Bitcoin Is a Matter of Trust, and This Trust Is Growing Constantly Block After Block

In Bitcoin We Trust.

Sylvain Saurel
Jan 10 · 5 min read
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Illustration by Sylvain Saurel

Year after year, month after month, week after week, day after day, block after block, Bitcoin is becoming more and more valuable. This value is reflected in the incredible increase in its price since the beginning of October 2020.

Bitcoin is a NgU technology. NgU means Number Go Up. If you take the time to study the evolution of the price of Bitcoin, you will notice that Bitcoin’s annual lows have been increasing over time. Bitcoin price exceeded $40K on January 7, 2021, but this does not mean that Bitcoin will not crash again.

Bitcoin’s volatility is a feature, not a bug.

Bitcoin price will probably experience a major correction sooner or later. However, the lowest price reached as a result of this major correction will be higher than the previously hit lows. The price of Bitcoin will bounce back because it always bounces back sooner or later as well. After this rebound, the highest price reached will also be higher than the previous one. And so on.

You understand that in the face of such an evolution, your best interest is to be patient. That’s why I constantly repeat that the best strategy with Bitcoin is also the simplest:

The value of the U.S. dollar is imposed on you by the power of the United States

A lot of people can’t do that. These people wonder about the real value of Bitcoin. Opponents of Bitcoin also question the real value of Bitcoin. All these non-believers do not seem to understand the idea behind the subjective theory of value.

The subjective theory of value is a conception of value in economics that postulates that to have value, an object must be useful and scarce. It also recognizes that an object may meet the needs of one individual and not another.

If you think about this notion of the subjectivity of the value of something, you will begin to understand that the U.S. dollar, and this is true of any other fiat currency, has no intrinsic value. The U.S. dollar has value only because the U.S. government tells you it has value.

The U.S. dollar derives its value from the confidence that the rest of the world has in the U.S. government, but also, and more importantly, in the strength of the U.S. Army.

The value of the U.S. dollar is imposed by force on the rest of the world. The U.S. government gains the confidence of the people in its U.S. dollar through control and force.

The value of Bitcoin emerges from the people

With Bitcoin, things are completely different. Bitcoin has no value because someone powerful has decided it has value. Bitcoin is valuable because people have confidence in the Bitcoin Revolution.

When Satoshi Nakamoto created Bitcoin, Bitcoin had no value. No one believed in Bitcoin. And then, users came to join the Bitcoin network, embracing the idea of a decentralized digital currency, without any leader, that would belong to the people.

For the past twelve years, users have been free to join, or leave, the Bitcoin network. You can decide to leave the Bitcoin world at any time. No one forces you to trust Bitcoin.

In fact, if everyone loses confidence in Bitcoin, the price of Bitcoin will go towards zero. It’s as simple as that. If everyone on Earth finally recognizes the value of Bitcoin, the price of Bitcoin will continue to rise towards infinity. Currently, it is estimated that there are just over 100 million users in the Bitcoin world. We are therefore still far from the 7.8 billion inhabitants of the Earth.

These figures should help you understand the incredible upside potential that Bitcoin has for the years to come.

Bitcoin derives its value from the trust its users have in its network

Bitcoin is first and foremost a matter of trust, and this trust is constantly growing. No one has to come and buy Bitcoin. However, more and more people are doing so. People who come to buy Bitcoin before they become Bitcoiners are confident in the freedom that Bitcoin gives to every one of its users.

Every Bitcoin user has absolute confidence in being able to receive BTC at any time from anyone. No one can prevent you from receiving Bitcoin. The Bitcoin Blockchain is permissionless and trustless. Anyone can join it.

Bitcoin users trust the freedom to hold Bitcoin that the network guarantees them. You can HODL Bitcoin if you want. This is not the case with the U.S. dollar, which keeps losing value over time. You are forced to sneakily spend your U.S. dollars.

The Bitcoin supply is hard-capped at 21 million units no matter what, so you don’t have to fear a debasement. With the U.S. dollar, it’s a perpetual debasement waiting for you. The endless inflation of the U.S. dollar prevents you from saving your hard-earned money.

The current monetary and financial system has created the idea that saving money makes you lose money. That’s true, but it’s unconscionable that you can’t have a choice. With Bitcoin, you have access to the best savings technology in the world. You can save your money without fear thanks to Bitcoin.

Trust of the people in Bitcoin helps them to achieve total confidence in its revolution

The Bitcoin network also gives you confidence that you can send your BTC to whomever you want, whenever you want. No one can censor you as long as you have the private keys associated with your BTC. Bitcoin gives you the freedom to live your life on your own terms.

Those who continue to denigrate Bitcoin do not realize how much Bitcoin offers its users. They still don’t understand the why of Bitcoin and how Bitcoin works. Without it, they would have already made the only valid choice: buy Bitcoin to enjoy all that it offers you.

The value of Bitcoin lies simply in the trust it inspires in its users. If you have confidence in Bitcoin’s fundamentals, you will stop watching the daily evolution of its price. You will stop letting its short-term price volatility affect your emotions.

You will understand that Bitcoin will continue to grow in value in the years to come no matter what happens. Bitcoin will not increase in value because someone is forcing people to buy it. Bitcoin will increase in value because more and more people will want to benefit from what Bitcoin offers them.

Final Thoughts

The success of Bitcoin is now inevitable. Even the fiercest opponents of Bitcoin will eventually understand this. It is only a matter of time. In the meantime, the Bitcoin network continues to work block after block, offering more and more value to its users.

This is the advantage of a network backed by math and the trust of the people. This trust in Bitcoin helps people to achieve total confidence in Bitcoin. It’s up to you to decide whether you want to take advantage of it and take your destiny into your own hands.

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers…

Sylvain Saurel

Written by

Entrepreneur / Developer / Blogger / Author. In Bitcoin We Trust: https://www.inbitcoinwetrust.net

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

Sylvain Saurel

Written by

Entrepreneur / Developer / Blogger / Author. In Bitcoin We Trust: https://www.inbitcoinwetrust.net

In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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