For many Americans, the struggle with drugs is a very real and difficult one. From prescription medications to illicit substances, the use of drugs has
Mescaline is a psychedelic drug derived from the peyote cactus, and it has been used for centuries by Native Americans in religious and spiritual ceremonies.
Take steps to safeguard yourself from becoming a victim of modern slavery. Educate yourself on the signs of exploitation and be aware of the risks.
The concept of Bitcoin (BTC) has revolutionized the way we think about money. It is the world’s first decentralized digital currency, meaning it is not
Robert Kennedy Jr. has harshly criticized the U.S. Securities and Exchange Commission (SEC) for prioritizing the interests of banks over those of the American people.
An attacker who targeted the El Dorado Exchange has returned more than $400,000 after the platform acknowledged code vulnerabilities. The team behind the exchange accepted
Start with a book called The Bitcoin Standard. I mean, if you really want to understand. And yes, you don’t have to buy bitcoin at these prices, nor at $100k, you have a bank account. The unprivileged half of the planet need it, because the banks don’t want to give them accounts.
want an alternative to attaining BTC? Feel free to mine it. This takes ENERGY. Energy costs something real, something that has value in the real world be it electricity or any other form of energy. Bitcoin is backed by energy, and its finite. USD on the other hand? They can print an infinite amount of it with no backing of energy, it has no counter balance to its creation and as we can see its value degrades because of this. BTC on the other hand? Its backed by the reality of the cost of energy. The incentive structure of btc has a way of teaching one about the reality of economics and energy, and the folly of the fiat system. Good luck and hopefully you embrace the hardest asset ever created in the history of mankind.
I would urge you to [think about money from first principles](https://np.reddit.com/r/Bitcoin/comments/1124cxd/bitcoin_wont_beat_fiat_as_a_medium_of_exchange/j8itipz/). Feel free to ask any questions.
Bitcoin is not an investment. No one ever sold it to you. It’s an open protocol built upon 40 years of research to fix money by removing trust in humans and released to the world for free. It’s a new monetary system built from the ground up by us, literally random people on the internet voluntarily supporting, securing and developing it. There’s no company, foundation, premine, ICO, VCs, licenses, trademarks, branding or marketing teams, official website, code repo or even a formal specification.
People have been calling it a pump and dump since pre-2017, lol. It’s the highest market cap coin, has a very finite amount of supply (21m), and many countries have already been stacking it as a reserve currency. It will likely always be #1, and if not, always a major contender in the crypto world.
You simply need a better understanding of what money is. Watch this video a few times to really understand and comprehend it. I hope this sparks something for ya.
[The Last Money | Jörg Hermsdorf](https://youtu.be/-2RlW7bIe-s)
Bitcoin should not be thought of as a currency in the western world. It isn’t necessarily a better currency (medium of exchange) than we are used to with dollars and euro, so people struggle to see why they would switch to btc. This is not the case in the developing world for 1.4 billion people who are unbanked and live in a cash world. Bitcoin instantly gives them a bank account and instant payments for near free of charge to anyone in the world.
So lets assume you live in the developed world and you dont have this issue. Bitcoin is a savings vehicle to store wealth. “The genius of bitcoin is not transferring value from here to Tokyo, the genius of bitcoin is transferring a billion dollars worth of value from now to 2140” – Michael Saylor. To truly understand bitcoin you must understand inflation. Your savings are eroded over time, and cash does not store value long term. Inflation is around 7-12% in the developed world right now because of money printing from central banks plus a war in europe. This means that roughly every 6 years your cash savings will half in value!! This is also the inflation numbers given to you by the government which are underestimated. Imagine saving for a house in this climate. House prices rise on average 6-15% per year, while your salary increases maybe 2% per year. You are a hamster on a wheel never able to get to the end goal and financial freedom and to own a house and be wealthy in cash, you must acquire assets. It is exactly the same as trying to store water in a leaky bucket, what you really want is a bucket that doesnt leak. Now how much leakage is there you may wonder? Go online and ask your parents how much a house cost when they were your age, or how much was a car in 1970? How much were asset prices back then? How much was an average salary back then. A house cost roughly 4 times the average salary, now it is 10x times the average salary and people are working longer hours than ever, have less kids than ever, buy a house later than ever. Our currencies have leaked value out hugely and the value went into assets: property, land, equities, gold. And the number 1 reason for this is simple: each year the government/central bank prints more currency from thin air, and obviously more currency makes each unit of currency worth less. It isnt complicated math. If you hand everyone in america a million dollars then can they all buy Lamborghinis? Of course not.
Bitcoin is the asset/money/currency with no leakage. The sealed bucket you store your water in. The supply cap is fixed at 21 million coins and no more…. ever!!! If you own 1 bitcoin and the world adopts it as a global reserve currency eventually then you own 21 millionth of the entire world’s liquid wealth.
I refuse to save in a leaky bucket that governments and central bankers are constantly drilling holes in.
On top of this bitcoin is:
Permissionless, decentralised, self storing, unconfiscatable, anonymous at times, and a big middle finger to the central bankers that drained every citizens cash wealth for the past 5 decades.
It’s important you separate the investing side from the currency side.
In terms of currency, it doesn’t matter if BTC is worth $1 or $1,000,000. You transact with the number of or fraction of BTC you need.
Regarding investing, no one knows why it’s worth what it’s worth on any given day. But for longer term investors (1-2 cycles) the macro indicators (adoption, hash rate, development, uptime, history of forks and how the decentralized community has handled them, etc etc) continue to be strongly indicating upward pressure on price.
Stay awhile and listen. We’re all learning on this wild ride together.
You will buy at the price you deserve, maybe 100k, maybe 200k or 300k. As long as you don’t, I basically buy cheaper, so don’t rush please cuz I’m not a wealthy motherfucker with a printer in my basement.
This 25-minute master class is designed to convert newbies. More fun than any book, and all claims are sourced and backed with immediate proof elements: https://bitcoinmaxinews.com/bitcoin-rabbit-hole/
The problem you are facing is that you think 100k bitcoin is expensive but most other people when it gets to that price may think it’s cheap.
The network effect is one reason why there isn’t a substitute. Anyone can clone bitcoin and start another chain. That’s what happened with BCH. They will all realize they are on the wrong chain as the global economy continues using bitcoin and 100k becomes a bargain price. You may think that all sounds like speculation, but it is a very real dynamic and it is evidenced by the reality of the last 10+ years since blockchain was invented.
First, there is Bitcoin and then there is “crypto”.
Bitcoin is the new superior form of money; Bitcoin is legitimate and good.
Alt coins (aka, “crypto”) are just scams. Bitcoin is not a scam.
Holding Bitcoin isn’t really about increasing your supply of fiat currency. Instead, Bitcoin is an alternative, a better form of money. You see there are serious problems with fiat currency.
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> basically I understand all the positive attributes ans what is it used for / developed for.
Actually, you don’t. But that’s okay. We all started not knowing anything, and then we learn over time. By asking, you get to learn sooner and faster, provided you’re smart enough to “listen to” the decent answers.
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> say the price of bitcoin gets pushed by hype to 100k USD
Instead, let’s say that the exchange rate goes to $100K USD per BTC *because of supply and demand*. There’s a lot more happening with Bitcoin than mere “hype”.
With shitcoins (“crypto”), there is nothing *but* hype.
Like I said earlier, Bitcoin is the new superior form of money.
Money is one of the most important inventions of all time.
Throughout history, people have always migrated to use the superior form of money available to them at that time.
Bitcoin is the new superior form of money. Most Earthlings will be using Bitcoin instead of fiat currency soon.
The only reason for you to pay $100K per Bitcoin is because you didn’t figure out the truth about Bitcoin while it was only $27K.
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Bitcoin has all the properties that make gold a strong form of money: durable, divisible, portable, fungible, recognizable, and **scarce**.
Gold has some problems, including:
* Expensive to store securely
* Slow and very expensive to transport securely
* Fake gold, gold-coated tungsten, etc. It requires special equipment and know-how to detect it
Bitcoin is inexpensive to store securely.
Bitcoin is fast and inexpensive to transport securely.
It is a trivial matter to detect counterfeit Bitcoin.
As long as the seed phrase is properly secured, nobody can confiscate Bitcoin.
Meanwhile, Bob can send any amount of Bitcoin to Alice, any time of day, any day of the year, without anybody’s permission, and nobody can stop them even if Bob is in the US and Alice is in Iran.
Bitcoin is useful, not as a replacement for fiat money, as a means of making on-line transactions which are not encumbered with middlemen. You can’t use Russia’s gold-backed cryptocurrency on the Internet. It’s not really a cryptocurrency, just another heavily monitored and censored government token
Now, if you want to use Bitcoin to spend $100 on shoes on the Internet, you buy $100 worth of Bitcoin, send it to the shoe site and receive your shoes. The shoe seller sells the Bitcoin for $100. You’ve given $100 to a faraway shop without using a Visa card or PayPal
If you love Visa and PayPal, good for you. Don’t use Bitcoin
How much Bitcoin is $100? It doesn’t matter. All that matters is you spend $100. The shop receives $100. You get shoes
OK, so it does matter. Your Bitcoin seller and your shop’s Bitcoin buyer don’t know each other, but your shoe purchase only works if they both trade Bitcoin for the same exchange rate (for an hour or so)
Why is the price $28000 and not $1.20. Read the 2010 threads on bitcointalk.org. People were mining 50 BTC at a time on a laptop, and then couldn’t sell it, couldn’t spend it, had no idea what it was worth
Not long after that, Bitcoin was discovered by a group of pennystock pump and dump grinders. A price speculation market arose
Would Bitcoin have discovered a price if there had never been a speculation market? Who knows?
Is it really worth $28000? Definitely not. This long-running speculation bubble has no substance. It will burst
> why should I spend 100k USD on a bitcoin
Silly question. What makes you think “a bitcoin” is special? You buy 0.0036 BTC, send it to a shoe seller. He sells 0.0036 BTC for $100 and sends your shoes
> I can do everything I need to without it
Bitcoin doesn’t need you. Use Bitcoin, or do not use Bitcoin
The non monetary use case for the Bitcoin network is that it is a timestamp server.
Price from a philosophical perspective is simply the equilibrium between buyers wanting the cheapest deal and sellers wanting the most expensive deal.
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>So basically I understand all the positive attributes ans what is it used for / developed for.
​
>why do I need to pay 100k for it when I can use another coin or fiat currency to buy something?
What are these positive attributes of Bitcoin you are aware of – and why would you call these as such if ultimately you can just buy any old other coin?
Going by the post, the only positive attributes ***you*** mention is that it can “potentially be worth $100k one day”.
A lot of good responses here but nobody seems to have mentioned the one obvious thing that scares away so many new people; you don’t have to buy a whole bitcoin.
A bitcoin is made up of 100,000,000 satoshis – you can buy in smaller amounts.
Money’s value comes from its scarcity.
The current value is mostly set by the expectations of the future.
I am betting on the fact that fiat currencies must eventually fall, almost by definition. If Bitcoin takes their place (even partially), the value will be set by whatever people are willing to do or sell to get it.
Billions in equipment , time, labor, energy , mining … I mean Credit Suisse went from 100 billion to 1 over night , trillions printed from thin air here , and the “ value” of bitcoin gets questioned … check natural law , check energetic law , check the Nash equilibrium he used to design bitcoin …. And reality check yourself and the world around you too …. As nothing but clinging to old beliefs and social conditioning make this anything but an obvious and pre decided contest … Plato , Tesla, Henry Ford, Thomas Jefferson , the creepy Schwab jackass that runs money to a large degree all are on the record with a closed system always dominating an open ended /productivity based system .
Smart apes and the made up bull Shit and view and self destructive tech and abject lack of hubris in one corner … actual law in the other …. Who you got ? This ain’t the first time … but for all of these reasons and infinite painstakingly obvious reasons , bitcoin will be the last man standing if measured in value and long term storage of value … it’s perfect , cares less what anybody or any government thinks or does, as satoshi knew human intellect is biased brain nonsense , total self destruction distorting what we want and what we need , or playing god like small children in adult bags of skin
About $28,000
Dont think about it like “how much $ does it worth”. Stop thinking about that, and learn why it was created and for what it was created for. After you understand that, you can understand its true value.
Apply all of the same questions to why someone would want to buy gold. The answers are the same.
You start assuming the dollar will collapse but you ask the value of moving from the dollar and into bitcoin. If the dollar collapsed do you want to hold collapsed dollar or strong bitcoin?
By the way the dollar will not collapse. It is possibly the strongest and most resilient currency in the world.
Yes, you are correct. Just buy the Russian “gold” backed crypto-I’m sure it will work out for you. Make sure they have your correct mailing address as I’m sure they will only be too excited to get your gold mailed out when their crypto collapses.
Any and all crypto is only backed by trust. It doesn’t matter how many dollars/precious metals back your crypto it’s only one bankruptcy court judge away from being distributed in a manner different than what you expected.
This is my personal view on what “value” is so take it as you will.
To me the value of something is the sum of 2 elements: Properties and Circumstances.
– Properties: those elements that we can quantify as better or worse by assessing the item itself: quality, suitable characteristics for a given task, longevity, things that you already know from what you are saying.
– Circumstances: these are all the “external” factors that affect one or many different items, in good and bad ways, that are hard to grasp unless you have a certain expertise and you can correctly foresee future occurences. To make an example, a 50s Gibson Les Paul is extremely valuable nowaday due to their rarity, reputation and desirability (all external circumstances) which were all things too hard to accurately foresee in the 50s. Circumstances could also affect negatively the value of something, and on a macro scale (say a new gold mine that has 200% of the total gold supply is discovered tomorrow, if this gold is mined chances are value of gold would plummet).
In regards to Bitcoin: At this moment, its properties are somewhat well understood, which is I believe the firm belief that it is overall the superior form of money. The markets will price-in these properties as they see fit.
However, Circumstances are imo what creates all the volatility. Noone knows the future and the real gamble here is that Bitcoin will be like a super rare solid body guitar from the golden age. People speculate that Bitcoin will be the new standard (which will cause a huge surge of the market price) but they also speculate that it will not (uncertainty, losing trust, ecc). At this moment, Banks collapsing is unarguably in favor of the BTC case, as one system collapse, an alternative is more likely to emerge. The USD is also currently on the knife-edge as other countries from which the US economy highly depends from are ditching their US treasuries as the trust gets more and more tarnished.
So you have to ask yourself what are the alternatives: BRICS succeding is very unlikely imho, and it would not change the fact that it would still be opting for an unsound system prone to collapse after *x* decades. Gold is also unlikely to make a return for a multitude of reasons, and generally speaking when everyone disagree on who’s going to be in control, everyone’s best option would be to have “neutrality” instead of another bully nation.
If these circumstances become true, eventually the USD/BTC graph will become irrelevant, just as much the Zimbabwe dollar to Bitcoin graph is irrelevant. 1 BTC could be very much worth 100 trillion US dollars, but nobody would want those dead money anyway. Hence why 1BTC=1BTC.
One way to look at it is as an asset class just like property but it’s also a currency which the banks ad government can’t debase. Hold some in your portfolio.
OP sorry to say it, but you just don’t get it. You’ve set up your own ideas of what you think Bitcoin is, but you clearly didn’t put in any time or effort to learn about it objectively. Bitcoin is not a pump & dump scheme. I fear anyone trying to explain what they know to you will be wasted effort. Your bias is too strong, and it just seems like you’re not yet ready for Bitcoin.
You need to read The Bitcoin Standard. This is required reading for having a solid understanding and to thoroughly answer your questions.
I will now offer my own thoughts to answer your specific question. Bitcoin is separate and different from all the other cryptocurrencies for at least three reasons.
1.It was launched fairly. Bitcoin does not have a premine like every altcoin out there. A premine is where the developers and insiders launching the coin give themselves a large portion for free before selling to the public. This is very unethical and not a fair production or distribution of money. Satoshi gave the cryptography community a 2 months heads up before the release of bitcoin. He didn’t give himself any bitcoin but instead paid for energy to mine it upon release. He has never spent any of the bitcoin he mined to this day. Bitcoin was given away and traded around for several years before mainstream caught onto it.
2. Bitcoin is decentralized and therefore secure and anti-fragile. No other altcoin has this property. Here’s why: the creator of Bitcoin, Satoshi, walked away from the project within 2 years of its launch, effectively removing any semblance of a leader, perceived or real, of the bitcoin protocol. There is no person who has inappropriate influence over the network, and this is further bolstered by the network’s proof of work consensus protocol which requires all nodes to abide by the network rules. Every altcoin project has a leader you can point to, or a foundation that controls its road map. Bitcoin does not.
3. The release of Bitcoin brought with it the one time event of discovering digital scarcity for the first time in human history. It cannot be discovered again, and for the first few years of bitcoin’s existence, it was safe from all manner of attack vectors because it was new and the world was mostly unaware of it. Today, launching a new coin fairly and in a decentralized manner is impossible because the world now knows about digital scarcity. I could give you $100 million to create bitcoin 2.0 and you wouldn’t be able to do it. It wouldn’t have the decentralization to avoid corporate or government capture or the security to withstand hacks. It would quickly go to zero as has every other hard fork of bitcoin.