Does Bitcoin have utility?
Bitcoins daily volume today is nearly 100 billion dollars. I remember when the entire market cap was around 50–60 billion. That was 2 years ago believe it or not. What a difference 2 years can make. a 50–60 billion dollar market cap turned into 750 billion.
Back in those days we had days with 3–5 billion dollar 24 hour volume. Today we are seeing 100 billion 24 hour volume. That is a huge increase. I have not brought up stats like this in a while but they are certainly significant. Therefore I decided to make a post specifically targeting these stats.
Bitcoin is valuable for many reasons. People compare it to gold. Even I have dropped that comparison in the past. But as pretty as gold is Bitcoins value isnt in its utility as a conductor or pretty precious metal. Bitcoins value is sort of a recipe of success. Add a bit of deflation, a dash of USD inflation, a cup of immutable network (I can send money to anyone with no worries of being censored) Mix vigorously.
People dont understand that their is tremendous value in Bitcoin. Its not just the rare nature but also the immutable transactions that can not be censored by any single government. Even a group of governments hell bent on ending BTC would have a lot of issues getting 7–8 billion other Earthlings to go along with this. As long as people are willing to mine BTC will be a thing. The way Bitcoin cant be stopped is where most of Bitcoins worth is IMO. People use BTC. There is not a question about that. Try surfing the darknet without having BTC. You wont be able to buy anything. Sure BTC may not be private but its still the darknets reserve currency. Monero is used as well but not like BTC.
One more thing. Once Paypal was pushed into blocking Julian Assange from accepting money through their platform. I am certain this was orchestrated by the govts of the world. They were collectively mad at Assange for leaks. He did nothing wrong but they still wanted his head on a silver platter. Long story short they cut his donations off by cutting him off from the world by banning him from using traditional financial services like Paypal or traditional banks that wanted to play along.
Well they cut off Assange. No more money for you they said. Well 15 years ago this would have been the end for Assange. Today though we have another option. Bitcoin. Why is Bitcoin different? Well as I mentioned earlier no govt can stop it. There is nobody at a building somewhere you can call and ask about Bitcoin. Its decentralized. Everyone on Earth can play a part in the BTC party.
People have made the comparison with money services like western union. Well that is understandable but BTC is so much more than just a way to send money abroad. The govt can censor Western Union or anything like that. They cant mess with Bitcoin. Bitcoin is a revolution. Slowly the world is waking up to Satoshi Nakamotos brilliance in creating a deflationary currency that follows the opposite course of most fiat currencies. That 24hr volume and market cap are the highest I have seen. Incredible numbers. We are officially on Mars. What planet are we going to next??? Cheers everyone and Cheers to BTC. You are the real hero.
Tim Pace 1–9–2021