The world events, that are crisis creating for individuals, are waking many people up to what the value of bitcoin is and why they should care. This article reviews what those who have been in the crypto space for years have known all along and why it is now becoming a hard reality.
Throughout the years, there have been many divisive opinions when it comes to bitcoin. Both good and bad. You have most likely already heard many of them. Fans of bitcoin will say that bitcoin is the greatest store of value, and most decentralized crypto to date. Bitcoin is attempting to take on an enemy that is far greater in importance than what other coins in crypto are trying to counter. Those other coins are wasting their time, energy and money. On the other side, you will hear detractors of bitcoin say that it is too slow, updates too infrequently, isn’t able to perform smart contract functions and is just a buy and hold asset. Also, you can get better gains by investing into altcoins and that bitcoin is boring.
Oddly enough, it is possible that both sides in this argument are correct. I think many of us would agree that you can find larger percentage gains by investing into altcoins, and we can all agree that blockchains like Ethereum, Solana, Luna and more are all much more capable when it comes to smart contracts. I think, however, that we could also agree that bitcoin is playing a different game than many of the coins in the space. There is a reason why it updates at a slow pace, and there are reasons why it has the tradeoffs that it does, which makes it stronger in other categories.
It seems that the longer that you have been in the cryptocurrency space, and by longer I mean having experienced at least more than one full bull and bear cycle. The longer that you have been in the space, the more that you come to understand what bitcoin exactly is, and why it is so important.
With everything that has been happening in the world the last year and, especially the last few weeks, and you have not yet come to understand why bitcoin is so important, and its real value, then you may never truly understand.
We all know what bitcoin’s capabilities are, and why it was made. For people in the western world, though, those were things that we didn’t need to worry about. Our countries finances were fine, inflation was something not to be concerned about, the governments weren’t corrupt, and the banks definitely didn’t freeze or seize your money. Well, with what happened in Canada, the western world realized that all of those problems can actually hit home. What good is having money in the bank, or a credit card, when none of it is able to be accessed? It becomes worthless.
Now we have the whole Russia/Ukraine situation. The whole world is watching this situation with intense interest, and the whole world is seeing the sanctions levied against Russia as a whole. Sanctions that most likely will cripple their economy and send them straight into hyper-inflation. People in the Ukraine have been evacuating and wanting to escape with as much of their assets/wealth as possible. There are bank withdrawal limits in both Ukraine and Russia, though. It is a scary time for people in the region, for those who didn’t want this war and their lives changed forever because of it. Most likely, there will be financial hardships that will go on for years.
So back to the point of this article and finally coming round to the true value of bitcoin. Just this year, the smart contract blockchain Solana took off in popularity. Many knew it is a bit too centralized at the moment, but the price went up, and that led people to not care. We are living through the consequences of the problems that centralized entities bring. Your assets can be frozen, seized, locked up – the list goes on. The true value of being decentralized, and bitcoin being the most decentralized chain by far, is beginning to be noticed. People in Ukraine and Russia were buying as much bitcoin as possible, and that is evident with the recent price increase.
A few weeks ago, the Canadian government asked a bitcoin wallet company to freeze assets on their service. They were denied as with bitcoin being open source and decentralized, it is an impossible task. Yes, bitcoin remains as volatile as ever. It will have days where it goes up greatly, and also days were it drops by just as much, if not more. The important thing is that you still control it. It cannot be taken from you, and you don’t need to rely on a 3rd party service to use the network or transact. Also, the lightning network is taking off making everyday purchases with bitcoin much more viable. To date, bitcoin’s greatest attribute is being a buy and hold asset and, as such, it is doing amazingly well. With everything that has happened in the world, people have been watching and taking note of bitcoin and how it works. They’re finally seeing the truth. The toothpaste is out of the tube, and cannot be put back in. Bitcoin might just be about to go parabolic.
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