Mindsets are changing around Bitcoin (BTC), and things are definitely accelerating in 2020. However, some still get stuck in a pattern of thinking dating back to the past decade. Some bankers, politicians, or economists continue to denigrate Bitcoin with largely outdated arguments. In this article, I give you 6 obvious reasons why Bitcoin is so valuable to its users.
Bitcoin Evolves, But Critics Of Its Opponents Remain The Same
In its bimonthly newsletter released in August 2020, the Banque de France has once again denigrated Bitcoin in this way. According to the Banque de France, Bitcoin has no value, and above all, no future. It would be a digital currency used only for criminal activities.
This is a topic that has been covered time and time again, but politicians love to resort to this utterly bogus attack. It has been proven that using the US dollar for illicit activities is much easier than using Bitcoin.
At other times, some will tell you that Bitcoin is bad for the environment. Bitcoin would consume too much energy. In fact, it has also been proven by various studies that Bitcoin is even useful for the environment.
A study published at the end of 2019 by researchers Susanne Köhler and Massimo Pizzol from Aalborg University in Denmark explains all this in detail. As always, I’m not asking you to take my word for it but to check it out for yourself if you wish.
It reminds you Bitcoin currency : “Don’t Trust, Verify“.
The energy used by the Bitcoin Blockchain to operate comes from majority of renewable energy sources. Redirecting this energy to Bitcoin avoids energy waste. Energy consumption is therefore not the famous Achilles heel of Bitcoin that some people have you believe.
The value of something like Bitcoin is totally subjective
Then some will argue that Bitcoin has no intrinsic value. These people do not realize that the value of a currency or an object is totally subjective. For those who are interested, I invite them to discover this excellent Wikipedia article on the subject of “Subjective conception of value”.
The proponents of this theory generally explain this that the value of a good is not determined by any property inherent in the good, nor by the amount of labor necessary to produce the good, but the value is rather determined by the importance that an acting individual places on a good for the achievement of its objectives.
So, the US dollar is only valuable because a majority of people decide it has it. It’s the same for the Euro. It’s the same with gold. For Bitcoin, it’s exactly the same.
Bitcoin users are convinced by the monetary revolution that Bitcoin embodies. They want to believe in the better world that Bitcoin will build for everyone in the future.
Top 6 Reasons Bitcoin Is So Valuable To Its Users
Among the many reasons that make Bitcoin so valuable to them, there are 6 main ones:
- Bitcoin is rare. Bitcoin is the strongest currency in the world. There will never be more than 21 million BTC in circulation. Bitcoin’s programmatic monetary policy is there to abstract from the corruption inherent in humans. This is a great advantage to finally have good change available.
- Bitcoin is a transparent system. The transparency of the Bitcoin network is to be contrasted with the opacity of the current banking system. No one knows what is going on inside this system.
Nonetheless, the tip of the iceberg is chilling, with fines for money laundering or manipulation that keep falling against the world’s major banks. The people deserve better than that.
- Bitcoin has no leader. Bitcoin belongs to all of its users. Its goal is to restore power to the people by removing control of money from governments.
This is the number one prerequisite for us to have good money again, as Friedrich Hayek said in 1984:
“I believe that we will never have good funds again until we take them out of the hands of governments.”- Friedrich Hayek
- Bitcoin is decentralized. Rather than a system with a single point of failure, Bitcoin is a decentralized system that relies on its users. They are the ones who ensure the functioning and security of the Bitcoin network by making their computing power available. This works perfectly, because Bitcoin has never been hacked in over eleven years of existence.
- Bitcoin has no borders. Bitcoin goes beyond the borders of countries. It lets you transact halfway around the world in minutes without the risk of third-party censorship. The Bitcoin system remains the best solution for transferring money around the world safely and quickly.
- Bitcoin is synonymous with freedom. Bitcoin protects 5 fundamental human rights. It gives you the freedom to live your life on your own terms. In a world where governments and web giants threaten your freedoms, Bitcoin is your best money weapon to stay in control.
Bitcoin will be your only alternative to the state digital currencies that the central banks of each country will launch in the future. The example of China with its e-RMB inspires other countries, and sooner or later, the surveillance society China is building will inspire them too.
Bitcoin will then be there to allow citizens to opt for a more privacy-friendly path.
More than 100 million people are now in the Bitcoin world. These people are willing to pay over $ 11K to buy an entire Bitcoin. This shows how much they value what Bitcoin offers today. As the adoption of Bitcoin accelerates in the future, the price of Bitcoin will increase.
There will be nothing miraculous about the coming rise in the price of Bitcoin. This will only be proof that millions of people will understand that what Bitcoin offers has incredible value in the world of the future. You will know what to say the next time someone tells you that Bitcoin has no intrinsic value.
A developer by training, I discovered Bitcoin in 2014 but did not immediately grasp the importance it could have for the world of tomorrow. I took a more in-depth look at it from the start of 2017 and I haven’t let go of it since.
Passionate about Bitcoin and the new system it is trying to build for the future, I decided to participate in its evangelization at my modest level by writing about Bitcoin, Blockchain and cryptocurrencies in different media.
It is with pleasure that I publish some of my texts in French on The Coin Tribune.
I also write quite a bit about personal development and self-improvement.
Please feel free to share with me via social media or in comments on my articles if you have any questions regarding my articles.