Last updated on November 17th, 2021. Posted in Bitcoin Blockchain & Crypto.
Why does bitcoin matter, my friend? Well, as we're about to find out, bitcoin plays a crucial role in our ability to preserve something that's incredibly important to you, to me, and to everyone else. Let's take a look...
Here are links and resources mentioned in today's video. Enjoy!
Meanwhile, let's dig into this. So why does bitcoin matter? Well my answer to that is, because you care about your money. You work hard for your money, and no doubt you see prices increasing at the gas station and at the grocery store.
Without delving into an indepth economics lesson, this is the result of inflation -- where the government pours more and more money into the financial system. And what that does is, it makes existing dollars that are currently in circulation worth less and less.
This is what's known as "soft money" or "easy money." Bitcoin on the other hand, is what's known as "hard money" -- it has a strict and limited supply, just like gold, silver, real estate and other things that are limited in supply.
But you might be thinking, "bitcoin's just digital money. They can create as much of it as they like!" But that's not true. Bitcoin's strict supply is programmed directly into it's protocol. And the bitcoin protocol is enforced by all network participants.
Admittedly, it does get a bit technical, but that's the genius behind bitcoin -- it can't be altered, commandeered by a central authority or agency...and it can't be stopped.
Many people think bitcoin's worthless. But it's a $1 trillion asset with over a decade of history, that has tens of millions of users around the world.
And, it does more transaction volume than some of the biggest credit cards. So while many people are free to continue thinking that bitcoin is worthless, the market has determined that it is very valuable.
So, bitcoin matters because you, me, and everyone else cares about their money. Or more specifically, preserving their purchasing power. And the only way to preserve your purchasing power is to move your money out of "soft" assets and into "hard" assets, including bitcoin.