10 reasons why bitcoin will never drop to 0
January 25, 2019 @ 15:02 UTC
- Bitcoin is Actually Based on a Lot of Things
It is deadly clever system architecture for creating the world’s first open source, decentralized, peer-to-peer bank with no need to trust a banking institution.
- The U.S. Dollar Really isn’t Based on Anything
All these mainstream media experts claim that Bitcoin isn’t a real currency by listing off reasons that are also characteristics of the Fed.
- It’s Not the Blockchain
Wrong. The blockchain is only one part of the Bitcoin network architecture.
- It’s Which Blockchain
Corporate employees creating intra-company “blockchains” to ride the hype train aren’t making anything like Bitcoin. Those blockchains are just boring old databases.
- Not a Fad Like Beanie Babies or Tulip Mania
It’s a private currency and banking system that offers different product features than those offered by central banks, and they’re excellent features.
- The Most Battle Hardened Crypto
Bitcoin has the longest, strongest blockchain, the biggest network with the most market capitalization and the most stakeholders in it.
- Proof of Work
Critics talk about Bitcoin’s electricity usage as if this is a bug of the system, but it is actually an intentional feature. That cost of electricity usage, time, and the opportunity cost of computation are there by design to create a qualified node to participate in a network that maintains the entire record of a massive, public, digital ledger of accounts and transactions on each node.
- Something Digital That Can’t be Duplicated
You can make a copy of a digital music file, an image, a string of text, but you cannot make a copy of a bitcoin.
The fact that bitcoin can’t be duplicated means it’s something the Federal Reserve Open Market committee can’t just go and decide tomorrow to make more of. That’s why the intrinsic value of the U.S. Dollar is actually zero.
- The Government Can’t Stop it
One of the most important reasons why Bitcoin won’t go to zero, is because the government can’t stop it. A number of other attempts to create private currency in the United States have been met with serious federal muscle including raids on the companies that have tried it, seizures of their property, criminal charges for various financial crimes, and federal prosecution.
10 Reasons Bitcoin Won’t Ever ‘Go to Zero’ as Davos Bears Claim, CCN, Jan 25