In recent days we have seen how the detractors of Bitcoin (BTC), and of all cryptocurrencies in general, have taken advantage of the Coronavirus Effect 🦠 to attack the cryptoverse. Mainly due to the fall of more than 40% of BTC and its role as a store of value. Are these characters right?
In this content we will not talk about technical topics, which are not 100% understandable by most of us. On this occasion we will discuss what Bitcoin really is for us users. And not what the tutorials or Wikipedia say, in the case of those who know the detractors, about what is technically BTC.
What is Bitcoin?
What do non-believers think?
What Bitcoin detractors think, and crypto in general, is very varied. The first thing to say is that they are not necessarily wrong in many of their infinite claims. But, it is that they are not seeing all the faces of the dice at the same time. And this is what BTC really is.
It has failed as a store of value
Non-believers can come from any age category, sex, religion. Many of them agree that Bitcoin has failed as a store of value tool. Proposing that it is simply an asset, which its value is “expected” not to change over time.
This is due to the immense volatility of Bitcoin (BTC), which caused him to lose more than 40% in a matter of hours in recent days.
It is the case of this famous Venezuelan economist has commented the following about BTC. And it has generated a debate on social networks in Venezuela 🇻🇪.
Well, seeing it only on this side of the dice at a time, you’re right. But, let’s remember that there are many other sides that you have to see at the same time to understand what Bitcoin really is. And let’s not forget that BTC even with this fall is still the best performing financial asset in the history of mankind.
Bitcoin has failed as money
Another point many detractors say is that the world’s leading cryptocurrency is not money. This is due to its high waiting time for confirmation of a transaction, and its high cost when making a micro payment.
We don’t have much to discuss about this, right? The Bitcoin Core Blockchain is not the fastest of the networks on the cryptoverse, nor the cheapest. But, it could easily be argued that there are almost 2,000 different altcoins, many of them enabled for micro payments.
Another argument against is the existence of side chain solutions, such as the Lightning Network, capable of making BTC transactions almost without cost and instantly.
BTC is used for illegal acts
This is another statement that we cannot deny either. Although there are illegal transactions, it must be stated that in 2019 they were only 10 million according to Chainalysis. While those of the “highly regulated” international banking system, this figure exceeds the $ 2 billion annually.
We could go on all day, and we will always come to the same conclusion. “The detractors’ claims are half truths”. They are only seeing one face of the dice that it really is Bitcoin, and not all at the same time that is how it should be observed.
What is Bitcoin really?
What is important in this section are not the technical issues. Rather it is what BTC has done for each of us. And you have to see it as a whole, not as each characteristic in particular.
Bitcoin was launched in 2009 by Satoshi Nakamoto, hitherto unknown, with the intention of serving as the alternative to the world economic system. Since then it has been the decentralized tool of humanity. Not to mention the impact that Blockchain technology has had on its own.
Bitcoin is a global bank account
One of the main characteristics of BTC, and crypto in general, is the fact that anyone can open a wallet. Black, white, Nigerian, Iranian, the truth is that it doesn’t matter at all.
Most of the world is unbanked, and it is through the cryptos where these human beings can store their money without any paperwork or requirement. The BTC will be yours and nobody else’s.
But, another problem that Bitcoin solves is access to international markets. Suppose we do have a traditional and national bank account. Much of the world cannot use its local money to pay for something on the other side of the world, either because of local government bans, or why it is extremely expensive.
In crypto verse, once you have a wallet of any kind, you will have a bank account in every country in the world at the same time.
Bitcoin is a financial asset
Although this statement can upset many orthodox traditionalists who love the status quo. That is very true.
Leaving aside the fact that Bitcoin went from costing a few cents to almost $ 5,200 today, which is why it is the most profitable financial asset in the history of humanity.
It is that with just a few dollars you have already entered crypto trading. You don’t need a bank account, a contract with a brokerage or broker, or an unattainable amount of money to trade. You only need the knowledge to do it.
Bitcoin is freedom
BTC cannot be censored by any government, institution or anyone who wakes up one day and thinks that today they want to ban or control Bitcoin.
Therefore, it is a tool against the moments, unfortunately more frequent, where the rulers take powers that do not correspond to them. Venezuelans, Argentines, Hong Kong, Turks, Iranians or anyone who has felt persecuted can be asked, why Bitcoin ?.
Bitcoin is money
Last but not least, BTC is money. First, it has a limited offer, 21 million tokens no more and no less. Instead the Fiat money is constantly growing without anyone stopping it.
This is what we know as quantitative easing, and last week the Fed printed, without any backing, $ 168 billion.
When asked in which fund asset the value of Bitcoin is backed, it is easy just to answer: What is the note in your pocket backed up?
We could go on for hours with this list. But, we want to know what is Bitcoin (BTC) really for you? Complete this list with another point and let’s shout to the world Bitcoin is all this at the same time.