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Image: TheDigitalArtist/Pixabay — Adapted by Sylvain Saurel

Bitcoin’s Success Lies in the Fact That Everyone Can Form His or Her Own Opinion of the Truth

Don’t trust, Verify.

Sylvain Saurel
Aug 14 · 6 min read

In a few years, everyone will remember this dramatic year 2020 as the year that will have been an incredible accelerator for Bitcoin’s adoption. I was already talking about it in the middle of April 2020, but the coronavirus crisis could be remembered as the tipping point for Bitcoin.

The point at which everything accelerates and everything becomes different.

Of course, it is not the coronavirus crisis itself that is a historical tipping point for Bitcoin. Rather, it is the economic crisis that the coronavirus pandemic triggered.

Central banks always apply the same recipe

To deal with this economic crisis of a speed not seen since the Great Depression, central banks and governments around the world have applied the same recipe: printing money out of thin air in very large quantities, then stimulus packages financed by public debt.

The mechanics applied by the powerful at the head of the monetary and financial system have not changed for 30 years. It all starts with printing money. Yet this practice is at the root of all the ills of the global economy.

Worse still, the magnitude of the economic crises that have followed since 1971 has continued to increase. While tens of billions of dollars were enough in 2008, we are talking about trillions of dollars in 2020.

The current monetary and financial system is flawed, and no one is willing, or able, to try to change it to make it better for everyone.

The opacity of the current system is another major problem

Another fundamental problem with the current system is its opacity. Central banks and private banks have incredible power that requires the blind trust of the people.

Unfortunately, history has always shown us that the powerful at the head of the current system are not worthy of this trust.

Humans easily give in to corruption. With the current system, this sin of humans becomes dramatic. Since humans take advantage of the flaws of the current system, it can only end up going bankrupt sooner or later. Unfortunately, this is inevitable.

The current system is supposed to serve the people, but it is run by central bankers who are not elected by the people. Worse yet, the people have no say in the decisions made by these central bankers.

There is no right of oversight, but also no real means of control over what is happening at the heart of the current system.

These problems of opacity and betrayed trust are not new. Far from it. In the past, we had no alternative available to us after making this observation. Then, in 2008, someone decided to create a solution to this problem.

Bitcoin as a solution to the betrayed trust problem of the current system

This man is none other than the inventor of Bitcoin, the mysterious Satoshi Nakamoto.

Here is the root problem that led Satoshi Nakamoto to imagine and then design Bitcoin:

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.”

— Satoshi Nakamoto

Since we are unable to trust a centralized authority led by humans, Satoshi Nakamoto has imagined a decentralized electronic payment system.

A system where each user has the same weight as another: Bitcoin is a true democracy.

A democracy in which every user can check what is happening on the Bitcoin network at any time. Anyone can decide to become a node on the Bitcoin network to become his or her own bank.

By offering Bitcoin to mankind as a gift that many did not yet perceive to be priceless, Satoshi Nakamoto has put the fate of Bitcoin in the hands of the people.

Henceforth, the success of Bitcoin, or its failure, will be the success, or the failure, of the people.

Satoshi Nakamoto offered the people a chance to break the vicious circle that the monetary and financial system is dragging us into. It is up to the people to seize it, or not.

More and more people are choosing to seize the incredible opportunity that is Bitcoin. With the economic crisis of 2020 that has highlighted more than ever before the flaws of the current system, many are deciding to try a more respectful alternative.

Newcomers are amazed by Bitcoin’s transparency

Those who arrive in the Bitcoin world and make the effort to understand its philosophy are then blown away by something that proves to be essential: Bitcoin allows you to form your own opinion.

Bitcoin has always had the following slogan:

Don’t trust, Verify.

Since the Bitcoin Blockchain is completely open, anyone can verify all transactions made since its creation. If you have any doubts about Bitcoin, just download the complete Blockchain and make your checks.

This possibility that Bitcoin offers to everyone is at the root of its growing success.

Being able to form your own opinion about what will become your truth is a total paradigm shift from the current system that imposes its truth on you without you having a say.

Since Bitcoin works based on its computer source code, your verified truth will also happen to be the truth of the majority of other Bitcoin users.

It is no coincidence that Bitcoin invites you to understand how things work for yourself by developing your critical thinking skills. Bitcoin has nothing to hide. You will never be disappointed, and your trust will never be betrayed with Bitcoin.

The current system keeps you deliberately in the dark

In the same vein, many put the transparency of Bitcoin together with the complexity of today’s monetary and financial system. The educational system has always kept you in the dark about how it works. When you have made the effort to get out of the masses to understand how the current system works, you will immediately understand why people are kept in total ignorance.

Henry Ford had already answered this problem in the second half of the 1930s:

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.”

— Henry Ford

The powerful at the head of the current system keep the people in ignorance to avoid a revolution altogether.

They do not want the people to understand the injustice of the present system which makes the ultra-wealthy richer and richer, while the living conditions of the poor are becoming more and more difficult.

Fortunately, Bitcoin is here to make a difference. Bitcoin is an extraordinary game-changer that has the potential to build a more equitable world for all in the future.

Conclusion

By giving everyone equal weight regardless of racial or social background, Bitcoin is already a revolution. The fact that it then allows everyone to verify that this equality is maintained over time is an even stronger asset.

More and more people will open their eyes and feel this need to make a difference in the future.

As such, Bitcoin’s adoption will explode in the coming years. With the supply of new Bitcoins reducing over time, the Bitcoin price is set to rise to levels that many had thought were unimaginable when it was first created.

Truth and equality always end up taking precedence over the lies and injustice. It is only a matter of time. The time for Bitcoin has come, and it is a blessing for the people.

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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