Despite best efforts from global super powers the people's token has continued to trade and even in times of market uncertainty kept it's value relatively stable. Still, today people question the tokens legitimacy despite many companies moving to accept Bitcoin as a payment.
It wasn't all that long ago that I two spent a few satoshi's on a cup of coffee at a Melbourne cafe, a move I would later regret as that coffee has not become one of the most expensive coffees of my life. All good though, I haven't paid for another coffee since as the owner even says I've already covered the cost of lifetime free coffee, not a bad trade.
The recent crack down on centralised exchanges has driven one of the largest Bitcoin accumulation phases to date which did cause some good bargains for alt coins but prices are now returning to base lines. There is a good reason for the mass buy up of Bitcoin and more and more people are starting to realise.
With many digital assets under attack by regulation and many projects hunted by the SEC Bitcoin is one of the digital currencies that has been able to resist all attacks since it was launched.
Trust in Bitcoin surpasses many and all other tokens at this stage and time has created an Antifragile system as Decrypt was previously told at a conference in Prague.
Much like the lonely plant that shoots through the slightest crack in the pavement so to does Bitcoin manage to continue to find a way to prevail and expand. The Digital currency has seen itself embedded in most chains through wrapped and bridged tokens, an equity asset that can be utilised as collateral on lending platforms and now even the ability to isolate individual Satoshi's to use as a form of NFT.
Even if tomorrow all entry and exit ramps for Bitcoin were ceased punters are betting that someone, somewhere will find a way to grant access to the digital currency. That's because Bitcoin now holds a global recognised financial value. Not much different to say, Diamonds which are an ever present stone and quite a lot of them. But through marketing they are highly sought after and their value is in what the customer base deems it to be.
Bitcoin has now set itself in this world as an item of value and in doing so probably the first digital asset of it's kind ever. The same can not be said about the other 99%, except for maybe Ethereum.
Central to Bitcoin's success including it's resistance to government regulations surrounds it's decentralised operational model which unlike traditional financial systems Bitcoin operates on a peer to peer network on it's own system known as a Blockchain.
As no central authority owns the operation it can not be shutdown and even if outlawed there would be no realistic way of enforcing the legalities of it because of it's decentralised nature and outside web 2 operation.
The fact that there is no need for intermediaries to confirm transactions or for extensive details to be shared in creating accounts provides people with total anonymity in how they behave financially across the world.
While many have tried to replicate the success of Bitcoin and Decentralised Finance (De-Fi) becoming a model people replicate in other projects. None come close to the achievements of Bitcoin and it's successes.
And while there are still some issues to iron out none of them actually are the responsibility of Bitcoin and it's community, more so on governments and how they will strengthen their policies and legislation to ensure financial crimes are not occurring or the ones that commit them held to account.
3 Billion USD of crypto has been stolen by North Korea and is being used to fund their nuclear weapons program over the past half decade. While it is easy to blame Bitcoin, if it wasn't Bitcoin it would be some other form of scams and corruption.
There is a lot of work to do for many out there but one thing that we can be certain on is that Bitcoin will probably out live most of us and continue to provide for the next generations to come.
image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
