Focus on Bitcoin That Is the Real Signal, Forget Altcoins That Are Just Noise
Don’t waste your time and money.
“Focus on signal over noise. Don’t waste time on stuff that doesn’t actually make things better.”
— Elon Musk
Once is not customary, I start a story with a quote. This one is from the brilliant entrepreneur Elon Musk.
When asked about his vision of the development of his companies, Elon Musk replied with this sentence full of meaning a few years ago. With this sentence, Elon Musk meant that he was focusing all his efforts on the development of his products rather than wasting time listening to unfounded criticism.
For Elon Musk, these criticisms were just ambient noise that could make him lose his sense of what was really important.
Bitcoin is the real signal
Recently, I rediscovered this quote. After reading it, I immediately thought of Bitcoin and the cryptocurrency world as a whole. It clicked directly into my head.
Every day I see people wasting time trying to figure out how to make the most profit out of Bitcoin with trading strategies. Others are looking for the best Altcoins to make a profit. Some will spend a lot of time trying to find the next Bitcoin.
All these people get lost in the ambient noise that is enormous in the cryptocurrency world.
In reality, the real signal is the Bitcoin revolution. This is the only thing that really matters in the cryptocurrency world. And again, I’m talking about the cryptocurrency world by abuse of language, because I should just say in the Bitcoin world.
Bitcoin is a species apart from cryptocurrencies
Bitcoin is a species apart. On one side you have Bitcoin, and on the other side, you have cryptocurrencies.
All of these cryptocurrencies will see their value tend towards zero in the future. They have only one purpose: to allow their founders to generate maximum money by trapping greedy and gullible people. The DeFi madness reminds us of this day after day.
DeFi will end like the ICO madness: thousands of people will lose a lot of money with scams. Bitcoin was there before, and it will be thereafter. Bitcoin is here to stay.
For those who still have trouble understanding it, Bitcoin is a true monetary revolution driven by a disruptive technology: the Blockchain. Bitcoin cannot work without the Blockchain, but the Blockchain is nothing more than another data storage technology without Bitcoin.
Without Bitcoin, Blockchain’s Technology Has Nothing Revolutionary
It’s just another data storage technology.
All Altcoins who claim to have better technology than Bitcoin don’t understand that the real competition is not in the technology.
Bitcoin’s monetary attributes make all the difference
In the cryptocurrency world, the real battle lies in the monetary attributes. The underlying technology is only there to give credibility to these monetary attributes. Few people understand this.
If you can understand that, then you will see where the real signal is. It will become obvious to you that the monetary attributes of Bitcoin are incomparable: a quantity of BTC limited to 21 million units, a programmatic monetary policy that makes Bitcoin increasingly scarce over time, and a totally decentralized network.
You can make your own version of the truth about the Bitcoin network at any time. This is something essential that gives Bitcoin enormous credibility compared to everything else that exists today.
Bitcoin has no leader and belongs to all its users. Everyone has the same opportunities with Bitcoin, and it is something revolutionary.
More and more people understand this. The success of Bitcoin is incredible. In a little over eleven years, Bitcoin has managed to reach a market cap of 200 billion dollars without ever having received the support of any government or private investment bank.
Bitcoin is the money of the people supported by the people
Bitcoin needs its users as much as its users need Bitcoin. This interdependence makes all the difference and explains why Bitcoin is considered the money of the people.
Bitcoin is to money what the TCP/IP layer is to the Internet. It is not me who says so, but Paul Buchheit, the creator of Gmail:
“Bitcoin may be the TCP/IP of money.”
This layer has never been replaced, it has only been improved over time. It will be the same for Bitcoin, which is constantly being improved by a community of passionate developers who are aware that every day they are writing the history of tomorrow’s world.
The incredible success of Bitcoin accelerated in 2020 with the number of users reaching the 100 million mark according to a study by researchers at the University of Cambridge.
Bitcoin meets the multiple needs of its users
This is something that confirms that the Bitcoin revolution continues to move block by block in the right direction.
This success is because Bitcoin adapts to the needs of its users. In Western countries, Bitcoin’s biggest value proposition in 2020 is clear:
Bitcoin allows you to protect your wealth over time in a way that is resistant to censorship.
MicroStrategy’s decision to make Bitcoin its primary treasury reserve asset with two purchases of BTC for $400 million by the end of summer 2020 is the first evidence of this. The second is that the Grayscale investments fund continues to purchase Bitcoin on a massive scale for its customers who are mainly institutional investors.
At last count, Grayscale investments held more than 468,000 BTC for its customers which represents more than 2.5% of the Bitcoin circulating supply.
On the other hand, Bitcoin is already being used as a Plan A by millions of people in emerging markets and countries under authoritarian regimes. Bitcoin gives hope to people in Venezuela, Nigeria, Iran, Zimbabwe, …
The people of these countries are suffering the ravages of hyperinflation, but also the unfair decisions of corrupt governments. By purchasing Bitcoin, these people can protect what they own, but also use it as a means of payment for their daily needs.
The mass adoption of Bitcoin as a means of payment will come from these countries, particularly from the African continent.
To see all this, you need to focus on the real signal that is Bitcoin, leaving aside the ambient noise. Bitcoin is not a get rich quick scheme, rather it is your best chance to avoid becoming irretrievably poorer over time.
To understand all this, you need to learn more about the economy to find out why the current monetary and financial system is flawed and not fixable.
Then you will happily discover that you have Bitcoin at your disposal to help you build a better world for all in the future. You won’t regret having made the choice to focus fully on the real signal and leave out the ambient noise.