Bitcoin News
By Steven Anderson
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There are some difficult questions that Bitcoin Investors should explore and answer. The Thoughts, Arguments and Difficult questions from Twitter Handle Subhajit Kundu:
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How does anyone predict that it’s Bitcoin that will earn people's trust? What is the rational here? Why not other cryptos? Which crypto then?
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Bitcoin transactions need Digital Authentication and thus needs at least a connection phone to transact.
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Eight billion of World Population and 21 million Bitcoins? What is the rational here? That number means there is only 1 BTC for every 380 people. How is it people's currency then?
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For Bitcoin to be alternative currency, all governments of the world must fail. Holding land must become unfavourable. Holding gold must become hurtful.
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There currently are countries that loose trust of its people (and the world), and its currency derivatives deeply. People there find faith in Gold/Land/USD/Forex.
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Why should I consider Bitcoin as Currency of Last Resort? Why not land? Or Gold? Or USD? Or my own country's currency? In fact, just like Bitcoin, land is limited in qty.
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Bitcoin is the alternative currency and if fiat money ever loses trust and goes burst, and then Bitcoiners rejoice when its value appreciates measured in terms of Fiat Money.
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One BTC was $1 in 2011. If it were worth $5 today in 2021, all arguments in its favour still holds true.
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Money is defined as government debt. And, creating it is Sovereign's right. Only Sovereign can create a currency. How do Bitcoin then be respected as currency then?
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To all these concerns, the clarification from Greg Foss Pleb was: Focus on Store of Value (SoV).
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FIAT can lose half its value an infinite number of times. BTC = math + code = truth.
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