Twitter’s new Bitcoin Feature Changes Everything
Bitcoin isn’t here to take part — it’s here to take over.
Caveat: “What you love will often appear to be the solution.”
Twitter now allows you to send money to anyone anywhere at any time for almost no cost using the Bitcoin network.
El Salvador has already deemed Bitcoin as legal tender.
“But Bitcoin has no use! What does it really do?How can it be worth anything if its backed by nothing? This is a Ponzi/bubble/tulip-mania scam. It has no intrinsic value. It causes oceans to boil. It’s toxic!”
Like a decadent choclate cake, Bitcoin is multilayered.
This is a guide for those persistent fiat-based noobs on why Bitcoin isn’t here just to take part — it’s here to take over.
Bitcoin As Digital Gold
Gold is 5000 year old technology.
A dumb, shiny metal that just sits there encouraging war. It’s scarce, has some utility outside of it’s desirability, is almost immobile, non-programmable and takes enormous energy to mine. It’s stored in unbreakable vaults and transported by blokes packing heat.
Bitcoin is 12 year old technology that exists in cyberspace.There has never been a more secure, scarce, valuable, transportable, decentralized and networked asset in all of humanity’s history.
Gold is mined from the earth. Bitcoin is mined by solving complex mathematical equations. We’ve no idea how much gold there is yet to be mined. There are only 21 million Bitcoin — ever. Gold miners and gold merchants are in a constant tug-of-war between supply and demand; bitcoin miners help secure and decentralize the network. More gold mining leads to a higher gold supply, more Bitcoin mining doesn’t mean more Bitcoins are generated — rather that it’s now harder for the same Bitcoins to be mined.
Do you think Twitter will be enabling a feature to send gold to anyone anywhere at any time soon? Me neither.
Bitcoin As A Store Of Value
Why would you save something that can be printed out of nothing?