What Does Bitcoin Bring to the World?
Yet another reminder for Amundi CIO who just called Bitcoin a "farce".
Written by Sylvain Saurel - In Bitcoin We Trust
Bitcoin was created by Satoshi Nakamoto sometime in 2008, and perhaps even earlier. His official white paper was published on October 31, 2008, and the network was launched on January 3, 2009. Since then, the Bitcoin network has had a rather extraordinary uptime of 99.99%.
Bitcoin's uptime has nothing to envy that of web giants like Google or Amazon.
It is even more extraordinary that Bitcoin only survives because of the will of its users to build a fairer system for all in the future. Bitcoin has never been funded by a government or a large private investment bank.
The more successful Bitcoin becomes, the more its opponents attack it because they are afraid
Block after block, the Bitcoin revolution has never stopped moving forward.
In February 2021, Bitcoin reached a market cap of $1 trillion for the first time in its history. For all Bitcoiners, this was simply confirmation of everything we have been saying for years: the success of Bitcoin is inevitable.
For Bitcoin's opponents, it was a major blow. So it was time again to criticize Bitcoin via the usual angles of attack: money laundering, illegal activities, or the environmental impact. Some even go so far as to say that Bitcoin has no use except for illegal activities.
It's pretty amazing how we have to constantly dismantle the same attacks every time. Bitcoin's opponents run out of arguments, so they just keep bringing up the same arguments that have been proven wrong over and over again.
Amundi CIO calls Bitcoin a “farce”
On June 3, 2021, I saw an article on Reuters that quoted the CIO of Amundi as saying that Bitcoin is a "farce”:
I must admit that it is quite incredible that in June 2021, someone can still say that Bitcoin is just a “farce”. Bitcoin passed the 100 million user mark in September 2020. This is proof of its usefulness to millions of people.
Nevertheless, after reading this article, I feel compelled once again to provide an answer to try to help the general public understand what Bitcoin brings to the world.
I won't be exhaustive in what follows, but here is a quick overview of what Bitcoin brings to the world. Note that the points are not listed in order of importance.
Bank the Unbanked
The current monetary and financial system excludes hundreds of millions of people in a totally unfair way. I can take as an example the millions of people living in Africa who do not have access to basic banking services.
Bitcoin corrects this by bringing to anyone with an Internet connection and a smartphone the possibility to have access to banking services. In this sense, Bitcoin helps to bank the unbanked.
Rather than waste time trying to be included in the current banking system, millions of people in emerging countries have decided to seize the Bitcoin opportunity. For them, Bitcoin is already an essential Plan A.
Green Energy Incentive
The sterile debates launched by Bitcoin's opponents about its disastrous environmental impact seek to distract you from the main point. Bitcoin is here to stay. Rather than being critical, it is necessary to be constructive in seeking to improve things.
Bitcoin mining promotes the use of renewable energy, which is less expensive. The greater use of Bitcoin will encourage the development of renewable energies, which can be more easily paid for.
Best Savings Technology
Under the current system, you cannot save the fruits of your labor without seeing the value of what you own devaluate inexorably over time. The right to save is a fundamental right.
Bitcoin brings the world's best savings technology to everyone.
You put the fruits of your labor into the Bitcoin network and protect them from the ravages of currency inflation. While the U.S. dollar has been devaluing for decades, the price of Bitcoin has been rising steadily over time.
The current system suffers from seven deadly sins that will cause its downfall. At the center of these sins is the total power given to central banks to print as much fiat money as they deem necessary. The current system is inflationary and in the hands of a minority of people who are not representative of the people.
This has disastrous consequences on the inhabitants of the earth who can do nothing but suffer the situation.
Bitcoin offers them a way out with a deflationary system. The supply of Bitcoin is hard-capped at 21 million units. The issuance of new Bitcoin keeps getting smaller over time thanks to an automated event called Halving that took place every 210,000 blocks of transactions mined.
Bitcoin is P2P encrypted money. Once you have the private keys associated with your Bitcoin, no one can take it away from you, or even prevent you from making the transactions you want.
So the fruits of your labor are totally protected when they are put into the world's most secure decentralized network: Bitcoin.
Be your Own Bank
Bitcoin is a major paradigm shift. Instead of letting bankers take responsibility for what you own, you can do it yourself.
With Bitcoin, anyone can keep their money safe in the best bank in the world: yours!
All you have to do is run your own node on the Bitcoin network. Then you'll stop blindly trusting others, and you'll be able to verify at any time that the three "no's" of Bitcoin are being met.
Rules without Rulers
Bitcoin is a system of rules that are enforced by the nodes run by its users. No one is more important than another in the Bitcoin network. Each node has the same weight as the next. There is no need for leaders to make arbitrary decisions.
Consensus prevails in the Bitcoin world, which is a true democracy.
By choosing the Bitcoin system, you become sovereign. Bitcoin allows you to take control of your money. This has an incredible impact on your life, as it allows you to live your life on your own terms.
In a world like ours, this is an essential safeguard that Bitcoin offers.
If people like the Amundi CIO still pretend to not understand this, more and more people will be forced to bow down in this decade, as the success of Bitcoin is inevitable.
I have to admit that I never thought I would have to explain again in June 2021 what Bitcoin is bringing to the world. But I realize that being a Bitcoiner prevents me from seeing how far some people are from having opened their eyes to the incredible potential of Bitcoin for the world of the future.
This latest attack on bitcoin by a financial player has allowed me to make a reminder that I hope will help newcomers open their eyes to bitcoin.
In Bitcoin We Trust
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"Be your Own Bank" "Unconfiscatable Money" these two reason alone are good enough for anyone to get into Bitcoin or Crypto. The world loves printing money, inflation continues, Crypto values will continue to rise.
Thanks for the great recap... I love your final line "Consensus prevails in the Bitcoin world, which is a true democracy." To be Honest I been lost in the world of trading crypto of BTC, ETH and other alt coins... Needed your reminder to recall how great BTC is and why we still need to HODL in this inflationary world of printing money.