Skeptics often claim Bitcoin isn’t useful in the real world . Bitcoin has provided a payment network to people across the world for 15 years now. All without government, or payment processor intervention. It is also increasingly being used as a hedge against inflation by both the common everyday person and major institutional investors alike. It is considered by many to be the new “Digital gold” and will replace golds market cap one day as the new ultimate storage of value all while still being used as a currency.
Throughout it’s existence the Bitcoin network has never been hacked. It is also the first digital currency to solve the double-spend problem, making “trustless” peer-to-peer currencies a reality. And with blockchain technology all Bitcoin transactions are irreversible. Thus making it immutable.
Bitcoin was the first, and still is the most highly successful decentralized digital money. There have been numerous forks and replicas that have attempted to copy that of Bitcoins network, but none have even come close. The size, security, use case, volume, expansion, and belief in the network across the world make it a 1 of 1 and IRREPLACEABLE!
While Bitcoin is still a highly volatile asset, it is still in its early stages of development. With a steady growing market cap year over year, it has performed better than any other asset class in history! As countless individuals across the world now realize it is the only true form of money for the people, companies, institutions, governments, and even countries are also buying in. It is more than just an investment. It is financial autonomy.
While it’s true that some people buy Bitcoin as a speculative investment seeking big returns, that doesn’t mean that Bitcoin itself is a bubble. Bubbles are economic cycles characterized by unsustainable rises in market value. They eventually pop when investors realize prices are much higher than an asset’s fundamental value. Bitcoin is occasionally compared to an infamous early speculative bubble: the 17th century Dutch “tulip mania.” In 1637, speculators caused prices for some tulip varieties to surge 26-fold. The bubble lasted six months, crashed, and never recovered.
Bitcoin mining is an energy-intensive process. But determining the environmental impact is hard. For one thing, all aspects of the digital economy require energy. Consider the entire global banking system, and all of the energy required to process bank transactions and power office buildings, ATMs, local branches, and much more.
Bitcoin serves as a Payment network and can be used as a currency. Store of value without the need for a bank. Decentralized meaning no central entity controls it. Secure as the network has never been hacked. Immutable so transactions are tamper proof. Open source so transactions are transparent. Permissionless so no government, bank, institution, or company can dictate the network. Easily transported since it's 100% digital and decentralized. Fast as transactions to minutes even seconds. Cheap so cost can be pennies or virtually fee-less. Hedge against inflation while fiat currency is constantly being devalued.
