In the Bitcoin world, some attacks and criticisms come up frequently. Opponents of Bitcoin, whether political leaders, bankers, or economists, almost always use the same outdated rhetoric to denigrate Bitcoin.
When you have been in the Bitcoin world for several months, you will notice that Bitcoin is often accused of facilitating illegal activities.
This is a subject that has been addressed many times, but politicians love to resort to this totally false attack. In fact, it has been proven that using the U.S. dollar for illegal activities is much easier than using Bitcoin.
At other times, some will tell you that Bitcoin is bad for the environment. Bitcoin would consume too much power to work properly. In reality, it has also been proven by various studies that Bitcoin is even good for the environment.
Most of the energy used by the Bitcoin Blockchain to operate comes from renewable energy sources. Redirecting this energy to Bitcoin avoids wasting energy. Energy consumption is therefore not the famous Bitcoin Achilles’ heel that some people would have you believe.
Then, some will argue that Bitcoin has no intrinsic value. These people do not realize that the value of a currency or an object is totally subjective. For those people who are interested, I invite them to read this excellent Wikipedia article on the subject of the “Subjective theory of value”.
The supporters of this theory explain globally this:
“The value of a good is not determined by any inherent property of the good, nor by the amount of labor necessary to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of his desired ends.”
Thus, the U.S. dollar is only valuable because a majority of people decide it is. It is the same for gold. For Bitcoin, it is the same.
Bitcoin users are convinced by the monetary revolution that Bitcoin embodies. They want to believe in the better world that Bitcoin builds for everyone in the future.
Among the many reasons why Bitcoin is so valuable to them, there are 6 main reasons:
Bitcoin is scarce. Bitcoin is the hardest money in the world. There will never be more than 21 million BTC in circulation. Bitcoin’s programmatic monetary policy is there to abstract it from the corruption inherent in humans. It is a great advantage to finally have good money at our disposal.
Bitcoin is transparent. The transparency of the Bitcoin network is to be contrasted with the opacity of the current banking system. Nobody knows what is going on at the heart of this system. Nevertheless, the tip of the iceberg is chilling with fines for money laundering or manipulation that keep falling against the world’s major banks. The people deserve better.
Bitcoin has no leader. Bitcoin belongs to all its users. Its goal is to give power back to the people by removing the control of money from the hands of governments. This is the number one prerequisite for us to have good money available again, as Friedrich Hayek said in 1984.
Bitcoin is decentralized. Rather than a system with a single point of failure, Bitcoin relies on a decentralized system based on its users. They are the ones who ensure the operation and security of the Bitcoin network by providing their computing power. This works perfectly because Bitcoin has never been hacked in more than eleven years of existence.
Bitcoin is borderless. Bitcoin transcends national borders. It allows you to make transactions halfway around the world in a matter of minutes without the risk of censorship by a third party. Bitcoin remains the best solution to transfer money around the world safely and quickly.
Bitcoin is synonymous with freedom. Bitcoin protects 5 fundamental human rights. It gives you the freedom to live your life on your own terms. In a world where governments and web giants threaten your freedoms, Bitcoin is your best money weapon to keep control.
More than 100 million people are now in the Bitcoin world.
These people are willing to pay more than $30K to buy a whole Bitcoin. This shows how much they value what Bitcoin offers today. As the adoption of Bitcoin accelerates in the future, the price of Bitcoin will increase.
There will be nothing miraculous about this increase. It will only be proof that millions of people will have understood that what Bitcoin offers has an incredible price in the world of the future.
You will know what to say the next time someone tells you that Bitcoin has no intrinsic value.
In Bitcoin We Trust Newsletter: Everything around Bitcoin, Blockchain, and the cryptocurrency market
