Bitcoin: Why it is likely to become the most valuable thing in the world…
“Trade is the most valuable thing in the world, which means Bitcoin is likely to become the most valuable thing in the world” — SirToshi
The Inca empire appreciated the aesthetics of metal. Gold was considered to be ‘Sweat from the Sun’, and Silver ‘Tears of the Moon’. They used labour as their unit of value just like the ideology of a communist society.
However, in 1532 inspired by the legend of El Dorado (the realm of the Gold covered King), Francisco Pizarro travelled across the Atlantic ocean from Spain with his fellow conquistadores to defeat the Inca army at The Battle of Cajamarca & found the Cerro Rico, which translates from Spanish as “rich mountain”.
Over a period of Spanish rule lasting 250yrs, more than 2 billion ounces of silver were extracted. The Incas couldn’t understand why the Europeans appeared to have such a lust for gold & silver. What the Incas failed to realise was that this metal could be made into money: a store of value, a unit of account & meant portable power.
This story is a metaphorical example of those who don’t understand what Bitcoin is today. Those who say that Bitcoin has no intrinsic or fundamental value don’t understand that its starting point was ‘decentralised’, which meant its network has grown over a period of 10yrs without any central point of authority or control, which is key to its fundamental value.
They also fail to understand that the entire world of global commerce runs on digital networks, which makes digital data extremely valuable & too precious to lose. The Bitcoin Blockchain is the worlds first and only way of storing data immutably due to the decentralised nature of its starting point & the growth of its distributed ledger secured through Proof of Work.
Put simply Blockchain is an infinite mathematical sum, which means the data storage capacity is also infinite. Therefore what’s fundamental to its utility is the speed and the cost at which data can be uploaded to it. This is called “scaling”. It is Bitcoin that is used to upload this data & make it immutable. Once uploaded to its blockchain network, known as “Metanet”, the data can be accessed in the same way that data can be accessed on the internet. The only difference being that the data has been uploaded to a decentralised, distributed network rather than a corporate server. The Metanet has no central point of authority or control, which means all data uploaded to it, paid for via Bitcoin now legally belonging to the person or company that paid for it.
A digital data revolution is underway because data is no longer recorded & kept on paper & stored in filing cabinets. Everything is stored digitally. Security of this digital data is therefore paramount, which is why corporations spend so much money on virus software, cybersecurity, maintenance, servers, upkeep, upgrades, storage facilities, staff costs etc. This is all due to the fact that if customer records are lost corporations can be fined, sued & publicly humiliated which leads to loss of customer confidence, a crash in the share price & ultimately heads being rolled.
Bitcoin and the Metanet solve the problem of insecure digital data & the legal issues relating to its ownership. In the future, the idea of uploading personal digital data such as precious family photo’s & video’s to a corporations server that could simply delete them on a whim will seem preposterous. Indeed the only reason we do it now is because we don’t have a choice.
The Metanet is the worlds first store & source of immutable data, serviced by the worlds only credible digital currency, which is Bitcoin (BSV). To understand the power of the Metanet you can read my Medium article title “Bitcoin: The Power of it’s Decentralised, Distributed Single Ledger” linked here — https://medium.com/@sirtoshitv/bitcoin-the-power-of-its-decentralised-distributed-single-ledger-6777641fc1c5
Very soon, absolutely everything that relies on digital data will run on Bitcoin because the cost and the security of the data will far outweigh the cost efficiencies and risks involved in comparison to using current methods. Since Bitcoin is fixed in its supply and is an immutable digital currency, it is deflationary against the cost of goods and services. This means that it increases in value as more people & businesses start to use it for trade. Those who dismiss Bitcoin as having no fundamental value do not understand the value proposition that it offers in terms of it being the worlds first fully distributed, decentralised, single ledger sustained by the worlds first & only credible digital currency. To understand more about this you can read my Medium article titled “Bitcoin: The Paradox of the Centralised Starting Point” linked here — https://medium.com/@sirtoshitv/bitcoin-the-paradox-of-the-centralised-starting-point-c359d164cbdb
Despite Francisco Pizarro’s successful conquest of South America, which made Spain & its empire exceptionally rich, it couldn’t prevent Spain’s economic & political decline. The Spanish had dug up so much silver to finance their wars of conquest that the metal itself suffered an extraordinary decline in its value. The increase in the supply of silver didn’t make Spain richer, it simply made prices higher as an increased quantity of money chased the same amount of goods. The lessons the Spanish & the rest of the world soon learnt from this was that money is only worth what other’s are willing to give in exchange for it.
Therefore, it is not the amount of money that generates economic prosperity & wealth, it is the ability to trade. This is why despite striking it rich, Spain and its empire collapsed, whereas London, England became “a nation of shopkeepers” and ended up as a centre for global trade & along with New York, U.S.A became a financial powerhouse of the world.
Bitcoin is a Medium of Exchange (MoE). It is a tool that enables, encourages & accelerates the facilitation of trade. Trade is the most valuable thing in the world which means Bitcoin is likely to become the most valuable thing in the world.
“Bitcoin: A Peer-to-Peer Electronic Cash System” created by Satoshi Nakamoto has a protocol named Bitcoin Satoshi Vision, known as Bitcoinˢᵛ with a ticker symbol (BSV).
To understand why the Satoshi Nakamoto’s Bitcoin protocol is now known as Bitcoinˢᵛ & has the ticker symbol BSV read my Medium article titled: “Bitcoin: A Tail of Blockchain BTC/BCH/BSV” linked here — https://medium.com/@sirtoshitv/bitcoin-a-tail-of-blockchains-x3-eebb136457c7
Satoshi Nakamoto had a vision. That vision was Bitcoin. Bitcoin is Satoshi’s Vision. Bitcoin is BSV.
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