I know literally every single video you probably see talking about investing in cryptocurrencies is someone who seems completely crazy. For some reason there is a strong correlation between Bitcoin investing and believing the earth is flat. But what is the deal with Bitcoin and cryptocurrencies anyways. Just recently Russian President Vladimir Putin just endorsed a crazy thing called aetherium.
You see these weird internet coins making people millionaires. What is so great about this currency, beyond lizard people hating it. Well before I jump into that, let’s quickly go over just what the heck a Bitcoin is. Bitcoin is an alternative currency on the internet. Each bitcoin has its own unique code that can’t be replicated. It’s not a code that you can just copy and paste.
Everyone who uses Bitcoins has a ledger on their computer that records every single transaction that has ever happened, to ensure no two people have the same Bitcoin. Bitcoin is given value like anything by people who want to buy it. It started out as only being worth a few cents, but as more and more people started to realize how valuable a separate online currency could be, demand for Bitcoin skyrocketed.
Bitcoin is now worth over $8,000 for a single Bitcoin. There are people who bought Bitcoin when it was only worth a few cents, and are now millionaires. It’s absolutely insane there are even stories about guys who’ve bought tons of Bitcoin ages ago lost their codes and are just left with nothing. One man spent years searching through landfills for a hard drive that had millions of dollars worth of bitcoin stored on. Luckily, storing Bitcoin has become a lot easier and safer. Options for storing your virtual currency has widened. Question now is, why did it get to the point where Bitcoin is so freakin valuable and valuable why do so many people want this thing?
Well there are about a million reasons why. Most importantly though Bitcoin is not controlled by the Federal Reserve. There is no central control of Bitcoin. You the people are in control of it. You are the greedy ass bankers that everyone protests on Wall Street you are the ones that benefit from this currency.
There is an unchangeable limit to Bitcoin no more than 21 million can be printed basically it can’t be messed with by anyone but the people. This is why it’s called a cryptocurrency. It’s secured using some kind of mathematical crypto magic instead of dubious trust based systems like government banks or paper money. that does not mean it is not volatile like normal currencies, it definitely is. Bitcoin could go up to a million dollars a Bitcoin, or it could go to zero at any point. it’s even susceptible to a 51% attack. In fact I’ve heard people predicting that it may crash soon.
But the idea is that the people give this currency value, not the government. Another big reason people like it is because you can avoid taxes and capital controls with it. I completely understand people who want to avoid taxes. we get taxed on literally everything, when people buy something they’re taxed, when people get paid they’re taxed. hell you can’t accept 10 cents on paypal without being taxed and a large chunk of that money is not going to particularly useful things it’s going to importing migrants and people, who are being forced to pay for their stay. It’s also going to government funded pride parades. It’s going to snapchat filters it’s going to research studies on why lesbians are fat. so with governments being so incapable of spending money responsibly I can understand why people try to preserve their hard-earned wealth and achieve economic security.
One of the huge advantages to Bitcoin is the government can’t control it. Governments do try, but you can literally walk across any international border with millions of dollars just in you head from memorizing a Bitcoin code. It is insane if the economy if the economy crashes or is messed up by central banking like in 2008. Cryptocurrencies are a great thing to have on hand. I say currencies, which probably leaves you wondering ok we’ve covered Bitcoin but what are these other cryptocurrency things,
What is etherium that Putin just endorsed? Well since the rise of Bitcoin to its current extremely high price, more people have started designing online currencies, which again derived value from the people wanting them. so you’ve probably seen ridiculous things like dogecoin. and yes you can buy things with it and yes it is a real currency but more serious ones like Manero and aetherium have come about with different traits than Bitcoin. They’re worth less right now but are slowly going up as cryptocurrency trades go up.
It’s a bit like a casino which is why some people are probably turned off by the idea of it all. Also people are worried by the fact that the creator of Bitcoin is totally anonymous. We have no idea who created it, which leaves a lot of questions to be answered. I totally understand the skepticism I’m not interested in Bitcoin to gamble and make money off of myself. I think that the concept is an important thing for everyone to kind of understand because the idea of having a currency controlled by the people and not the government is a fascinating experiment. whether you’re a revolutionary a computer scientist or a math wizard especially in a world with so much debt and irresponsible governments.
I mean we have more student debt in North America than credit card debt right now who knows what black Swan is going to happen to the economy when this stuff catches up to us, probably another Lehman Brothers times a million. I also truly believe that the more corrupt our governments get and the less they represent to people the more we have to represent ourselves and try to empower ourselves. In the UK the people desperately tried to vote their way out of the EU and out of crazy liberal governments but instead what they’re getting is Teresa May, who is cracking down on internet free speech.
If we can’t vote our way out of chaos, what we can do is take control of our own lives by being our own bankers and I’m not saying I’m sure that bitcoin is the way to do that or it’s spectacularly volatile, but simply the idea that we can control our own monetary system totally outside of the state controls is something that I think any political junkie should be fascinated. This is part of a bigger picture of ensuring our sovereignty, whether it’s going to succeed or not.
It’s a reaction to the banksters destroying our savings by confiscating redistributing and printing money. People wanted to make sure they could save money for their future without it getting destroyed like what’s happening in Japan and Venezuela or what happened in Weimar Germany. In Weimar Germany mothers and fathers who did not own gold or silver could not adequately provide for their children or escape to the West.
I expect the same thing to happen except with Bitcoin potentially assisting precious metals and the roles of economic insurance and life preservation. I’m compelled because Bitcoin might provide a nest egg which could assist my future family if all other assets become worthless. Being your own bank is the best protection against the bank’s screwing you it’s how we ensure our security instead of relying on others to do it for us.
People are doing this with their privacy too if you don’t trust the government to not surveil you then there are secondary layers of security you can put up like encrypted texting and phone calls protonmail for email and key based IO for chat and file-sharing these all use some form of the same moon map that makes Bitcoin possible. I think it’s worth looking into and learning more about crypto currencies and how they work just to understand the possibilities out there. I still barely understand it myself yeah I’m enjoying the roller coaster of learning tremendously.
I am not telling you to go gamble all your life savings on internet nerd money but definitely check it out and read into this stuff yourself, because these are fascinating concepts that may shape our futures by providing a new design for the machinery of freedom.