Back to the Bitcoin Standard, today we’ll explain this sentence: “Bitcoin is the cheapest way to buy the future, because bitcoin is the only medium that is guaranteed not to be debated, no matter how much its value rises.” This is no trivial matter, in fact, it is one of the defining characteristics of the network. The world leans towards a bitcoin standard because bitcoin is true money. It is the answer to a problem that humanity has been grappling with for centuries. And the fact that this cannot and will not be debated is a big part of the winning equation.
Let’s dive into Bitcoin Standard, but first…
About the best book club on earth
The Bitcoinist Book Club has two distinct use cases:
1.- For the superstar-executive-investor in the race, we’ll summarize the must-read books for the cryptocurrency enthusiast. One by one. Chapter by Chapter. We read them so you don’t have to, and just give you the meaty bits.
2.- For the attentive bookworm who is here to research, we will provide liner notes to accompany your reading. After our book club is finished with the book, you can always come back to refresh the concepts and find important quotes.
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So far, we’ve covered:
- offer And Chapter 1
- primitive money (Chapter 2,
- Why gold? ,Chapter 3Part – 1)
- history (Chapter 3part 2)
- gold standard (Chapter 4Part – 1)
- government money (Chapter 4part 2)
- Money and hyperinflation (Chapter 4Part 3)
- time preference (Chapter 5Part – 1)
- capital accumulation (Chapter 5part 2)
- worth (Chapter 6Part – 1)
- unsound money (Chapter 6part 2)
- economic considerations (Chapter 7, part 1)
- inflation (Chapter 7, part 2)
- digital money (Chapter 8, part 1)
- proof of work (Chapter 8, part 2)
And now, back to the bitcoin standard: “Chapter 9, Part 1: Buy the Future”
Some people say, “Time is money,” but the truth of the matter is, you can recover money, but never time. And all governments print money non-stop. The arrow of time, however, moves forward and only moves forward.
“The practical and realistic limit to the amount of any resource is always the amount of human time directed to produce it, as it is the only real scarce resource (until the creation of bitcoin).”
As we told you, this is no trivial matter. The bitcoin standard is indispensable because:
“In all of human history, we have never had a single raw material or resource, and almost all resources today cost less than at previous points in history, because our technological advances allow us to produce them for less. The cost in terms of our time.”
Therefore, “human time is finite, everything else is practically infinite, and more can be produced if more human time is directed at it.” Every unit of something automatically reduces all others into existence. If this is a fact, and it was until recently, how can humans store the value they produce?
Until bitcoin, gold was the most satisfactory answer to that question. However, “gold, the rarest metal in the Earth’s crust, has been mined for thousands of years and is being mined in increasing quantities with the development of technology over time.” And remember, since gold is practically indestructible, newly minted gold has to compete with all the gold that is already there and vice versa.
This is where bitcoin shines. So we are moving to the bitcoin standard.
BTC price chart for 08/22/2022 on Bitstamp | Source: BTC/USD on TradingView.com
can only ever be 21 million
Limited Supply of Bitcoin Means “Digital Scarcity:”
“This sheds some light on the astonishing aspect of bitcoin’s technological achievement. For the first time ever, humanity has resorted to a commodity whose supply is strictly limited. No matter how many people use the network, how much it is worth. Turns out, and how advanced are the equipment used to produce it, there may only be 21 million bitcoins in existence.
Keep in mind that “digital reduction” is a phenomenon that was discovered rather than invented, and can only be discovered once. All the other coins are trying to create “more digital scarcity”, which doesn’t make sense. “Bitcoin, without any physical presence, and being purely digital, has been able to achieve strict scarcity. No divisible and transportable physical material had achieved this before.”
Bitcoin is a digital scarcity. And it has another important feature that characterizes the bitcoin standard:
“Since each bitcoin is divisible into 100 million satoshis, there is a lot of room for bitcoin to grow through the use of its sometimes smaller units as the value appreciates. This creates a new type of asset that serves as a store of value. Suitable to play the role.”
Individual Sovereignty and the Bitcoin Standard
Bitcoin refers to a peaceful revolution, something that was not possible before its invention.
“Bitcoin, and cryptography in general, are defensive technologies that make the cost of protecting assets and information far less than the cost of attacking them. This makes theft extremely costly and unsustainable, and thus anyone who also seeks to live in peace without aggression towards others, takes his side. ”
The fact of the matter is that “Bitcoin offers a cost-effective alternative for those who need to overcome government restrictions on the banking sector.” If the bitcoin standard “rises and succeeds, it will be to the best of its merits as a peacefully neutral technology for money and settlement, and not through forcing it on others.” This is a once in a lifetime opportunity for mankind.
“Anyone who owns bitcoin enjoys a degree of economic freedom that was not possible before its invention. Bitcoin holders can send vast amounts of value across the planet without anyone’s permission. The value of bitcoin in the world is not dependent on material things anywhere in the world and thus cannot be wholly obstructed, destroyed or confiscated by any material force of the political or criminal world.
The bitcoin standard is coming, it is inevitable, and it will not be imposed on anyone. how beautiful is she?
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