BTC price has never been higher, literally. The main cryptocurrency’s last rally surpassed all previous records reaching a new all time high. But… is price all that matters when it comes to BTC? The answer is no.
Cryptocurrency’s biggest challenge
Have you ever wondered why most no-coiners are so critical of crypto without even trying it or learning about it in the first place? You don’t see people hating on an ice cream flavour before tasting it first, nor on a movie without seeing it beforehand. That doesn’t apply to bitcoin
Why is that? In the first place, because it scares them. BTC and cryptocurrency in general has arrived to undermine the status quo of finance and economy on a global scale and that makes people who are reluctant to change uncomfortable. All they hear about bitcoin comes from mainstream media outlets, which often focus on just a couple of aspects: high volatility, “expert’s” opinions and price predictions and either great profit or great loss stories.
Which leads to the second reason people mistrust cryptocurrency, which is misinformation. Not ignorance, which is a whole different thing. It’s not only that people don’t know what bitcoin is. It’s that they think it’s something else. Most no-coiners see crypto as a “get rich overnight” scheme, a bubble market of inflated assets. That is the reason why education is the biggest challenge cryptocurrency has to face, and also why you should look beyond the price.
Disproving the myth
As said before, bitcoin is not an investing instrument. It’s not a bond nor a stock. Believing it is is what often leads to misinformed users’ disappointment.
So what actually is bitcoin? That’s actually easier to answer than what you may believe: bitcoin (and other cryptocurrency) is digital, internet money. Just like the dollars in your bank account, you can store, transfer, invest or pay with them. The fact that it provides options for much higher passive income and yield than fiat currency doesn’t change that. Buying bitcoin with your dollars would be just like buying euros.
Why price isn't as important as other features
Despite earnings being a great advantage, it’s not bitcoin's main feature. That would be its decentralization, which means it is not regulated nor dependent on any government, institution or third party whatsoever. BTC is run on the blockchain, which means every single piece of information is stored in the users’ computer. Everyone can access the information and nobody, ever, at any time, can delete or modify the records.
That means that every single user controls it’s own money, no banks involved. You are responsible for your bitcoin, which gives you unlimited possibilities to do with your money as you please. However, that means that it is also you who must ensure the safety of your value, as no one else will.
Bitcoin was originally thought as a more secure, open, accessible and decentralized alternative to traditional money free from governments ridiculous regulations and monetary policies, and that’s what matters. That’s what the media should talk about and not price, and that’s what everyone that gets into bitcoin should look for. Not high APY, not ROI.
Price is merely a sign of interest from the market because of these features and benefits, enhanced by institutional attentiveness like PayPal’s or MicroStrategy’s. We should look beyond numbers and volatility to focus on a future where transparency and access to information is the norm and, right now, bitcoin is the closest we can get.
Next steps
We are already on the move, and it seems this crazy year has done nothing but accelerate the process. There is still a long way to go until we reach mass adoption, but growth in the last years and particularly in 2020 has been exponential and record breaking.
We can’t stop now. As bitcoiners, we’re shaping the future. A much fairer, freeer, better future. Our mission, then, is the same mentioned before: we must educate. We must help our family, friends and colleagues understand what bitcoin truly is, regardless of its fluctuating price. We must teach them to look beyond biased media headlines and to protect their own assets. The more people we bring on board, the more closer we will be to the future we’re building. If we do, rest assured, price will come along.
