the world do not have access to formal financial services
- The Growth of the Internet — access to internet services across the globe has been strongly climbing for years
- Corruption (Governmental) — incompetent and greedy governments destroy economies time and time again
- All Fiat is Doomed to Fail (Inflation vs Deflation )— fiat currencies are inflationary while Bitcoin is deflationary with fixed supply
- Decentralization — any system that relies on a centralized entity is susceptible to any weakness in that entity
- Global Marketplace — the world is more interconnected than ever before, and our current monetary system does not reflect this
- Natural Evolution of Money — our lives revolve around the internet and so should our money
- Free Market — fiat currencies are forced upon us, we should be able to choose another, better option
I will probably add more reasons as I go along and continue to learn, but for now I am focusing on these which I personally see as very important reasons why Bitcoin has no choice but to be successful.
Thanks for reading! I’m open to all suggestions/criticism in the responses