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Thursday

13 May 2021

The Seven Primal Elements Of Bitcoin

The Seven Primal Elements Of Bitcoin


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Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides.

Seven primal elements of Bitcoin have combined to turn it into a belief system.

This makes absolute sense because the value of a monetary asset resides primarily in the fact that other people are already using it.

However, because of my history degree and interest in anthropology, I would like to focus on something that has nothing to do with Bitcoin’s technical aspects.

In this article, I will argue that one of the main reasons for Bitcoin’s success is something that resonates with us as humans on a much deeper level: the primal elements of its brand, which when combined, turn it into a belief system.

Bitcoiners have the shared belief that every person can be their own bank, and that no government or entity can affect the Bitcoin network’s monetary policy.

The believers feel compelled to get together and to share the good news of Bitcoin with their family and friends.

The orange ₿, along with the physical Casascius coins, have been used extensively as symbols for this new internet money.

These freshly minted coins are paid to miners, which are the computers that assure that the blocks added to the blockchain are legitimate.

One of the favorite activities of Bitcoin maximalists is combating anyone who claims that Bitcoin will eventually collapse.

Nonetheless, it is safe to say that staying together and reaching consensus are core values of the bitcoin ethos.

Furthermore, instead of becoming one the world’s 20 richest people, he decided never to touch his bitcoin.

That is something that no other cryptocurrency can imitate.

In the same way, every monetary system is supported by the collective faith that people have in it.

This is the secret sauce that made Bitcoin spread like fire.

It is a statement that Bitcoin belongs to everyone, and that the meaning of the “vires in numeris” motto is contextually as computational as it is human

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