The Real Killer App of Bitcoin
If most of us would be honest with ourselves, we would admit that we originally got into Bitcoin, Ethereum, and crypto to make a lot of money. And why shouldn't we? Most of us who have been in the market for quite some time have fallen deep down the rabbit hole and truly believe that crypto is the future. That there will soon be the largest transfer of wealth that the world has ever seen. Rewarding those of us who have been accumulating as much as we possibly could during the last few years. All of those things are wonderful to dream about.
However, an interesting thing happens after you have finally fallen down that rabbit hole deep into crypto. People come for the money but stay for the tech. While there are still many skeptics of crypto and Bitcoin. There is an interesting transformation that is taking place. Often skeptics will eventually see the light and open up their minds to Bitcoin. Finally understanding it. But you never see it happen the other way around. You never see people who have had great conviction in crypto, become skeptics. Once you enter the crypto space, it is like having your mind completely opened up. Finally being able to see how the world truly operates.
Even with that said, many people who consider themselves avid crypto supporters still don't understand the greatest feature that crypto has. Specifically what Bitcoin has.
Too many people get caught up in the weeds and become distracted. Trying to find the next big feature or the next coin that will go up 100x. Trying to find methods to make passive income with their crypto, monetize gaming, or participate in DeFi and find the next highly sought-after NFT project. Please don't misunderstand. These are all great features and are all things that I like immensely. I believe that they are all incredible features that very well could change the world in ways that we haven't even begun imagining yet.
But they are not the most important features in crypto.
The most important thing in crypto are blockchains being trustless and decentralized, and users being able to take self-custody of their own money.
Throughout the last year, we have seen the USA sanctioning Russian and seizing their assets. Even in Canada during the trucker protests. Those who were found to be participating would often have their bank accounts frozen. China is already using its own digital Yuan, but at times has placed expiration dates on people's money. Meaning that you have to spend your money before that date, or you lose it. While many banks are insured, people often don't realize that once you deposit your funds onto a bank. It isn't yours anymore. There have been examples in countries across the world in which the country was in financial turmoil. And the government actually withdrew funds from users' bank accounts to use.
Even look at the situation in Ukraine. As the war broke out many people were forced to evacuate their homes and country. Often only having a few moments before they had to leave, and had to leave behind all of their belonging. Not only did they have to leave behind their house, assets, and everything they knew, but also the cash that was deposited into their bank accounts couldn't help anymore as well. Those who had crypto were at least able to still have access to their funds where ever they went. Those who didn't would have to essentially start over from scratch.
While I will never compare my own personal situation to those in Ukraine, I also have my own situation as well. For those of you who don't know, I currently live in Japan. I am currently making preparations and arrangements to move to a different country sometime within the next year. For those who have never moved to a different country wanting to take all your assets with you. Especially money. It is much more difficult than it may seem. There are cash limits to how much cash you take with you or even send overseas. If you take cash amounts of over $10k you will be taxed on it. There is also the possibility that it could be seized or even stolen. It is never a good idea to travel with that much money.
Because I have Bitcoin and crypto, I now have full peace of mind whenever I move next year, and wherever I go. I will still have full access to my money. I don't have to worry about how much to bring with me, or how I would ever get it there It is as simple as remembering my 24-word keys. I don't even need to bring my cold storage device with me. Wherever I go, I could buy a new Ledger device, and recover it with my password. Having full access to my money. No worrying about governments seizing it, taxing it, or even its safety. It is truly the game-changer that crypto offers. Those who live in countries where governments are unstable have already learned this fact. And those who move around the world have learned this as well. Soon people who live in countries where they didn't need to worry about these things but soon will have to. Will soon know that this is crypto's greatest feature as well.
How about you? What do you think is Bitcoin and crypto's greatest feature?
As always, thank you for reading!
