I'm One of the People Who Thinks Bitcoin Has Won

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Avatar for janatyler
2 years ago

Bitcoin has won.

There has never been a safer, scant, important, movable, decentralized and organized resource in the entirety of mankind's set of experiences.

It's more versatile than gold. It appreciates quicker than property. It's inventory is fixed not normal for stocks and bonds. It's installment network is quicker and less expensive than Visa's.

It's client base is becoming quicker than the Internet's was in the 90's. It's market cap is a shade over a trillion dollars. It has a gigantic possible potential gain. It's as of now too huge to even consider falling flat.

But, doubters continue to rehash the normal, worn out FUD. Here's the place where I'll separate it.

Bitcoin Is A Railway Network In Cyberspace

What's "greener": heading to work or getting the train?

Clearly the train, isn't that so?

However, imagine a scenario in which you factor in the all out energy utilization of building a completely practical and associated rail organization. It required many years and billions of dollars (cash IS energy) to make a rail network that everybody can use for a small portion of the expense.

That is the thing that Bitcoin is: a railroad network in the internet.

The energy utilized around make this gigantic, secure, decentralized and repetitive organization is colossal. However, just when seen in separation. At the point when it's finished — and it nearly is — it will permit anybody to send cash to any other person anyplace whenever for practically no expense.

Unadulterated, rubbing less, financial energy streaming between parties across the bitcoin rails. Ultrafast, super secure, super solid.

Envision attempting to send your companion in Bhutan a bar of gold at 12:45PM on a Sunday.

Bitcoin does this in a second.

Bitcoin Unlocks Trapped Energy

Everything is either matter or energy. And humans need energy to survive. We’ve always converted energy from one form to the other.

Take electricity for example. Electricity cannot be transported for more than 500 miles — that’s a hard limit. So when human populations blossomed in cities throughout history — NYC, Bombay, London, Paris, Singapore — electricity had to be transported to them. And because of the hard-limit, we built power stations.

We expanded so much energy to bring energy to people.

But there’s trapped energy on earth in places that are entirely uninhabitable— streams, seas, deserts, forests, geysers, ice-caps…

What if you could convert the kinetic energy of a remote waterfall in the middle of an uninhabited part of the Amazon rainforest into electricity? And use that to power a Bitcoin mining rig?

You’ve now converted natural, renewable energy into an asset. Now multiply that by a billion. There are a billion sources of trapped energy on our planet which we ignored simply because we don’t live near them.

A totally decentralized, unintrusive, renewable network of Bitcoin rigs whizzing away to create a secure, decentralized asset network. Powered by Mother Nature.

We don’t need this electricity to be fed into our homes because noone lives there. How about we use it to mine bitcoin instead?

More Energy Does Not Mean More Bitcoin

Hey if Bitcoin is really this valuable, why don’t we use every single computer chip on the planet to do one thing: mine Bitcoin.

Won’t this mean we can mine more of it and get paid and get rich? Isn’t that what we did with the Gold Rush?

Well, no — you can’t. Because of the beauty of the “difficulty adjustment”.

You see, unlike fiat money which can be conjured up from nothing (remember money IS energy. And energy can’t be created nor destroyed. Fiat money breaks the second law of thermodynamics and is thus bogus), the number of bitcoins that can be mined are fixed.

When you “mine”, you get rewarded for your work in Bitcoin. You can only ever mine a fixed number of Bitcoin in a particular cycle. And this reward halves every four years.

As more and more miners pile in with their supercomputing hardware into this digital gold rush, the Bitcoin algorithm automatically adjusts the difficulty to make it harder to mine the fixed number of Bitcoin.

When China banned Bitcoin mining a few months back, 50% of the Bitcoin mining network went down. The difficulty adjustment automatically made it easier for the remaining miners to mine the bitcoin.

You see — it’s a genius function of incentive, demand, supply and computing power. And it happens autonomously. And it worked like a charm.

Do you think Google would face any issues if 50% of it’s computing power switched off overnight?

Bitcoin Is The Most Secure Computer Network On The Planet

Bitcoin has never been hacked. 12 years and then some.

It's most prominent weapons: decentralization and repetition.

Each and every Bitcoin hub has a duplicate of the blockchain that each and every other hub has. So on the off chance that you'd prefer to alter or hack the blockchain, you'd need to get 51% of the whole worldwide bitcoin mining organization to concur with you.

You can't on the grounds that they will not.

Mining not just creates more Bitcoin. It additionally gets the organization through decentralization and repetition. So excavators are boosted to mine Bitcoin and as a side-effect, each Bitcoiner wins.

In the event that you'd prefer to boycott Facebook, you call Zuckerberg. Who do you cancel to turn Bitcoin? Believe it or not. Noone. Or then again everybody.

There's quite a lot more FUD that I'll expose in the following not many days. This was basically a tester.

Bitcoin is a bunny opening that won't ever end. It's grounded in financial matters, nature, network hypothesis, software engineering, math, online protection and game hypothesis. The more you burrow, the more you'll discover.

It's a trillion dollar mother lode that almost 100% of the world doesn't claim. Be that as it may, you can.

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