Let me share a story that fascinated me when first time listen to it. I guess this may explains what the core of Bitcoin is.
The story begins in a town, every one of the town is using their credibility to do business and transaction. In other words, they all own something to someone. One day, a foreigner visit this town and looking for a room to stay.
He put his money, 1k on the table and says, "I want to take a look about the room" and he go upstairs.
The owner of the hotel quickly brings the money and pay back to the cleaner that works for him. The cleaner also do the same and pay her money to the butcher that brought pork from him. The butcher takes the money and pay to a sex worker. Lastly, the sex worker pays the money to the hotel owner for renting the room.
The foreigner back to the lobby and dissatisfy about the room. He took the money back and leaves. Nothing has changed except everyone is no longer in debt.
Recent society is also using credibility to do business and transaction. The money doesn't really exist! It is purely based on confidence. Does it sound the same to Bitcoin?
I do believe the future is going to using cryptocurrency. It is much cheaper and not even a cost for printing money, but eventually we need to ask our-self, what is this all about? We accept Bitcoin because nothing backup but purely we trust it!
The value of Bitcoin is not about the coin but the technology of Blockchain. But I'm wondering, how many of the people buying Bitcoin is based on the technology but not "because everyone is buying it and it break record again"?
The value of Bitcoin now is because it can be exchange for US Dollar or any other currencies. Remember, you will need currency for exchanging. One of the issues about fiat money is they have no value and people who support Cryptocurrency is hoping the end of fiat money!
What if fiat money eventually extinct and no more, is it all business man going to accept Bitcoin or any other crypto? If so, the story at the beginning revealed all!
Max Keiser said, Bitcoin matching the definition of money such as medium of exchange, store of value, messaging application. I agree those except the store of value!
What value Bitcoin has besides confidence and Blockchain?
Many people said Bitcoin is cannot be hacked. Yeah, I agree if quantum or optical computers have not appeared. Those computing speed is still consider primitive but who knows one day when they become extremely powerful, will Bitcoin still not able to hack?
Well, I'm not a tech guy and this is merely my personal opinion, I wish I'm wrong about speculation I mentioned, since many people has become Bitcoin millionaire. At the same time, we must be extremely caution about the phenomenon of Bitcoin while others are talking and crazy about it.
That's what I called independent thinking.
