The message about Bitcoin has already won – Bitcoin Magazine
This is an opinion piece by Aneta Karbowiak, a contributor to Bitcoin Magazine.
Bitcoin has conveyed an important message to the world since its inception. That is the message of liberation from corrupt governments and financial intermediaries. Bitcoin is free speech registered in each block and replicated on thousands of computers distributed around the world. It can no longer be set; it has come to stay to tell its unchanging truth. The message of freedom is carved in stone. It speaks to us with increasing confidence about what is to come and that Bitcoin has already won.
Since Satoshi Nakamoto won the first block, Bitcoin has communicated with us. Communication does not just happen through the use of words. Much of it is achieved through nonverbal means. Every movement, tone of voice, pause and reaction sends non-verbal signals that reveal what the speaker is thinking, what they want or how confident they are.
In the s-curve for adoption, characteristic of any disruptive technological innovation, Bitcoin sends us signals. This curve is the expression of the steps and obstacles a new product must overcome before it is widely used. Bitcoin is still in the innovation phase. It builds up the voltage before the exponential phase that will bring the masses. Then it will be talked about in every household and held by all. This applied to cars, TVs, mobile phones and the internet. The same will apply to bitcoin as well. The difference is that it will happen faster due to the dissemination of information via the mass media and game-theoretical incentives for adoption.
Bitcoin has asserted itself through all major crashes, starting with Mt. The Gox hack, other hacks on stock exchanges, the China ban, hostility to money transfers around the world and regulatory difficulties. Despite many price adjustments, early investors persevered and maintained strong price support. With each dip, bitcoin emerged victorious from the battle against the bears, was stronger than ever and reached new all-time highs. Every game that bitcoin has won has increased investors’ confidence that they are dealing with something special that is becoming more and more antiseptic, block after block. Their conviction grew along with new waves of investors, bringing us to a record high of $ 69,000. There is no “Pinocchio effect”, where a single gesture indicates a lie. Bitcoiners had to learn to distinguish complex market behaviors to describe what was being communicated. They had to observe the bitcoin market and the data on the chain to look for signs of truth and deception. It has been 13 years of unstoppable speech that Bitcoin told its message of truth, and that message is stronger than ever.
The message says that Bitcoin has already won.
So what are these messages of truth conveyed to us as facts? There are many, and Michael Saylor conveys them with accuracy:
“Two years ago we had a COVID crisis, and since then the US money supply has increased by 36%. Bitcoin is up 229%. Gold, NASDAQ and S&P all performed worse than the US money supply, so over two years, four years, six years, eight years time frame, bitcoin surpasses everything. ”
With ultra-low interest rates and trillions of dollars in inflated money, US politicians created a financial market bubble. The currency is losing its value at a dizzying rate while the prices of food, energy, rent and services are rising.
The inevitability of the effects that manifest themselves as a consequence of the increase in the money supply, as well as the impending crisis after the devaluation few have the foresight to notice, will be a further foundation for bitcoin’s success. There is no better place to hide your wealth from inflation than bitcoin. When your currency loses value faster than the 0% rate your bank offers you or faster than your property or gold that can be seized, there is only one asset that offers security because it is scarce and desirable.
The US Federal Reserve raised interest rates in June 2022, to curb inflation. Rising interest rates in the US scare other countries because it will lure global capital back to the US. This will hurt developing economies that are likely to see an outflow of cash. These economies may be in the shadow of the United States, so for them bitcoin is a better solution. For most countries, bitcoin represents liberation from Washington DC’s hegemony and its flawed monetary policy. These countries are at the forefront of cryptocurrency adoption. According to a Chainalysis report, ordinary people with “a focus on use cases related to transactions and individual savings, rather than trading and speculation,” have been the main drivers in this industry in recent years. These people “turn to cryptocurrencies to preserve their savings in the face of currency devaluation, as well as to send and receive money transfers and execute business transactions.” Countries such as Vietnam, Nigeria, Kenya, Ukraine, India, Pakistan, Argentina and many others choose cryptocurrency over dollar. According to the Chainalysis report, cryptocurrency adoption has grown by 880% in the last year. A Blockware report estimates that bitcoin adoption should exceed one billion users over the next eight years.
Bitcoin is used for a variety of purposes around the world. It functions as an inflation hedge, a value store and a decentralized settlement network. Saylor, like many other Bitcoiners, sees it primarily as a form of property that no one can take from you:
“Bitcoin is property rights properly understood, and it is important economic empowerment. It is the protection of individual freedoms. It is John Locke’s dream: life, liberty and property.”
All the statements above are true, and they do not need to be practiced when trying to persuade someone.
By remembering a seed set, you can transport bitcoin across national borders. You can not do that with cash, gold or real estate, which can be seized at any time. But you can own bitcoin on the blockchain, and no one can take it from you. According to Chainalysis, bitcoin adoption grew in sanctioned countries such as Cuba, Russia, Venezuela and others. This is a bullish sign because it shows that no government or coalition can censor Bitcoin. People living in sanctioned countries use bitcoin to buy food and to thrive in a hostile environment. They are often victims of their corrupt governments and their policies. Bitcoin gives them hope.
Storing your savings in bitcoin is better than storing them elsewhere. Even the recent crash in the cryptocurrency market provides more evidence that there are no better assets than bitcoin. While the Nasdaq, S&P 500 and other markets are melting, the bitcoin price action is not out of the ordinary. The fear and greed index is in the red now, and it may go lower, but bitcoin maintains control over the temporal aspect of the speech. The Bitcoin network continues to function as designed for millions of people around the world. It sits comfortably on the throne of cryptocurrency dominance, occupying almost 44% of the total $ 897 billion in space. This command over time and space is displayed in its stock-to-flow ratio, and conveys that Bitcoin has control over the situation on the global stage. Bitcoin is not screaming, it is not urgent, it is moving calmly forward with broad, parabolic movements. As a self-confident public speaker who captures the audience’s attention by owning the discussion with pauses for suspension and broad gestures that inspire confidence, Bitcoin does the same – it owns the stage.
While other markets are shaking and showing nervousness after escalating fears, bitcoin is exhaling and taking a deep breath to de-escalate and return to homeostasis. There can be no fear when there is knowledge that the printing press cannot be stopped and that there is nothing that can drain the damaged dam that protects us from the flood of inflation. What is to come is inevitable and it cannot be stopped. You can always win more gold, but the only security you have is 21 million bitcoin hard cap. With less than 2 million bitcoin left to mine, there are no more scarce assets you can own. Bitcoin is digital gold. There is no CEO, no production costs, no company and no government that creates a risk. You can move it around the world at the speed of light with the protection of thousands of computers that secure the network.
Self-confidence is the feeling of being sure that something will happen or that something is true. Bitcoin is confidence in the inevitability of something that has not yet happened, but it is guaranteed to happen. Bitcoin is the truth.
Synopsis
From the moment Satoshi Nakamoto mined the first block, Bitcoin has communicated with us through non-verbal cues. It has asserted itself with each market downturn and subsequent upturn, and demonstrated growing maturity. Millions of people have used and used it for various reasons, but Bitcoin continues to do what it was born to do: tell the unchanging truth. In a world where censorship is widespread and currencies are deteriorating through inflation, bitcoin is a safe haven. There is no better place to hide wealth from the expansion of the money supply or a corrupt government. Bitcoin cannot be destroyed or inflated. It’s hard money and they have already won.
This is a guest post by Aneta Karbowiak. Expressed opinions are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
