Welcome to a Different Perspective:
Perhaps I should be framing this opinion piece with my motivation behind creating it.
Here’s the deal, I’ve heard some say that Bitcoin could one day replace the USD as an international form of settlement. And that this is what will ultimately lead to one bitcoin being worth $1 million dollars (insert Dr. Evil impersonation here.)
It’s great that this form of value transfer has achieved such high price appreciation over the years and is being predicted to continue into the future, but I think it’s important to differentiate between the price of Bitcoin and the value it holds.
Superficially, this concept of value versus price is always something to keep in mind if you choose to invest in something like Bitcoin.
But I want to challenge you to think deeper on this concept.
I say this because we’re now entering a stage of adoption and usage that has already gained the attention of governments around the world.
We are now transitioning out from being an underground movement of cryptographically secured, financial freedom and we’re now moving into a time where big players have their eyes on it and those who are a part of it.
We’re entering a time where the true backbone of Bitcoin and cryptocurrencies will be tested.
View Video Here^^^^^
How many people have been saying that now that the governments are trying to tax and regulate cryptocurrencies, they are now officially legitimate?
I’m sure the orthodox Bitcoiners out there shudder when they hear this, but this is the truth of the masses. They follow what is deemed legitimate by the “powers that be”.
We’re going to have to come to grips with the fact that the masses aren’t necessarily masses of anti-governmental anarchists, or even people who particularly recognize how this new digital money can fully affect their lives.
They could, if they can properly experience financial freedom that Bitcoin has to offer, but until then, these are the people we will need to educate and inspire in order to solidify the future of Bitcoin.
Without a doubt, I agree that Bitcoin will reach heights that right now might seem astronomical for those new to this space. It’s also important to pay attention to how this technology is disrupting the current systems.
We’re seeing governments around the world either trying to regulate it, or implement their own cryptocurrency.
We’re seeing banks first trying to demonize it and now exploring their own use cases for blockchain tech.
And then there are thoughts of the US adopting Bitcoin as a means of accomplishing international settlements.
This could easily send the price of one whole bitcoin to $1 million. But it’s far more likely that the U.S. would instead create their own crypto to serve as a means for paying taxes.
I personally have a hard time agreeing that a heavy handed government like the U.S. would want to adopt a currency over which they would have no centralized control. I’m pretty sure that would be a prerequisite for this to even happen. ####Furthermore, if this were to happen, you better believe the U.S. would work to centralize the crap out of it, thus destroying the very thing that we all value so much right now.
What’s the point of having $1 million Bitcoin if its essentially assimilated to the very thing it’s been designed to disrupt?
I’m just going to leave it at that.
This brings me back to my point here today.
The value of Bitcoin, what it truly represents, is so much more than just a new all time high.
It exists thanks to the countless hours volunteered by incredibly smart and motivated individuals who just wanted to change the way the monetary system could work.
To give financial autonomy back to the individual.
Those individuals who were a part of sparking this whole new form of financial freedom and responsibility are people that deserve a whole lot of respect and appreciation.
Many of them have chosen to remain anonymous, but I’m going to do my best in the next few videos to shed some light of a few of these individuals and what it was that motivated them to spark this epic new technology.
bitcoin is come to stay I think... maybe one day it's kind of a world 'currency' like gold, who knows. If it should be centralized XRP will be supported maybe - if I understand the concept right 😊 @peekbit
you might be interested in Eric Voskuil's viewpoints on this topic. https://github.com/libbitcoin/libbitcoin/wiki/Other-Means-Principle
Hi Heidi !
Thanks a lot for your comparison!
I also do not think that Bitcoin will replace the USD or the Euro since those governments simple do not want an uncontrollable currency as their main means of payment. But that is exactly why I am invested into cryptos. Not only because of the price but because of the believe in freedom.
Hi wow thanks a lot for your upvotes. I really appreciate that. Thanks.
I totally agree, the people we need to educate are the masses that are yet to understand the reason Bitcoin was created in the first place.
In as much as having the Government support Bitcoin will be a plus to the price, we run the risk of centralization.
Bitcoin is about decentralization and preach it we must.
Hi dearie. I found you through a #womancrushwednesday **crush** post that @tojukaka made of you. He described how awesome a person you are. He said you are a wonderful teacher.
You have a really beautiful smile.
I am a new fan.
The little problems that crypto/blockchain tech can solve that's what I'm excited about, banking the unbanked, lower transfer fees all that. Worldwide adoption including the governments of the world that's totally a different story but we'll see how it all goes.
This revolution will not happen because of us in the west who currently enjoy full banking privileges. It will happen because the other 5.5 billion people on the planet who've been excluded from the financial system with KYC (Know Your Customer), AML (Anti Money Laundering) and CTF (Control of Terrorist Financing) adopt decentralized tech which will cause an equity drain on all sovereign flag money.
We've become the new England and King George is back. The rest of the world is about to experience it's 1776 moment in its independence from the USD. Of course government will fight back, but their only real option is to turn off the internet. The other option which is suppression of the population will only delay the change.
The result will be that sovereignty will be returned to the people of the world. We will eventually all be earthlings, instead of Americans, or whatever...
Potential future value of bitcoin is virtually IMPOSSIBLE to determine at current time. Depends so much on the evolution of the technology, in comparison to emergence of similar and competing cryptos that migh evolve faster
Value = Potential for humanity to rise above the challenges while creating new paradigms of wealth and expression.
Very interesting perspective, I liked this article a lot. Keep up the great work!
The definition of value? "What a willing buyer and willing seller agree to in a free and open market" ..or something like that!
We need Aliexpress or Amazon that adopts Bitcoin to reach newer ATH..
totally agree.. unless google, amazon, youtube, facebook adopts BTC there wont be any ATHs anymore
Value versus Price is a very important thing to understand, if you are investing. Usually the price runs in front of the value, therefore people talk about a bubble. The bubble only bursts, if the value cant catch up to the price.
Bitcoin is a long way from adoption. The interface isnt really mainstream. Most people who came in December for the bullrun, didnt bother to take their bitcoins off exchanges. So I think we need the solve 2 main problems:
If we have those, mass adoption can happen. I am betting on it and with Lighning Network there is some amazing technology ready to start... looking forward what else is going to come.
It's going to be more complex and nuanced in the end. To quote you:
"We are now transitioning out from being an underground movement of cryptographically secured, financial freedom and we’re now moving into a time where big players have their eyes on it and those who are a part of it.
The big players that now have their eyes on it are also the very ones that will refuse to relinquish the control they currently enjoy. As the visibility of crypto increases, so to will the amount of energy the status quo expends to push it back. I'm inclined to think that they will eventually come into an uneasy equilibrium.
I guess price is as a result of the value placed on it. Most part of your write up is a little too complex for me.
Bitcoin, the best-known virtual currency, The cryptocurrency reaches an amazing value
The amazing increase of bitcoin was one of the great stories of 2017, and it is destined to continue dividing the opinions this year.
The price of the digital currency soared more than 1,300% last year, easily surpassing the returns of many traditional financial assets such as stocks, bonds and gold.
Although bitcoin has gained more acceptance in recent months, it is still the subject of much criticism. Its detractors warn about aspects such as the volatile price, the absence of assets that sustain it and the lack of regulation.