Bitcoin part 1
First, let me introduce you to the well-known king of cryptocurrencies — bitcoin. That’s the asset that absolutely blown my mind. Technologically and philosophically is bitcoin one of the most brilliant solutions in human history.
It was published under the pseudonym “Satoshi Nakamoto” (which is very strong symbolism) on January 3, 2009, with an 8-page white paper. You can read it at https://bitcoin.org/bitcoin.pdf
To explain Bitcoin it’s a hard thing to do. You need to learn how to explain it.
Bitcoin isn’t money. Blockchain isn’t a system of currency. It’s not a company, it’s not a product, it’s not a service you sign up for, it’s not a
currency. Bitcoin is a platform of trust, where the currency is just one application of it. It is on a network without any central points of control. It is a system completely decentralized like the internet itself. It is not money for the internet, but the internet of money. And what it’s money? Money is a language that we use to communicate value to each other. Bitcoin is the first system of money that is not controlled by any entity. The same as internet broad freedom to communication, Bitcoin
broad freedom to money.
Bitcoin it is also the basis for all kind of application that has never been done before. And anyone can do them.
Do you think everyone will welcome this with open arms? Not a chance! You are not living in a world like that.
But when you push that kind of innovation to the edges and when you have no requirement for the permissions to build applications on it — what happens? Exponential explosion! We already have thousands of cryptocurrencies and applications.
There will be millions of them like there are millions of pages on the internet. Some of them are more visited, some less.
Anyone in the world can download an application and immediately acquire the same power that institutions of banking have today.
Bitcoin does not recognize borders and it does not recognize people. When you do a bitcoin transaction it is not related to identity. It does not matter who you are, what’s your name, where are you from, where are you located at the time of the transaction, what’s your gender, how old are you, what’s your nationality, what’s your religion, etc..we are all the same here! You don’t even need to be human. (more on AI later)
With bitcoin, you don’t control other people’s money. With bitcoin, I control my money. I have complete and total authority over my bitcoin. It cannot be seized, it cannot be frozen, it cannot be censored. My transactions cannot be intercepted and they cannot be stopped. Its value is not controlled, its issuance is not controlled and its ownership is not controlled.
It is direct from one person to another person without intermediates.
Banking has changed forever! They compete with the technology that enables exponential growth without permissions by anyone in the world. Banks have too much work with following what people are doing. And this is very hard to do.
Every single child born today will never have a bank account. They will have a bank app. A bank app that makes them an international banker!
Do not underestimate Bitcoin! It’s coming. It’s coming faster than you can imagine. It’s deeper than you can fathom. it’s more sophisticated than you can immediately understand.
And it is a gift for the entire world!
I will talk more technical about bitcoin in the following articles.