Why I Trust BITCOIN: The Evolution of Money

[riscohen4]

Before talking about Bitcoin, let’s first talk about money itself.

What is Money?
The simplest definition of money is:
“Money is anything people accept as payment because they know others will accept it too.”

Over the years, money has evolved through different stages:
. Trade by Barter
. Precious Metals (Gold, Silver, etc.)
. Government Issued Bills and Fiat Currency
. Digital Currencies

Giving insight on money evolution, we will notice something interesting. Every major evolution of money was usually rejected or doubted at first. Because people were always and will be always comfortable with what they already know. But with time, it will always be accepted.

Usually the process goes like this:

Initiation — Individual Acceptance — Institutional and Government Acceptance

Once a form of money starts moving through these stages successfully, it becomes much harder to ignore. And  Bitcoin has already passed through these stages of acceptance, which is sending a very strong message, if we’re observant enough.

Now here’s another thing, every new form of money was born because the previous one had problems or restriction. For examples:

A. Trade by Barter: Trade by barter was the first form of exchange, but it had major problems like:

1. Double Coincidence of Wants: For example, if I had fish and wanted a goat, I needed to find someone who had a goat and also want fish. And that was not always easy.
2. Difficulty Measuring Value: how many fishes equals one goat?, how many baskets of yam equals one cow? There was no standard way to measure value. So because of these challenges, people gradually moved toward using precious metals as a medium of exchange.

And we should also know that between barter and precious metals, different societies experimented with things like salt, beads, cowries and other items. Most of them worked for a period of time, but they also came with their own limitations.

B. Precious Metals (Gold and Silver): Gold became one of the most accepted forms of money for centuries in human history. But it wasn’t perfect either. Some of the challenges included:

1. Difficult to carry in large amounts: Walking with large quantities of gold for long distances was not convenient.
2. Also Holding large amounts of gold made people targets for theft. And also it was Limited, because as economies grew, gold was not enough for everyday transactions.

All of this challenges contributed to the rise of paper money and government issued currency.

C. Government Issued Bills and Fiat Currency: This is the system we all use today. While fiat currency solved the problems of the previous currencies, it introduced newer problems as well.
And one of the biggest problem we’re all facing today is  INFLATION and the DEPRECIATION of the government currencies. The buying power of fiat money keeps decreasing daily, and the control the government has on it place the power of money in the hand of the system (centralized) and not the people (decentralized). And there may be even more challenges ahead that we have not fully seen yet.

NOW

D. Digital Currencies: Today, we are witnessing another evolution of money. The digital era. And leading that movement is Bitcoin, this is why I personally pay attention to Bitcoin. Not because somebody on the internet told me to, not because of hype, but because when I study the history of money, I can clearly see a pattern. Money evolves.
Bitcoin is no longer at the stage where just few persons know about it. Individuals have accepted it, institutions have accepted it. Governments are gradually paying attention to it, regulating it, holding it, discussing it and even adopting it.
That acceptance chain I talked about earlier is already playing out before our eyes, this is why I don’t see Bitcoin as a random internet experiment at all. I see it as a serious money innovation.
We can already see countries, companies, institutions and millions of people around the world embracing it. Many of the people who understood Bitcoin years ago and took advantage of the opportunity did not regret it today. Looking at the journey from barter, to gold, to paper money, and now to digital currencies, that says a lots about Bitcoin.

And that is exactly why I trust Bitcoin.

[Rashlyowl]

Why I believe in BTC, simply because it is verifiable, apart from decentralization & security. In the past, money was still clearly pegged to the gold reserves held by the issuer, until the 'Nixon Shock' occurred, America needed a lot of money to fund the war, the dollar's growth rate was faster than the gold reserves held by the issuer. This creates a real imbalance & is no longer fair. This is where BTC advantage lies, will always have 21,000,000 maximum in supply & it's verifiable.

[Donk1]

​It's certain that money has gradually evolved as well as other mediums of exchange like barter trade / goods for goods. That said Bitcoin being a revolutionary technology which is only limited to a 21 million coins cap ,no company and no third party involved it's easy to say when you look back at the history of Bitcoin, I believe the most logical explanation to Bitcoin's value lies within the users so as the value of money.

Well I often wonder how would the world be if money never existed I guess we would have still been commencing on barter trades, which would definitely not be able to measure the value of commodities or even an assets like gold or land. So yh that's all.....

[luk3Z]

My 2 "coins":
BTC (or it's forks) should be split into 2 parts:

1. CE (Community editions - mining only on the PC / money for the people):
2. RHME (rental hashrate market editions / money for the whales & corpos):

Why this ? It is simple: CE for pure (or poor) people (~95-99% users) & RHME for whales & corpos (~1-5% of users).

This is how I see it.

[Akbarkoe]

I'll summarize why people increasingly believe in bitcoin.
1. Secure
2. Decentralized
3. No third party
4. Limited supply
5. The price gradually increases every cycle and this is the main point of all the other advantages.

Regarding the fiat system, the average person already understands, and why I personally also believe in itcoin, yes, no less than that, I value bitcoin to be an asset in the allocation of my investment portfolio.

[notocactus]

Satoshi Nakamoto created Bitcoin and made a revolution in Accounting, not only about money.

Bitcoin is an accounting revolution.
Bitcoin and the accounting revolution that shook the world.
Bitcoin and the bullish case.
I feel your post is likely AI created? Did you use AI for creating this topic @OP?

[MArsland]

Why I believe in BTC, simply because it is verifiable, apart from decentralization & security. In the past, money was still clearly pegged to the gold reserves held by the issuer, until the 'Nixon Shock' occurred, America needed a lot of money to fund the war, the dollar's growth rate was faster than the gold reserves held by the issuer. This creates a real imbalance & is no longer fair. This is where BTC advantage lies, will always have 21,000,000 maximum in supply & it's verifiable.

I believe in Bitcoin and I also believe in money. For me it is quite realistic especially since bitcoin has a value over the years. Without the benefits and value of bitcoin's uniqueness, I don't think it would be this massive. Bitcoin exists because its existence coincided with the economic uncertainty at the time and people were looking for an alternative to fiat saturation. The complete control that bitcoin offers suits people's goals.
 

[riscohen4]

Satoshi Nakamoto created Bitcoin and made a revolution in Accounting, not only about money.

Hmm, Accounting? 🤔 Was Satoshi and Accountant ? Pls throw more light.

Bitcoin is an accounting revolution.
Bitcoin and the accounting revolution that shook the world.
Bitcoin and the bullish case.

I’ll check the links out.

I feel your post is likely AI created? Did you use AI for creating this topic @OP?

No, it wasn’t Ai generated.. I’ve been reading several articles and watching video about the evolution of money and Bitcion for a while, that was what prompted the creation of this topic.
Here is one Video thats explains this: https://youtu.be/ek_RodYzUCI?si=71QA7IfPb5TZvoIu. There’re many more out there.

[Rashlyowl]

I believe in Bitcoin and I also believe in money. For me it is quite realistic especially since bitcoin has a value over the years. Without the benefits and value of bitcoin's uniqueness, I don't think it would be this massive. Bitcoin exists because its existence coincided with the economic uncertainty at the time and people were looking for an alternative to fiat saturation. The complete control that bitcoin offers suits people's goals.

The shift in mechanism certainly has advantages that make previous means of exchange no longer relevant, in a complex way BTC has everything that people need. Store of value, verifiable, no central control & better security than traditional technologies. It's still early days, I'm sure BTC will grow even better.

[BIT-BENDER]

I'll summarize why people increasingly believe in bitcoin.
1. Secure
2. Decentralized
3. No third party
4. Limited supply
5. The price gradually increases every cycle and this is the main point of all the other advantages.

Regarding the fiat system, the average person already understands, and why I personally also believe in itcoin, yes, no less than that, I value bitcoin to be an asset in the allocation of my investment portfolio.

That's why it is important that people actually learn Bitcoin properly before they start to use them because we have
1. Secure -- people are very careless with their private seed, or greed enough to fall for scams, Ponzi and many other things that can make them not secure and very vulnerable.

2. Decentralised: people with low knowledge aren't caring much about this like they should, more people now are using centralised exchanges to buy Bitcoin.

3. No third party: I see people wanting Bitcoin to be integrated into the traditional banking systems, some even want the banks to handle the storage and movement of their Bitcoin just like an exchange.

[Franklyn-wood]

I believe in Bitcoin and I also believe in money. For me it is quite realistic especially since bitcoin has a value over the years. Without the benefits and value of bitcoin's uniqueness, I don't think it would be this massive. Bitcoin exists because its existence coincided with the economic uncertainty at the time and people were looking for an alternative to fiat saturation. The complete control that bitcoin offers suits people's goals.

The shift in mechanism certainly has advantages that make previous means of exchange no longer relevant, in a complex way BTC has everything that people need. Store of value, verifiable, no central control & better security than traditional technologies. It's still early days, I'm sure BTC will grow even better.

The easy access to the investment is personal interest, stability in the BTC, unlike the fiat today that you are restricted to freely  access your money, and to certain amount you can get at a time, not just that alone the stress of getting the money out. The assurance of security available to its customer is another area why I can't stop advocating for people to involve in investing in Bitcoin.

[Ahli38]

I personally trust Bitcoin because of the financial freedom it offers through its decentralization, where it means there is no central authority that can interfere. And I trust the potential for profit that Bitcoin offers through its halving cycle which makes its supply increasingly scarce. There’s no need to overcomplicate things. Money or even currency should be able to maintain its value over the long term. And I believe that Bitcoin is the only one that deserves to be considered as money given that it is becoming increasingly scarce. Bitcoin is also extremely secure its security system has never been hacked. And that is why I have such strong trust in Bitcoin. I’m not sure there’s any other currency worthy of being called money besides Bitcoin.

[ColdLava40]

D. Digital Currencies: Today, we are witnessing another evolution of money. The digital era. And leading that movement is Bitcoin, this is why I personally pay attention to Bitcoin. Not because somebody on the internet told me to, not because of hype, but because when I study the history of money, I can clearly see a pattern. Money evolves.
Bitcoin is no longer at the stage where just few persons know about it. Individuals have accepted it, institutions have accepted it. Governments are gradually paying attention to it, regulating it, holding it, discussing it and even adopting it.
That acceptance chain I talked about earlier is already playing out before our eyes, this is why I don’t see Bitcoin as a random internet experiment at all. I see it as a serious money innovation.
We can already see countries, companies, institutions and millions of people around the world embracing it. Many of the people who understood Bitcoin years ago and took advantage of the opportunity did not regret it today. Looking at the journey from barter, to gold, to paper money, and now to digital currencies, that says a lots about Bitcoin.

And that is exactly why I trust Bitcoin.

As for me, Bitcoin is a system that's more advanced than it's predecessors.

I've said this before now, Bitcoin has come to offer us those features where the previous monetary systems did not meet up.if we ask different investors today why they trust Bitcoin, they would have variety of reasons.

But the most important is the freedom Bitcoin offers. Even in the early days where only a few people used and trusted Bitcoin they knew what Bitcoin was. Now it's seems even the government are now having same view as them thus the need for their involvement.

[AmaGold70]

I'll summarize why people increasingly believe in bitcoin.
1. Secure
2. Decentralized
3. No third party
4. Limited supply
5. The price gradually increases every cycle and this is the main point of all the other advantages.

Regarding the fiat system, the average person already understands, and why I personally also believe in itcoin, yes, no less than that, I value bitcoin to be an asset in the allocation of my investment portfolio.

You have just mentioned the qualities of bitcoin, and the reasons why investors so much trusted in owning bitcoin. Bitcoin decentralization has made every investor to be in total control of their investment, and not being influenced by the policies of government that is being applied to fiat currency. Like the centralized system, the government decides how you should use your money, and controls it, and that is the more reason why fiat currency is succeptible to inflation and value depreciation.
Bitcoin being a store of value is another thing that interests investors so much, because their is always time when the price of bitcoin or value rises, and never go back to it's previous price, and this is common during the bull cycle, so when you invest in bitcoin, as the asset increases, so the value of your money increase which makes bitcoin far better than keeping your money in fiat currency.