Yes! You Should Care About Bitcoin: Here's Why

Yes! You Should Care About Bitcoin: Here’s Why

Ameer Rosic
11/30/16 7:49 AM 2016-12-01 11:07:56
The ninth year into its journey, people’s trust in Bitcoin is growing at an exponential rate reaching new audiences. Hacker-money, as it was called in the beginning, is no longer for hackers only. Bi

The ninth year into its journey, people’s trust in Bitcoin is growing at an exponential rate reaching new audiences. Hacker-money, as it was called in the beginning, is no longer for hackers only.

Bitcoin was one of the biggest leaps in technology since the inception of the Internet, hailing the new era of digital money, disrupting industries and financial institutions as well as introducing a new social paradigm where transparency and trust are the default value.

Revolution in financial services

countries where $1 today may be worth just 50 cents the next day.

Yes! You Should Care About Bitcoin: Here's Why

Another advantage of Bitcoin is it’s built-in deflation mechanism achieved by a hard coded limit of 21 million bitcoins that will ever be in existence. The way our traditional debt-based economic systems work, inflation is almost inherent in the design. In other words, your dollar’s purchasing power today is almost guaranteed to be lower in a year or a decade from now.

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On the contrary, bitcoins by design will steadily increase in value as the currency becomes universally adopted until the point when the last bitcoin is issued, a process, which is controlled by a mechanism called halving. Halving ensures that the prize that miners get for each bitcoin they mine is halved on regular intervals before all the bitcoins have been mined which is projected to be around the 7th May 2140.

Despite recent years’ volatility, bitcoin has been relatively stable and increasing in value. From an investment point of view, you may have been safer investing in the digital currency as opposed to more traditional commodities such as silver that in fact lost nearly 40% of its value in the last five years.

Socio-cultural renaissance

When the Bitcoin whitepaper was released in 2008, it caught the attention of programmers and hackers who revered it as a true masterpiece in cryptography and computer science. This unleashed a wave of other cryptocurrencies also known as alt-coins, and a whole new community of computer experts formed who were inspired to share a spirit of exploration and experimentation which lead to the first wave startups utilizing bitcoin blockchain technology.

Bitcoin allows anyone in the world with an internet connection to send and receive money without trusting – or needing permission from – third parties. The Bitcoin network is decentralized, which means no company or government controls the platform. Coupled with decentralized markets like OpenBazaar, it means that Bitcoin users can engage in trade without third parties taking a cut or censoring their transactions. – Sam Patterson: Cofounder,  

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