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Understanding Bitcoin

Updated: Jan 16, 2021

The same way our discovery of the light bulb and the internet was odd and seemingly complicated in the early days, Bitcoin or Blockchain (The technology behind Bitcoin), only seems to be too odd and complicated.

Bitcoin gives us more than a renewed sense of personal responsibility. Decentralized and unhackable, Bitcoin birthed the most revolutionary human convenience technology to date.

Let's first have a brief thought about the internet.

Yes, the internet is amazing and without it, most couldn't bear to imagine where we'd be. The internet opened up the world. Take a moment to think about all the things the internet has done for you and the world at large.

Now tell me the internet was a bad thing. You can't because there is too much good that came out of it. We're connected more now than we've ever been before. So now, why Bitcoin? Why now, and why do we even need it?

Well, let us go back to the internet for a moment, out of all the good it provides for us, we're due for a major overhaul, a major makeover, and major upgrades if we are to keep heading upwards with regards to our survival and sanity.

One of our current problems on this planet is the financial situation. For instance, how much money and income do you receive? Do feel secure with your finances. Do you feel you have enough money to support yourself well for your entire lifetime? What about your friends and family and acquaintances? How are they doing?

The bottom line, everyone knows everyone is poor. Why this happened, at least the forefront technical aspects of it, you'll soon understand if you don't already. Understand we're digressing here because this has nothing to with the internet. If it weren't for the internet, we'd most likely be much, much worse off.

Perhaps we wouldn't even be here. The internet has become the greatest platform for creating new millionaires faster than ever before. Jobs used to provide for the average family. Today, the average job no longer pays enough.

The internet, on the other hand, seems to be the means by which the middle class may survive without having to acquire a degree in rocket science. So all is seemingly good with finance and money when it comes to the internet but is it really?

Remember when you could find anything on the internet? This is no longer the case. Why?

Centralized Dominance

Today, it's certainly fair to assume, for the most part, the internet has become censored. Too much of the information we are forced to digest is corporate (public) information which may or may not coincide with greater, more empowering, healthy, or more truthful information.

The information we receive from search engines is, for the most part, cheery picked by the big corporations, for the big corporations. Yes? These big corporations are centralized companies which have amassed great wealth while keeping thatunfair control and power over the masses. This is not their fault.

Through the years, we handed our power over but it's now time to bring more balance back to our roots. We totally wore ourselves out and we're tired and frustrated with the unbelievable lack of proper balance in our lives.

Money is a ginormous part of our lives and someone who is in lack affects us all. Money allows us the tools to create the lifestyle we need and the freedom to support the things we love most and believe in.

Bitcoin is simply what the internet lacks in allowing us to develop the ideas we need to bring to life for our further growth. It's the next step we need to fix the greater problems we face today.

First, our financial system obviously needs a new baby and so this is what we'll focus on for the rest of this post.

The 1971 Effect

Back in the 50s, everyone who had access to a bank account and a career was rich. Today, this average person is poor.

You can have three jobs with plenty of access to banking services and still be struggling to make ends meet. Technically, what happened?

To answer this question of how goods and services have only increased in price while wages stayed stagnant and becoming insufficient, check out Mike Maloney’s series on YouTube.

This series presents money and currency 101. Not having this information played for all public school students and teachers is a travesty at best. You don't necessarily need to understand all the details.

The goal of the YouTube Series is to bring forth what needs to be better understood by the public.

As described in the series, the reason fiat currency, such as the dollar, was doomed to fail is mainly that it is backed by nothing by the dept and our willingness to continue using it. In essence, we have become the frog who boils to death in a pot heating up slowly. Fiat can be printed in unlimited amounts and this unlimited printing is exactly what is currently happening.

Fiat loses purchasing power with each passing day! Gold, however, is a great form of money because it is limited and scarce.

Theoretically, we could go back to Gold as our main source of currency but this would simply put us back in time we already lived.

Gold is simply too heavy to carry in our purse. We could use a new form of currency backed by this gold but the same situation we’re currently suffering from would only worsen because this gold would still have to be stored and moved around.

It is no longer feasible to use gold as a reliable currency. Today, digital efficiency is everything. The speed at which we transact with each other helps to spawn new and greater innovations to keep up with the demands of our new and coming generations.

Yes, as humans we learn to thrive a little more each day. We now know more so today than we did in our recent past:

1. The world is not ending and you may even live longer than you hope you too.

2. Bitcoin is here and saving lives all around the world!

Enter Bitcoin…As A Currency

It is limited. There is only 21 million Bitcoin in existence and there never can be more.

Forks may be created under the original Bitcoin which is what we see with altcoins such as Bitcoin Cash, Bitcoin Gold, and Bitcoin SV. There are many others and more will come. Each function slightly differently from one another in the way they are transacted and/or mined.

There are two major things to understand about Bitcoin.

1. Bitcoin’s technology, blockchain, is the new internet. This means we can allow more of the important things to blossom without censorship.

2. Bitcoin as a currency for purchasing goods and services is the new money. The power goes back to the holder of the coin just like in the good old days of gold. Real money!

With Bitcoin, the authority goes back to you.

Your First Bitcoin

The spirit of Bitcoin refreshingly commands a revived sense of maturity for self-responsibility in the area of personal finance.

Experiencing Bitcoin first hand is a wonderful experience! Are you ready? Damn right, you are! The earlier, the better.

First things first, you’ll need a wallet. Your wallet will act not only as a wallet for holding your Bitcoin, but it will also act as your bank account so you may send and receive Bitcoin electronically.

It works just like email. You present your public Bitcoin address to receive Bitcoin.

Your wallet will act as your own personal and virtual bank. The money (Bitcoin) will be in your control. You can horde it, lend it, seize it, exchange it, buy it, or sell it.

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