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Rome wasn’t built in a day -- and neither was Bitcoin.
Here’s a quick history lesson about the king of cryptocurrency.
- - Before Bitcoin...Bitgold was proposed.
- - Bitcoin’s Whitepaper is Published
- - Bitcoin is Launched
- - 10,000 Bitcoins buy 2 Pizzas.
- - U.S. Dollar Parity
- - The First Bitcoin Bubble. Bitcoin’s price reached $1,213
- - Mt. Gox suddenly got shut down and China banned Bitcoin
- - Ethereum is created and competes with Bitcoin.
- - Bitcoin’s Biggest Bubble: Bitcoin’s price reached $19,787.
- - Bitcoin’s Low Point. Bitcoin’s price reached $3,300.
- - CoronaVirus vs. Bitcoin. Bitcoin’s price lost ~ 60% for a few hours
Concrete Benefits of Bitcoin
A) Financial Privacy (aka Private Consumption)
Remember Bitcoin’s pseudonymous properties. You can have financial privacy by using Bitcoin properly.
For example, if you’re into Bitcoin betting, you can gamble on sports without fear of your bank, spouse, or government (if gambling is illegal where you live) finding out.
Or if you simply don’t want your hard-earned money to be monitored by your bank, with your spending habits sold to advertising agencies
Or if the government is banning cash transactions (like the U.S. could ban cash over $10,000), and you want to keep your financial privacy -- then Bitcoin is your answer.
B) Faster, Cheaper Remittance (Sending Money Abroad)
If you send money to friends or family in another country, those costs can stack up very high very quickly.
Banks often charge $50 or more to send your money abroad, and it will take 2-5 days.
Bitcoin transfer fees (paid to miners) are $0.50 on average and take 10 minutes to a few hours at most.
That’s a big difference that keeps more of your hard-earned money in your own pocket, not a bank’s vault.
C) 24/7 Speculation
New York Stock Exchange is open from 9:30 am to 4 pm, Monday to Friday, Eastern Time.
Those are the only times you’re able to trade.
On the other hand, cryptocurrency exchanges (like ) allow you to trade anytime you want, 24/7.
Ideal for speculators who would rather set their own schedule, work from home when they want, or be flexible in general.
D) Non-Confiscatable
A bad lawsuit can put a lien on your house that you must repay before selling the house.
Bad credit loans can your bank account, taking money directly from you.
Even gold can be forcibly stolen or taken from you.
But if you have Bitcoin, and only you know your private key, then no one can take it away from you.
E) Bitcoin Could Make You Money
You can’t argue with facts. Since 2009, the price of Bitcoin has experienced a parabolic uptrend.
Many people who argue that it’s unstable simply haven’t zoomed out far enough.
Zooming out, we see a clear uptrend from under $0.01 to where it is today.
A $50 investment in 2009 would have netted you $100 Million at Bitcoin’s peak in 2017.
You might think the price in 2017 was Bitcoin’s final “peak,” but the majority of people thought the same thing in 2011 at the ‘peak’ of $200 and in 2013 at the ‘peak’ of $1400.
And even if you bought during those peaks and never sold... at today’s prices you’d still be in profit.
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