If you’d like to learn more about bitcoin, read the white paper or look on Amazon for a book. Here are some reasons why Bitcoin is better money.
The bitcoin network is defended by thousands of powerful computers all around the world running 24 hours a day, 365 days a year.
These computers try to guess a very large random number (SHA-256) and the difficulty auto-adjusts so that the correct answer is guessed on average every 10 minutes.
Network strength is measured by number of terahashes per second (TH/s) - 1 trillion hashes (or guesses) per second.
The bitcoin network currently completes about 300 million terahashes per second (TH/s). That's 300 quadrillion, or a 3 followed by 15 zeroes (3,000,000,000,000,000) hashes (or guesses) every second of every day.
As the hash rate increases, network security increases because more computers are securing the network. Hash rate is trending up and to the right.
There are no central computers for the bitcoin network, instead it’s a collection of individually operated nodes and miners. Nobody has any ownership of the network or any ability to influence the network.
Michael Saylor owns 140,000 bitcoins, but he has no more control than the guy who owns .001 bitcoin.
The only way the bitcoin network rules can change is if the individual computers maintaining the network agree to make changes to their software.
If people disagree over what the rules should be, then the network splits in two and each individual can choose which to follow.
This happened before, Google “Bitcoin block wars,” to learn about how an attack on the bitcoin code created a new coin called Bitcoin Cash, which has trended to zero against Bitcoin.
Separation of Money & State
Several governments have taken harsh measures against bitcoin, and China has even banned it completely.
Since then China has unbanned it, and we've learned that the bitcoin network is resilient and will continue to run regardless of individual country laws.
In Canada when protests were happening over the extremist COVID policies, President Trudeau froze the bank accounts of Canadian citizens to stop the peaceful protests.
The government can steal your money in your bank, your real estate, and your car, but the government can’t take your bitcoin.
The Federal Reserve Bank of the United States is actively debasing the US Dollar and the entire currency is subject to the powers of a cabal of bankers and politicians. The USD is currently losing 5% with inflation, and people are happy.
Bitcoin's inflation is coded into a computer network and it's trending to zero. We don't have to wait for a FED meeting to decide what to do with our money. Bitcoin is separation of money and state.
Bitcoin is a perfectly inelastic good.
If the price of bitcoin goes up 1000x there is no way to create more bitcoin.
If the price of gold doubled tomorrow, we would mine more gold or sell more jewelry and the supply of gold would increase.
The code of bitcoin states there will only be 21 million available, and 19 million have already been mined. There are only 2 million bitcoin left to mine for the next 120 years, so this asset is scarce and getting scarcer.
Bitcoin allows for faster and cheaper payments.
If you want to send $20,000 to a friend through a bank, you might have to wait a week and pay $30.
With Bitcoin, your payment is instant and costs a few cents.
There are billions of people without access to Venmo who need a solution. Bitcoin is the global solution for sending money.
Do you know why you type "www." each time you use the internet? It's an internet protocol we all use on the internet network.
Bitcoin is the money protocol of the internet, and within a few short years everyone will be using the bitcoin money protocol without knowing it.
Why bitcoin and not some other coin?
Bitcoin was the first cryptocurrency and it is the greatest technological advancement in money since the invention of gold.
Bitcoin is the only proof of work token in the world. It's the first, the biggest, the strongest, the most valuable, and the most ethical coin we have.
All other shitcoins such as Ethereum/Doge/Cardano/XRP are not secure or decentralized and use "Proof of stake" so that the founders and insiders have overwhelming control. There are also an unlimited supply of these shit coins and their code and rules are constantly changing based on the desires of each coin's CEO.
The government can control these alternative coins because these other coins have CEOs responsible for them. These coins are more like digital securities for companies, while bitcoin is more like a commodity.
Anything other than bitcoin is a copy of bitcoin without any of the benefits. They are scams to get rich quick. Stay away.
With Bitcoin, you have the power and you make the choices. When we use the fiat dollar or keep our money in the bank, we are at the mercy of the government.
Bitcoin allows you to be your own bank anywhere in the world. You can read the code, you can audit the network, and everything is open-source.
This list is not comprehensive, but those are a few reasons why bitcoin is superior money. The next few years will show us the truth.
What do you think? Comment below and let me know! - Tom