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Thursday

16 September 2021

Bitcoin Has No Competition

Bitcoin Has No Competition


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For many, the simple technology of Bitcoin helped explain the extremely convoluted machinations of fiat, which were so pervasive as to keep generations of humans effectively viewing the monetary landscape at close quarters.

Bitcoin has the additional magical property that it can be transported through any communications channel, for a nearly inconsequential fee that transparently serves only to protect its value, and incentivize cooperation among its network participants.

There is an insidious misconception, or a popular misassumption, that many competing objects in this world are scarce.

This is in part what separates Bitcoin from every other cryptocurrency.

In the real world, Bitcoin is the simpler, more practical technology that is subsuming and eclipsing the centralized proof of stake technologies, all of which look more or less the same from the perspective of a decentralized technology.

Alt coins are nothing but iterations of fiat, bringing to the market nothing aside from niche special technical languages that are effectively technobabble gibberish which serves to entertain.

It’s also what makes patents and copyright law a perpetual losing battle, one that only persists through force.

It must be stressed that the impos­si­bility of associ­ating events with points of time in distrib­uted systems was an unsolved problem before Bitcoin.

It is highly improbably that the set of conditions that led to the launch and successful bootstrapping of the Bitcoin economy will repeat in our lifetime with a currency that can do everything that Bitcoin does, and more.

This is one trait that separates it from every other asset.

You might argue we will not find a solution to all political problems in cryptography, however, as Satoshi Nakamoto pointed out, “we can win a major battle in the arms race and gain a new territory of freedom for several years.” And we have and will likely continue to enjoy the opportunity to have freedom and property that Satoshi provided.

Many believe this freedom emerges out of a competition between various cryptocurrencies.

For what it does, Bitcoin has no competition.

Bitcoin gives you the freedom to acquire and control property.

This is what it means to be running Bitcoin.

In Bitcoin one has the option to run older versions of Bitcoin, and the freedom do whatever one chooses with one’s Bitcoin, without being cast out from the network.

In fiat, what is, and what is not money.

Instead of making this false promise, Bitcoin simply provides you with certainty as to how much property you have in this moment and in the next.

Read The Language of Bitcoin: 4: "Bitcoin And Existential Risk" Read The Language of Bitcoin: 3: "Bitcoin: The First and Final Rival Money" Read The Language of Bitcoin: 2: "Bitcoin Alleviates Future Uncertainty" Read The Language of Bitcoin: 1: "BTC Is The Best Explanation For The Way Money Is"

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