Bitcoin News

Bitcoin Is A Perfect Form Of Money, And That Is What The Crypto Space Should Focus On

There is a fixation in the crypto space on the price of Bitcoin, with most of the crypto news sites and social media discussion centering around every little price movement. This is due to the perspective that Bitcoin is an investment, and will go up long term. That is true, but Bitcoin is not optimal as an investment. The reality is that Bitcoin is money. Satoshi Nakamoto designed Bitcoin to be decentralized money.

Bitcoin can be sent instantly to anywhere in the world, confirmations do take 10 minutes each on average, but confirmations are not really necessary if you see on the block explorer that a proper transaction fee has been included. Waiting for confirmations is a concept proposed by Satoshi to avoid payment reversals during a 51% attack, but Bitcoin’s network is so highly secured at this point that confirmations are not needed, as long as a transaction fee is included.

Bitcoin is pseudo-anonymous, and can be 100% anonymous if proper steps are taken like using Bitcoin addresses only once, using the Bitcoin Core wallet, and perhaps using a VPN for the highest degree of anonymity. This means Bitcoin can be used to buy any good or service, regardless of the law, which is actually what made Bitcoin so popular in the first place.

Bitcoin is cryptographically secure, to the point that it is impossible to break through Bitcoin’s cryptography and reverse payments or steal Bitcoins. The only time Bitcoin is stolen is due to human ignorance and error. As long as people use Bitcoin Core with strong passwords, no hacker can steal Bitcoin.

This leads to the next point, Bitcoin payments are immutable and irreversible. This is ideal for exchanging goods and services, since merchants do not have to worry about payment reversals, unlike when using fiat payment networks like banks and PayPal. The immutability of Bitcoin payments gives merchants peace of mind, allowing them to expand their offerings and capabilities, versus the limited offerings and constant stress that PayPal merchants endure.

Finally, the Bitcoin network is thoroughly decentralized, and no entity can possibly control the use of Bitcoin as money. This is unlike banks and fiat payment networks, where money flow can be controlled to a high degree.

This combination of security, anonymity, immutability, decentralization, and instantaneous transactions makes Bitcoin the perfect form of money. Adopting Bitcoin is the critical missing piece that can make any business succeed.

For some reason the crypto space mostly ignores the fact that Bitcoin is perfect decentralized money; the focus of the crypto space should be on increasing Bitcoin’s adoption as money. Instead, people are focused on Bitcoin as an investment. Yes, Bitcoin can be an investment since it will rise relative to fiats long term due to the limited supply of Bitcoin, but that is not Bitcoin’s purpose.

GenesisBlockNews believes Bitcoin as an investment is over-hyped, and ignores the real potential of Bitcoin as decentralized money. In my personal experience investing in Bitcoin can be a gamble, and does not lead to the guaranteed profits people need to live. However, using Bitcoin as money can lead to very successful businesses and constant living wages. The crypto space should work together on spreading the use of Bitcoin as money, instead of working on creating mechanisms for institutional investors to drive the price of Bitcoin up.

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