Let's talk about Bitcoin value
Bitcoin is confusing when you first hear about it.
That’s because Bitcoin is challenging what people believe about money.
You see, we’ve been taught “money” is something that governments create and control, hence the idea of new digital money not controlled by any government can be confusing and exciting at the same time.
When I first heard about Bitcoin, I thought it was a scam, ponzi scheme, or a bubble that was going to disappear quickly but years later Bitcoin is showing strong growth all over the world.
In fact, it’s become one of the best performing assets in the world for several years in a row!
And one of the biggest questions I get is, “Why does Bitcoin have value if it’s not backed by anything?”
Many people believe the myth that Bitcoin isn’t valuable because it wasn’t created by some government.
For example, people place value in the U.S. dollar because of the faith they have in the government whereas other people around the world see incredible value in Bitcoin because of the faith they have in a math-based, fully-transparent currency that’s not controlled by any single bank or politician.
In other words, people are willing to buy Bitcoin with their government-issued currency because they see value in a system that puts power back in the hands of the users instead of central bankers.
Here are a few other reasons people see value in Bitcoin:
1. Limited and predictable supply - Unlike the U.S. dollar, Bitcoin has a predetermined supply of 21 million bitcoins.
2. Borderless - You can send and receive Bitcoin anywhere around the world without permission or fees from a government.
3. Privacy - You don’t need to expose personal information.
4. Speed - Transfers take seconds to minutes instead of days for traditional wire transfers.
5. Peer-to-peer - No middlemen.
Cheap money transfers - Send Bitcoin anywhere in the world for pennies.
Secure - cryptographically encrypted protocol.
Public ledger - Fully transparent public record of all transactions.
Decentralized - No single point of failure.
I hope this gives you a bette understanding of the value of Bitcoin.
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