With so much information at our fingertips, I’m shocked at how little most people know about one of the greatest financial revolutions of our lifetimes taking place right now.
That revolution in my humble opinion is Bitcoin.
I can understand why people may not have known about it in 2016 or even 2017 as it was busting up the charts.
Now as it goes mainstream with institutional adoption, I figured most people if not everyone would know a lot about it. But that’s not the case.
Here are 4 questions I have been asked in the last week that clearly demonstrates how little most people know about Bitcoin.
1- There’s Nothing Backing It?
Meaning that something is backing fiat currency? Yes I mean Cash. No there isn’t anything backing the US Dollar that used to be backed by Gold.
So yes there is nothing backing Bitcoin and in that way it is no different than the dollar. But here is the biggest difference between almost any fiat currency and Bitcoin.
Fiat currency, with government’s ability to print as much of it as they want causes inflation. If the cost of bread was $2.50 before all the money printed during the 2008 financial crisis, it eventually became $3.50 after inflation. And after even more printing of money during the pandemic of 2020 & 2021, what will inflationary prices be by 2023? On the other hand Bitcoin has a fixed supply. It is an anti-inflationary currency.
2- Isn’t It Used By Criminals?
True. And so is cash. Cash has been used on black markets around the world for centuries. Cash has been laundered as it makes itself through banks. How? A drug dealer buys a car for cash then sells it and gets paid via a check or bank draft. That laundered money now makes it into a bank. The financial establishment was duped.
The same transaction taking place with Bitcoin goes from wallet to wallet and can be tracked on the blockchain. While it is more or less anonymous, there is still a trail.
3- Can’t The Government Can Shut It Down?
If people understood how Bitcoin exists they wouldn’t ask this question. Bitcoin is mined on tens of thousands of computers around the world. It sits in over 100,000 wallets based in over a dozen countries. If governments want to shut it down they might be able to control the wallets but how do they shut down the mining? I think they’d need to shut down the World’s Internet — not happening; or World’s Electricity — also not happening.
4- What If It Goes To Zero?
As long as there is demand for the limited supply, zero is not attainable.
If you know little or nothing about Bitcoin, isn’t it time you learned? This is the most affordable, simplest, easy-to-understand course on what it is and why it’s rising the way it is.
There is even a Free Introductory Session that helps you decide whether the course is for you or not.
https://www.udemy.com/share/104jEO/
It’s extremely basic and meant for newbies. Yes that’s the 5.6 Billion people that don’t even own one Satoshi of a Bitcoin.