People Are Waking Up To Bitcoin's REAL Value
Throughout the years, there have been many divisive opinions when it comes to bitcoin. Both good and bad. You have most likely already heard many of them. Fans of bitcoin will say that bitcoin is the greatest store of value, and most decentralized crypto to date. That bitcoin is attempting to take on an enemy that is far greater than in importance than what other coins in crypto are trying to accomplish. That those other coins are a waste of time, energy and money. And then on the other side, you will hear detractors of bitcoin say that it is too slow, updates too infrequently, isn't able to perform smart contract functions and is just a buy and hold asset. You can get better gains by investing into altcoins and that it's boring.
Oddly enough, it is possible that both sides in this argument are correct. I think many of us would agree that you can find larger percentage gains by investing into altcoins, and we can all agree that blockchains like Ethereum, Solana, Luna and more are all much more capable when it comes to smart contracts. But, I think that we could also agree that bitcoin is playing a different game than many of the coins in the space. There is a reason why it updates at a slow pace, and there are reasons why it has the tradeoffs that it does, to be stronger in other categories.
It seems that the longer that you have been in the cryptocurrency space, and by longer I mean having experienced at least more than one full bull and bear cycle. The longer that you have been in the space, the more that you come to understand what bitcoin exactly is, and why it is so important.
But with everything that has been happening in the world the last year and especially the last few weeks, if you have yet to understand why bitcoin is so important, and what its real value is, then you may never truly understand.
We all knew what bitcoin's capabilities were, and why it was made. But for people in the western world, those were things that we didn't need to worry about. Our countries finances were fine, inflation was something not to be concerned about, the governments weren't corrupt, and bank definitely wouldn't freeze or seize your money. Well, with what happened in Canada, the western world realized that all of those problems can actually hit home. What good is having money in the bank, or a credit card, when none of it is able to be accessed? It becomes worthless.
And then we have the whole Russia/Ukraine situation. The whole world is watching this situation with intense interest, and the whole world is seeing the sanctions levied against Russia as a whole. Sanctions that most likely will cripple their economy and them straight into hyper-inflation. People in the Ukraine have been evacuating and wanting to escape with as much of their assets/wealth as possible. But there are bank withdrawal limits in both Ukraine and Russia. It is a scary time for people in the region, for people who didn't want this war, and their lives will forever be changed because of this. Not even to mention the financial hardships that will most likely follow.
So back to the point of this article, and finally coming to understand the true value of bitcoin. Just this year, the smart contract blockchain Solana took off in popularity. People knew that it a bit too-centralized at the moment, but the price went up, and that led people to not care. But we are living through the consequences of the problems that centralized entities bring. Your assets can be frozen, seized, easier to hack, and the list goes on. The true value of being decentralized, and bitcoin being the most decentralized chain by far is beginning to be noticed. People in Ukraine and Russia were buying as much bitcoin as possible, and that is evident with the recent price increase.
A few weeks ago, the Canadian government asked a bitcoin wallet company to freeze assets on the service. They were denied as with bitcoin being open source, and decentralized, it would be an impossible task. Yes, bitcoin remains as volatile as ever. It will have days where it goes up greatly, and also days were it drops by just as much, if not more. But the important thing is that you still control it. It cannot be taken from you, and you don't need to rely on a 3rd party service to use the network or transact. While the lightning network is taking off making everyday purchases with bitcoin much more viable. To date, bitcoin's greatest attribute is being a buy and hold asset, and it does that amazingly well. With everything that has happened in the world; people have been watching and taking note. They're finally seeing the truth. The toothpaste is out of the tube, and cannot be put back in. Bitcoin might just be about to go parabolic.
As always, thank you for reading!
