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26 July 2021

Stop Trying To Understand Bitcoin

Stop Trying To Understand Bitcoin

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Even though you don’t understand how these systems work, you interact with them every day because you understand the value of each in your personal life.

Plus, the earlier you get involved in Bitcoin and recognize that it could have value for you, the more you stand to gain as others come to realize the value Bitcoin can bring to their lives.

The moment Bitcoin “clicks” will be the moment you look at its properties in context of what you need.

Bitcoin is an asset with a fixed, predictable supply that can be transported anywhere in the world in seconds and securely stored in your own brain.

You only need reasonable assurances that all of this is true, just like you have reasonable assurances that your paycheck will come through or that the email you just sent to your boss will make it to their inbox.

So, what do you need that Bitcoin might be able to help you with?

It has nothing to do with economic growth and everything to do with the fact that our currencies do not have a fixed, predictable supply.

What you need is an asset that’s highly portable and easy to secure: bitcoin.

You don’t need to worry about asset prices outpacing income growth because you’re happy to be sitting in your cubicle at 70, making sure you can pay rent on your shoebox this month and continue to lease your clothes?

If you would prefer a bit more independence and self-determination in your life, maybe bitcoin is something you’d benefit from.

How does bitcoin provide reasonable assurances that it truly is a fixed supply, highly portable, secure asset and unit of account.

You are reasonably confident you’ll be fine, given the brand of the car and the fact that most of your friends didn’t have to read the manual to use their cars safely.

To get a sense for whether Bitcoin fulfills its promises of being fixed in supply, instantly portable and secure to store, we need to ask ourselves:.

Bitcoin is far more predictable in its supply (“inflation rate”) than fiat currencies, which are subject to the whims of a few powerful people.

Given that the asset has never seen a supply shock and has flawlessly stuck to its pre-ordained inflation rate over 12-plus years while experiencing rapid growth and securing hundreds of billions of dollars in value, we can be pretty sure it will be predictable going forward.

As long as you have an internet connection and the bitcoin address of your recipient, you can broadcast a transaction and have it settled in minutes.

More and more people trust the Bitcoin network with their savings each day since its inception.

You don’t have to look far to see the value locked in bitcoin and the number of addresses and wallets growing.

The supply of fiat currencies — and perceptions about how that supply might change due to central bank policies — has a massive effect on asset prices.

The volatility is further accentuated by the vagaries of demand for a very new and misunderstood asset, plus the doggedly predictable supply of bitcoin.

This is the question you must ask yourself to “understand” Bitcoin: not what it is but what it does for you, for your loved ones, for our societies.

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