Opinion: Why Bitcoin Has the Strongest Trust?

Crypto Valley Live (ID: cryptovalley)

Crypto Valley Live (ID: cryptovalley)

, Author: Nuno Fabiao, Translation: Jeremy, reproduced by Odaily with authorization.

In any underdeveloped country, a child has more information on a cell phone today than Bill Clinton did in the 1990s.

While we tend to think things are not rosy worldwide, people are living longer and healthier than ever. Technology and innovation have given us humans an incredible quality of life.

However, there is one thing that has flourished with technology that hasn't seen many signs of progress - the monetary system.

All the dollars in circulation today are about the same as they were 100 years ago. And if you thought your favorite dollar bill from 1901 was worth a fortune, you'd be wrong.

Even the coins of the Roman Empire in AD 30 are not worth a dollar, do you know why? Because there are millions of them in the world. What the Fed has always done and has been doing is printing so much money that it's worth so much that it's worthless.

It's unfair to everyone who works hard because they live in a system where their time and efforts are constantly devalued.

So if my parents have spent their entire lives providing me with a good savings structure, and I see it lose 10 to 15% of its value every year to inflation and money printing, it's fair to say Something is fundamentally wrong.

It's ironic and somewhat disgusting to hear people from the Federal Reserve tell us about the importance of money. Especially when the only beneficiaries of this money-printing frenzy are the top 1% expressing this view.

The Fed has a lot of power and they are the ones who determine the value of our net worth.

Bitcoin emerged from the chaotic crisis of 2008.

However, a 13-year-old technology is too young to make people doubt and disbelieve. In our human behavioral principles, we often resist change. That's okay too.

However, in these times of change, it is always better to be an early adopter. Also to protect ourselves from the devaluation process.

Why is Bitcoin a pure trust issue?

Trust takes years to build, broken in seconds and never repaired

Many countries have not recovered from the Great Recession of 2008. In Portugal our independence was destroyed when the IMF ruled our finances for 4 years. Our Greek brothers suffered a worse humiliation.

What happened to those responsible for the derivatives and CFD binge?

They all went back to playing the game as usual, taking the profits for themselves. And widened the gap between the richest and the poorest.

At that time, people completely lost faith in the government. After 2008, everything was different.

Today, more and more people see Bitcoin as the new gold. It is the next safe haven in a corrupt system that makes our time and energy undervalued.

secondary title

bitcoin trust

Unlike printing dollars and euros, the most critical proof of trust that Bitcoin offers people is a limited supply. Only 21 million bitcoins will be produced until 2140.

Unlike the Fed’s oligarchy, all of the 2 billion plus humans called unbanked will have the opportunity to transact in cryptocurrencies. At the same time, create value for their energy, time and work through a simple mobile phone.

Only 20% of people living in Africa have a bank account. But fortunately, two-thirds of them have access to mobile phones.

Cryptocurrencies are different from today's currencies because they are regulated by mathematics (or more commonly called - codes). The software that executes this code runs simultaneously on computers all over the world.

Even if one or more of these computers are misused in an attempt to disrupt the Bitcoin network, the collective action of other computers ensures the integrity of the entire system. -Ari Juels and Ittay Eyal, the conversation.com

The richest 1% own 82% of the world's wealth. Just last year, the collective net worth of billionaires increased by $762 billion. This is enough to end extreme poverty 7 times globally. Knowing these numbers is disturbing.

As a human being, it is ridiculous to be complicit in such a phenomenon.

I am a capitalist and a believer in the free market, but the inequality is unspeakable.

In the long run, with everyone gaining access to cryptocurrencies, capitalist elitism may be able to end.

The new fintech bankers are the ones who suffered the consequences of 2008. The new fintech bankers are the ones who have seen their parents' savings drained by oligarch arrogance. These bright young entrepreneurs are the first believers in the cryptocurrency system. They believe there is a suitable alternative to the Fed's monopoly.

Young entrepreneurs use code and math as their weapon against inequality.

Years later, after hundreds of hours of coding, thousands of dollars invested, and millions of minutes spent marketing, people start to believe.

At first those creators, then early adopters, then the mainstream, all came to believe.

Microstrategy CEO Michael Saylor understands the libertarian power inherent in Bitcoin. And put close to $1 billion in bitcoin on his company's balance sheet.

After Saylor, Elon Musk came with $1.6 billion. In addition, hedge fund managers such as Paul Tudor Jones and Stacey Druckenmiller have also allocated 1% of their portfolios to Bitcoin.

Five thousand years ago, before gold was trusted by both sides, the rest of the world trusted shells, spices or direct exchanges.

The trust issue was only resolved when too many people started trading gold.

For Bitcoin, we are also facing the same phenomenon. Of course, there will always be resistance.

In the end, haters, whether it's a viable system or not, are always on the other side of the barricade.

final thoughts

Once you understand Bitcoin, you start to understand everything else. Then you understand how ingenious the system is. Once I believed in Bitcoin, I began to believe in my own freedom. We deserve to be free because we were born with that freedom. Nobody deserves to be owned by someone else. Bitcoin sets us free. - Dan Held, Head of Growth, Kraken

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final thoughts

Definition of trust:

A firm belief in the reliability, truthfulness, or competence of someone or something.

If more and more people have a firm belief in Bitcoin, the trust problem will be solved.

Many industries are being completely disrupted by the power of technology. Bitcoin is the most reliable digital asset ever invented. And it is built on the blockchain, and every currency energy in the future will be conceived on the blockchain.

My common sense tells me this is a logical evolution.

I don't believe Bitcoin is a religion or sect. But I've been studying disruption in technology. I see companies disrupting entire industry sectors all the time. Amazon did it with its offline store. Google did it with libraries and videos. And Facebook did it on our network.

This is a reality, not a fiction.