Part of my job is to keep up with what the experts are saying. When I started my journey to becoming financially literate, and eventually crypto literate, I found Robert Kiyosaki extremely helpful as a resource. He is the goofy rich grandfather you never had. He now hosts a radio show, which in turn, is a popular YouTube channel covering all things money. He recently had Robert Breedlove on his show talking about Bitcoin and the many interesting aspects of its existence. The ultimate tagline from the show is the title of this blog.
Three things are Certain; Death, Taxes, and 21 Million Bitcoin
This is the perfect summation of what was discussed in the show. Robert has an incredible ability to articulate what makes bitcoin the superior money, and superior gold. As he puts it, there are five properties of money that we should be paying attention to when selecting a money of the future.
The Five Critical Properties of Money
The five properties are as follows. Divisibility, Durability, Portability, Recognizability, and Scarcity.
Divisibility
This property ultimately comes down money being useful. Divisibility enhances the utility of money, by being able to separate the units, into smaller parts. We are already familiar with this, as the dollar can be divided into 100 cents. Although, due to inflation, one penny has become meaningless, as most goods have risen in value to the point where nothing can be bought with pennies.
Durability
The money you have now, should persist long into the future. A money is not very good if it degrades over time simply by sitting in a vault. This may be one reason livestock has never become money. While livestock may be valuable, it's not very durable. If my cow suddenly gets a disease, not only can it die, it can also infect my other cows and deplete my life savings.
Portability
Being able to move my money around is very important. In fact, this was one of the reasons why paper money was invented in the first place. Back when we were using gold and precious metals as money, we used to store them in vaults. In order to keep track of where all the gold was, the storage facilities would give receipts to people. These receipts eventually became tradeable, and thus paper money, as well as banks are born. Now we have bitcoin, which is portable across borders, at lightspeed. Ultimate portability.
Recognizability
This aspect is sometimes termed as acceptability, referring to how widespread the currency has become. It should be easy to verify that the asset being dealt with, is really what the person trading you says it is. One of the best examples of this is fools gold. When we were using gold as a medium of exchange, and a unit of account in the past, fools gold may have been used to trick people into prematurely parting with their goods or services. With bitcoin, it is very easy to tell whether or not you are actually receiving bitcoin. Don't trust, verify.
Scarcity
Scarcity is in some ways the ultimate critical property of money. If this property of money breaks down, and is violated, then the money itself becomes worthless. It doesn't matter how portable, or divisible the money is, if there is an infinite number of them, they are worthless. This is exactly what we see playing out on the world stage in the form of the devaluation of the USD and other world currencies.
The Go Full Crypto Vision
We want to help people opt-into the world of cryptocurrency, one dollar at a time. In order to do this, people must need a reason. They need their own "why" behind discarding their government currency for the world currency of the future. Go Full Crypto is putting out content to help people discover the reason why they want to get involved in cryptocurrency.
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BTC - 1H3mLLktD8hhaZCKfVKrgF2fRSYYbnsptC
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