Bitcoin is different things to different people. For me it is hope.
We live in societies that have changed dramatically through technological advances. Not so long ago, I remember explaining to people how these new mobile phones we had, would one day actually be used to buy things. We were standing at a soft drink vending machine and I gave the example that you would be able to buy a coke from the machine with your phone. This was the late 90’s and look at us now! You still can’t buy a coke from the vending machine with your phone. At least I haven’t seen that. You can however do everything else with your phone so I wasn’t far off with my prediction, and there is still hope!
Hope is important. I hope that Bitcoin is adopted on a large scale and we build things on top of the protocol that will help many millions of people. I hope it will help us retain human dignity in societies where we are loosing personal freedoms and privacy at an alarming rate. CNN reports today that China legalizes ‘re-education camps’ after denying they exist!
What does China think of Bitcoin? Well, lots of its citizens love Bitcoin but the leadership has tried to ban it. Coming soon to a country near you, re-education camps!
What does Bitcoin do for us right now?
It starts a conversation! Actually, many conversations. Is the blockchain technology something that could transform the way we transact value? What does that mean and where are we at? Is this technology actually decentralised and what does decentralised really mean and do we need that?
Bitcoin has also introduced us to Blockchain. So what is Blockchain and what is that doing for us right now?
These are all huge conversations. Right now we know the following:
- Bitcoin has been with us for ten years now. during this time, the Bitcoin blockchain has had near 100% up time, it has not failed. That is huge people, really huge!
- Bitcoin is in real world use. I have paid for many things with it. It has solved the real world problem of needing to pay for something fast. I’m not talking nano seconds, that will come but for now I am happy with 15 minutes. If I had to use my bank account to send money internationally it would have taken 2-5 days, longer in some cases if we hit a weekend and banks were closed.
- It is censorship resistant, it cant be taken off you. Well it could, but you would have to give someone your private key. It is your asset and you alone can control it. Well, I don’t need that, I hear you say. You might want to have a rethink on that a bit. There are many reasons why actually owning something is pretty appealing. I hope our next economic collapse is not a total disaster. It is fact that during and after the last one people had their money taken off them by their governments. Greece, Cyprus anyone?
- Bitcoin can be used anywhere in the world. We look headed for a prearranged financial crash, we know these happen, it is just how our current system works. I think owning an asset that can’t be taken off you, is globally recognised, is inflation proof and it is just the forking future people, sounds like a good idea to me!
- Bitcoin and its blockchain also give us an immutable record of transactions. Yes, that is correct, we can see all the transactions. The whole “Bitcoin is for criminals” argument, has been put it back in it’s box this year.
So there we have it a few things that Bitcoin currently is. What it can be in the future is in the hands of some of the best brains in the world. They are doing a great job so far so I hope and more importantly trust the future is bright.
In conclusion here are some headlines from news outlets today. We need HOPE.
China legalizes Xinjiang ‘re-education camps’ after denying they exist
Authorities in China’s far-western Xinjiang region appear to have officially legalized so-called re-education camps for people accused of religious extremism, a little more than a month after denying such centers exist.
A War-Torn Country in Syria Will Use Crypto to Power an Anarchist State
A region home to 4 million people in Northern Syria is looking to cryptocurrency as a way to overcome economic sanctions. Rojava, also known as the Democratic Federation of Northern Syria, has spent the last six years at war for its territory, and now in fragile peacetime, the country is under economic sanctions from all sides – Turkey, Iran, Syria, Iraq. In the midst of this uncertainty, however, those backing the state are putting a new emphasis on monetary independence.
World Bank president warns: Debt and trade problems are painting ‘a troubling picture’
World Bank Group President Jim Yong Kim, speaking with CNBC on Thursday, discussed the risks from trade growth going down and many low income countries becoming more indebted.
“We’re worried about trade tensions, we’re worried about the fact that many many lower income countries have now gone into a level of indebtedness … it’s a troubling picture.”