"Bitcoin is the newest technology to serve the function of money - an invention leveraging the technological possibilities of the digital age to solve a problem that has persisted for all of humanity's existence: how to move economic value across time and space. In order to understand Bitcoin, one must first understand money..."
- The Bitcoin Standard
When people ask me about Bitcoin it becomes a bit overwhelming trying to explain it to them so I decided to put this thread together. This is just my personal understanding/opinion and NOT Financial Advice* Hope it helps even just a little bit.
There is only ONE Bitcoin. #BTC
All others are “Alt Coins” DO NOT BUY - Bitcoin Cash, Bitcoin SV, Etc. It is *NOT* Bitcoin.
When you buy Bitcoin on a public exchange (Coinbase, Cashapp, Etc.) it is being held for you same way a bank holds your cash. Holding Bitcoin on a public exchange is NOT recommended, it is vulnerable to being hacked. (Capital One was recently hacked as well as many other banks.)
Purchase a Cold Wallet. (Ex. http://ledger.com) A cold wallet comes with a private random 24 word recovery phrase that you can be used to restore your digital wallet on any new device regardless if it was lost or stolen.
Do I have to buy a whole Bitcoin ? No, each Bitcoin is broken down into smaller units called “Satoshi’s” just like the $USD is broken down into cents.
Is it a good time to buy ? *This is NOT Financial Advice* It is ALWAYS a good time to trade in your fake FIAT monopoly money for the scarcest, most revolutionary, hardest asset available in our lifetime. It is the Best Performing Asset in the past 10 years.
$ Value < Satoshi Amount.
OIL went negative, FED is going negative, Stocks are up cause the FED is continuously printing $TRILLIONS to bail out poorly managed companies and corporations while small businesses are left out in the rain & peoples savings are being devalued due to inflation.
Peacefully protesting by hedging your hard earned money in an asset that boycotts the reckless and irresponsible management of monetary policy by governments around the world time and time again sounds like the most logical investment for me personally. #BTC
Short term price doesn’t matter.
There are currently over 732,000 wallets holding at least 1 full bitcoin. There are 46.8m known millionaires in the world. There will only EVER be 21m Bitcoin. (Some are lost so even less) Owning 1 Bitcoin is a Big Deal.
Now for a little background.
Bitcoin is operated on blockchain technology. (A revolutionary technological advance)
Bitcoin was created anonymously by someone called “Satoshi Nakamoto” after the 2008 market crash. It now has an over 10 year track record. It has over $680b market cap.
Bitcoin can NOT be shut down. You would need to shut down the internet & I don’t see that happening. If the internet is shut down you can set up a home satellite kit.
Bitcoin has been actively running 99.98% since 1/3/2009. Chase/Capital One/Etc. has issues almost if not every single day. Transactions can NOT be frozen. No third party.
Bitcoin is NOT a company. Bitcoin has NO owner. Bitcoin has NO CEO. Bitcoin has NO offices. Bitcoin has NO HQ & Bitcoin has NO agenda but to hedge against Inflation. (The devaluation of your purchasing power)
Bitcoin is ran on a vast decentralized collection of public and private network of computers. “Miners” solve complicated cryptographic equations to verify transactions and add them to the blockchain. The fastest “Miner” to validate a transaction is rewarded with new Bitcoin.
Bitcoin is Hard Money. Only 21 Million Bitcoin EVER. Bitcoin is far more efficient, convenient, accessible and scarce than gold ever was or will be. If there is a higher demand for gold it will be met with higher supply.
Bitcoin Halving. Every 4 years the #BTC reward for “Mining” is cut in half. This limits the amount of new BTC introduce into circulation. Less Supply = More Demand = Higher Value.
The FED reserve just printed more than $6 TRILLION new $USD. The FIAT monetary system has NEVER worked in ALL of history. The stock market is soaring as 6.6m people file for unemployment. We are living in a historical moment.
Bitcoin is Convenient. 1.1b worth of Bitcoin was just moved almost instantly for a fee of $0.69. No bank, third party or government could’ve stopped that payment. Imagine the fees, time delays, issues with a wire transfer. Imagine 1.1b worth of Cash/Gold from LA Russia.
Bitcoin is Fair. 1/3 of the population remains unbanked. Bitcoin includes those excluded from the global economy due to failing governments, hyperinflation, corruption and classism. It allows you to send money to relatives in developing countries w/o third party interference.
Bitcoin is Unconfiscatable. (Not even a real word literally anything can be confiscated, ex. 1933 US forbid hoarding of gold. Confiscated it in exchange for FIAT $ equivalent.) Your digital wallet can not be confiscated if you have/memorize your recovery phrase.
Imagine flying to Africa with $1.1b or Gold (THAT’S A LOT) or even $20k. You will be instantly stopped, questioned, and it will almost guaranteed to be seized even with proof of legitimacy and ownership. Now imagine recovering your digital wallet on any new Ledger device.
The people decide what the future monetary system will look like, not banks or government. We learned time and time again that they do NOT have our best interest at heart. Bitcoin is the peoples money. #BTC
#Bitcoin is the future.
"Our basic thesis for Bitcoin is that it's better than Gold."
- TYLER WINKLEVOSS
Some Bitcoin videos we found beneficial.
You do NOT have to buy a FULL Bitcoin. Do NOT buy "ALT Coins".
After purchasing Bitcoin from an exchange it is strongly recommended that you move it to "cold storage".