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26 October 2020

Bitcoin genesis block is the ‘New Testament’ of finance

Bitcoin genesis block is the ‘New Testament’ of finance

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Bitcoin genesis block is the ‘New Testament’ of finance.

Eons later, in 2009 A.D., came the Bitcoin Genesis Block — the first chapter of a new bible in the making: the Bitcoin white paper.

Now, almost 11 years later, we are moving with steady steps toward Judgement Day: the day that we come to own the money we earn.

I give you this stone, saying that it has a value that you can exchange for goods — you believe me.

To define, fiat currencies are government-sanctioned money, whose value is merely on a contract of trust between the issuing government and the citizens: It’s not backed by any physical commodity of value, say, gold.

That is as good as saying that fiat money derives its value out of thin air.

A recurring phrase that you’ll find in any definition of fiat money is that “it has no intrinsic value.” It’s a lie that governments tell us, or a bad joke.

Indeed, if Bitcoin could speak, or if Satoshi Nakomoto hadn’t been anonymous, they would have exclaimed: “Fiat lux.” Anyway, that didn’t happen, and before discussing the genesis block and what it meant, let’s discuss another crucial aspect.

Although fiat money has value only as long as the people trust these intermediaries, governments can print as much or as few currency notes as they want.

In an attempt to combat economic crises, governments often print more money, thus leading to inflation and depreciation in the currency’s value.

The allegory of darkness and all of that lines up, but there’s a more tangible reason as well: Bitcoin makes governments and their sanctioned deceivers irrelevant.

Now, two people can directly transact value (money or otherwise) over networks that are inherently secure and transparent.

Above all, the value of Bitcoin (as well as other cryptocurrencies) is based on the pure demand of its users.

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