I wrote this Bitcoin article for anyone to share with no-coiners.
It explains the revolutionary nature of Bitcoin, and why its price is likely to increase forever.
Please give it a read and pass it onto any friends and loved ones who just don’t get it yet.
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The Power of Bitcoin
Bitcoin is the world's first and most important cryptocurrency. It was invented in 2008 by an unknown person (or group) using the pseudonym Satoshi Nakamoto. Bitcoin is decentralized digital money that exists purely in software form. It enables peer-to-peer online payments without needing a trusted third party like a bank.
What makes Bitcoin truly revolutionary is that it combines the best features of both money and computing. As money, Bitcoin is scarce, portable, divisible, fungible and easy to transmit. Its global, fixed supply cap of 21 million coins ensures that it will never lose value through dilution like government-issued currencies can. Bitcoin can be sent anywhere in the world in a matter of minutes for a fraction of a cent in fees.
From a computing perspective, Bitcoin is the world's first decentralized, consensus-based, open-source software system. Miners compete to solve a complex mathematical algorithm to create new coins and validate transactions. This consensus mechanism secures the network and allows Bitcoin to operate without a central authority.
The decentralized, trustless nature of Bitcoin eliminates the need for intermediaries in financial transactions. This reduces costs, increases speed and access, and allows people to transact directly. The technology underlying Bitcoin is a game-changer that will transform finance and much more.
The price of Bitcoin will continue to go up over time for several key reasons. First, supply is fixed at 21 million coins, while global demand for Bitcoin continues to increase every year. As more people and institutions adopt Bitcoin, the price will go up.
Second, the number of Bitcoin that can be mined decreases over time. The mining reward halves every 210,000 blocks (approximately 4 years). At current mining rates, this will be completed in 2140. After that, the only way to acquire new Bitcoin will be to buy it on the open market. This will further increase scarcity and price.
Third, Bitcoin is better money than any fiat currency. Its fixed supply and non-inflationary nature make it an attractive store of value. Over time, more and more people and institutions will likely allocate a portion of their wealth to Bitcoin.
Finally, the traditional financial system is broken and ripe for disruption. High fees, slow transactions, centralization, and manipulation are all common. Bitcoin offers an alternative that is faster, cheaper, more secure and censorship-resistant. Over time, we will see a major shift from centralized to decentralized financial systems.
In conclusion, Bitcoin is a revolutionary technology that combines the best aspects of money and computing. Its fixed supply, increasing adoption, expanding use cases, and the shortcomings of the traditional financial system are reasons why its price will continue to increase over time. As more people and institutions wake up to the potential of Bitcoin, the price will likely go parabolic. Get some while you still can!