Bitcoin cryptocurrency News

Even If Bitcoin Was Just $1 It Would Still Function Perfectly As A Currency, Stop Worrying About The Price

Most people in the crypto space are fascinated at the price of Bitcoin and stare at the charts all day, in the same way deer are fascinated by headlights. Crypto users, and even the mainstream media, thinks that when the price of Bitcoin goes up that somehow means Bitcoin gets better/healthier, and when the price goes down that means Bitcoin is getting weaker or about to die. Such people do not understand the point or purpose of Bitcoin, which is to be decentralized peer to peer money. People that watch the price of Bitcoin think the purpose of Bitcoin is to be an investment, and while it is true that Bitcoin can be an investment, that is not the purpose of Bitcoin. The idea that Bitcoin’s sole purpose is to be an investment is a contagion in the crypto space that must be eradicated.

The truth is, Bitcoin works perfectly as a decentralized form of money no matter what the price is. Bitcoin could even be $1 and the network would function perfectly fine, and people would still be able to buy goods and services instantly and securely with Bitcoin. Indeed, Bitcoin went as low as 1 cent on Mt. Gox in late 2010, and it is not like Bitcoin died; Bitcoin flourished after that point.

Even if Bitcoin was worth $1 each, it would still be better than fiat currency like the USD, since Bitcoin’s price has no relevance to its true value. The value of Bitcoin stems from its decentralization, and Bitcoin’s impregnable cryptographic security ensures that decentralization will not be infringed upon. No government or entity can control or print Bitcoin, no matter how much they want to. Bitcoin exists on every computer that runs a Bitcoin node, and cannot be destroyed unless every node is destroyed at once, an impossible task. Bitcoin can only be generated via mining, and the maximum supply of Bitcoins will never exceed 21 million. This is unlike fiat currencies which can be printed at will, and printing fiat effectively steals money from everyone else in the world that holds that fiat. Money printing and the resulting fiat devaluation is a primary reason as to why most of the people in the world cannot accumulate wealth. If Bitcoin was adopted as the primary global currency, people would be able to save money without getting robbed every day by the government printing press.

Ultimately, Bitcoin is a superior form of money, and will inevitably become the primary global currency. This is because the USD, the fiat currency which is the cornerstone of the entire global fiat system, will inevitably reach a state of critical hyperinflation due to the out of control United States debt which now exceeds USD 21 trillion. The government is stuck between a rock and a hard place. If they decrease the debt by slashing the budget, the economy will collapse. If they keep the budget the same, the debt issuance and money printing needed to sustain that will definitely cause the USD to exponentially devalue at some point in the not so distant future, which would collapse the economy.

If Bitcoin somehow crashes to unimaginable numbers, like $100 or $1, it would still be the currency everyone flocks to when the USD and all other fiat currencies totally become worthless. Therefore, true Bitcoiners need not worry, Bitcoin’s day will come no matter what its price is in the near future. You can stop staring at the charts now.



Your email address will not be published. Required fields are marked *