Bitcoin, What’s it good for?

Edwin Starr once asked, “War, what is it good for?” and answered, “Absolutely nothing!”

We will pose the same question at Bitcoin but, hopefully will arrive at the opposite conclusion.

War vs Bitcoin

Immediately we can find many differences between the two.

War is: aggressive, violent, destructive, usually involuntary, ~infinite cost to reward ratio.

Bitcoin is: defensive, non-violent, constructive, voluntary, ~0 cost to reward ratio.

Bitcoin’s passive characteristics is what it makes it so attractive to me. It doesn’t impose or infringe upon anyone, it is just there, available to be used if required.

For me

For me, Bitcoin is many things. I hope to be recognised as a trusted conduit, someone who can connect everyday people to the possibilities of Bitcoin, how to use it, and how it can help them meet their specific ends, whatever those may be.

I hope to achieve this by continuing to offer my knowledge, services and products to clients.

For you

Is it:

a) a gambling machine

b) an inflation resistant store of wealth

c) digitally transferrable private property

d) a waste of energy

e) some of the above

f) all of the above

g) none of the above

I cannot choose for you and you should be cognisant not to allow corporate media to influence your decision either. It is your responsibility to figure out what Bitcoin is for yourself and how you can maximise its utility.

All I can advise is DO NOT IGNORE IT. It is an open tool which may be indispensable to your wellbeing at some point. If you aren’t clued up then the benefits will pass you by.

Now is a particularly opportune time to dive deep. Bitcoin is approaching the end of it’s third supply cycle. Nobody knows where price will go but, logically, any unit that is absolutely limited, useful and in demand (Bitcoin), must approach infinity when measured against another unit that is unlimited (Dollars).

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Homework

I don’t have much more to offer philosophically, technically nor economically than I have already written about. Thankfully there are thousands of valuable articles grappling with the grand question of Bitcoin, which offer immense depth and insight. These should be carefully considered when trying to make up one’s own mind. I’ve linked to a few of my favourites below:

Bitcoin is a Decentralized Organism

Bitcoin is a Truth Machine (video interview)

Bitcoin is the ‘c’ of Money

Discovering Bitcoin (7-part series of articles)

Is Bitcoin a Religion?

Bitcoin can’t be defined

Bitcoin’s Gravity

Why Bitcoin Matters

Bitcoin: an Accounting Revolution

 

 

 

 

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