First, let us introduce you to the well-known king of cryptocurrencies — bitcoin. That’s the asset that will absolutely blow your mind. Technologically and philosophically bitcoin is one of the most brilliant solutions in human history.
It was published under the pseudonym “Satoshi Nakamoto” (which is very strong symbolism) on January 3, 2009, with an 8-page white paper. You can read it at https://bitcoin.org/bitcoin.pdf
Explaining Bitcoin isn’t an easy thing to do. You need to have some practice on how to explain it. We tried to make it simple below:
Bitcoin isn’t money. It also isn’t a system of currency. It’s not a company, it’s not a product, it’s not a service you sign up for, and it’s not a
Bitcoin is a platform of trust, where the currency is just one application of it. It is on a network without any central points of control. It is a system completely decentralized like the internet itself. It is not money for the internet, but rather the internet of money. And what is money? Money is a language that we use to communicate value to each other. Bitcoin is the first system of money that is not controlled by any entity. The same as the internet has brought freedom of communication to the masses, Bitcoin is bringing freedom from financial institutions and control over your money.
Bitcoin is also the basis for all kinds of applications that have never been done before. And anyone can do them.
Do you think everyone will welcome this with open arms? Not a chance! We are not living in a world like that.
But when you push that kind of innovation to the edges and when you have no requirement for the permissions to build applications on it — what happens? Exponential explosion! We already have thousands of cryptocurrencies and applications.
There will be millions of them like there are millions of pages on the internet. Some of them are more visited, some less.
Anyone in the world can download an application and immediately acquire the same power that institutions of banking have today.
Bitcoin does not recognize borders and it does not recognize people. When you perform a bitcoin transaction it is not related to identity. It does not matter who you are, what’s your name, where are you from, where are you located at the time of the transaction, what’s your gender, how old are you, what’s your nationality, what’s your religion, etc..we are all the same here! You don’t even need to be human. (more on AI in a separate article)
With bitcoin, you don’t control other people’s money. With bitcoin, you are in control of your money. You have complete and total authority over your own bitcoin. It cannot be seized, it cannot be frozen, and it cannot be censored.
Your transactions cannot be intercepted and they cannot be stopped. Its value is not controlled, its issuance is not controlled and its ownership is not controlled.
It is direct from one person to another person (P2P) without intermediates.
Banking has changed forever! All of a sudden banks compete with the technology that enables exponential growth without permission from anyone in the world. Banks have too much work with following what people are doing. And this is very hard to do.
Every single child born today will most likely never have a traditional bank account. They will have a banking app. An app that makes them international bankers or traders with just a couple of clicks.
Do not underestimate Bitcoin! It’s coming. It’s coming faster than you can imagine. It’s deeper than you can fathom and it’s more sophisticated than you can immediately understand.
And it is a gift for the entire world!