It’s a shame that the media and the powers that be are influencing the minds of people into thinking that bitcoin is some sort of scam and that everyone should stay away from it. It’s an even bigger shame that the folks who do understand bitcoin are the ones scamming these poor people! Bitcoin is not evil despite what many think, it’s simply a digital currency that is not tied to any nation nor controlled by any central bank. The fact that no one controls bitcoin is what makes banks so afraid. So, if no one is control, what is? The software behind bitcoin is the one controlling the network.
Software is eating up the world, says Marc Andreessen, co-founder of Netscape. Software is bettering our lives in more ways than you can imagine. Ever used Airbnb or Uber? These companies are simply middlemen between the customers and people who actually own the house or car. Yet, despite not owning any real assets, these companies are valued in the billions. Why? By providing a software platform that users can trust and can transact in. Another example is self-driving cars. How are these cars navigating through the streets on their own? Software. Without some clever code, these innovations would not have been possible.
In 2009, someone called Satoshi Nakamoto invented Bitcoin and released it to the world. The technology behind it dictates that anyone can participate in the network by simply downloading a software and each will store a copy of the bitcoin digital ledger containing a historical trail of transactions. The software behind this is tried and tested and has not been breached since its release 10 years ago. Since its humble rise, as of writing, bitcoin is now worth USD153 billion with a price of USD8,500 per bitcoin.
Bitcoin is thought of as a digital currency, not owned by anyone. The premise of Bitcoin is that now, we no longer needed banks to transfer money. With bitcoin, we can transfer money to anyone on earth who has a bitcoin wallet. The transfer of money takes minutes and not days. It is also cheaper as the sender can decide on the fees they pay on the bitcoin network. We already have a system that works, a system that is decentralized and mathematically impossible to hack.
With the rise of AI, we live in a world where cars can drive themselves, we have wrist watches monitoring our workouts, we carry the web in our phones, make video calls and many more. But our banking system still takes 3-5 days for money to be wired to another country. It takes that long to change a bunch of 1s and 0s? The banks are still stuck in the 80s while the rest of the world are zooming ahead into the future. Bitcoin is the future of money. The system Satoshi invented works. It’s not a question of if bitcoin will survive, it’s just a question of time until bitcoin becomes mainstream.