I Take On A Bitcoin Hater (Video)
Beginner Bitcoin
(Listen to audio version of me reading👆)
Bitcoin is HOPE
Maria lived in a small country where the government had a habit of debasing their currency.
She had always been a hardworking woman, saving every penny she could for her retirement.
She had invested in property, stocks and savings accounts, but no matter how much she saved, it never seemed to be enough. Prices kept rising, and her savings were worth less and less every day.
One day, while browsing the internet, Maria stumbled upon a video from a crazy young man about Bitcoin. She had never heard of it before, but the idea of a decentralized currency that couldn't be debased by governments caught her interest.
She started to research more about it and became fascinated by the technology behind it.
Maria decided to invest a small portion of her savings into Bitcoin.
At first, she was skeptical, but as she watched the value of her investment grow, she became a believer.
But more importantly, as the value of her local currency continued to fall, Maria's investment in Bitcoin saved her from losing all her wealth and property.
Maria was able to retire comfortably, thanks to her investment in Bitcoin. She continued to invest and educate herself about the technology, becoming a respected member of her local community.
She often shared her story with others, encouraging them to explore the possibilities of decentralized deflationary currencies and to protect themselves from government's debasement of their local currencies and shackles of the legacy system.
I often say the least cool aspect of bitcoin is the price.
The network is creating freedom unimaginable for people all across the world, namely in the Southern Hemisphere.
However, those in Canada, Netherlands, and Ukraine all got a glimpse of how important the network is in the past year.
I wanted to start a little list of many important facts about bitcoin that are important to note and understand where this came from and why it is the money of the future.
We will add to this list over time…
Satoshi Nakamoto, the pseudonym used by the creator(s) of Bitcoin, is estimated to own around 1 million Bitcoins, though they have never been spent/moved. This makes Satoshi one of the wealthiest people in the world, although his true identity remains unknown.
The first ever Bitcoin transaction was made by Satoshi Nakamoto himself, sending 10 Bitcoins to Hal Finney, a computer programmer and early Bitcoin enthusiast, as a test transaction.
The total number of Bitcoins that will ever be in circulation is capped at 21 million. As of today, around 19+ million Bitcoins have been mined, and the last Bitcoin is expected to be mined around 2140. This is due to the limited supply of Bitcoins and the halving of block rewards for miners every 210,000 blocks. (1 block ~ 10 minutes)
The original Bitcoin software was written in the programming language C++. Satoshi Nakamoto chose this language because it is a low-level language, which allows for more control over the underlying hardware, making it more suitable for implementing a decentralized system like Bitcoin.
There were only a few people involved in the early development and testing of Bitcoin, the group was called "The Cypherpunks" and the members were Hal Finney, Nick Szabo, Wei Dai and others. They were a group of cryptography and computer science experts that focused on privacy and security in digital communications.
The Bitcoin network is designed to automatically adjust the difficulty of mining every 2016 blocks, to ensure that a new block is mined every 10 minutes on average. This mechanism is called "difficulty adjustment" and it helps to keep the network secure and stable by adjusting the mining difficulty to the current hash rate.
The Bitcoin white paper, which was published by Satoshi Nakamoto in 2008, was heavily influenced by the work of previous cryptographers and cypherpunks. In particular, the concepts of digital signatures, proof-of-work, and the double-spending problem were all discussed in previous works by Nick Szabo, Wei Dai, and others. Bitcoin wasn’t first, it was last.
Satoshi Nakamoto is known to have communicated with a small group of early Bitcoin adopters via email and online forums, but abruptly stopped communicating in 2011, giving no explanation and leaving the community to continue the development of the project. The true identity of Satoshi remains a mystery to this day.
The Bitcoin network has been running non-stop for over a decade, with no downtime or major security breaches. This is a testament to the robustness and resilience of the network, which is built on decentralized consensus and cryptographic algorithms. This feature makes Bitcoin one of the most reliable and secure digital assets in the world, and a major reason for its adoption.
The Bitcoin network has a built-in mechanism to prevent inflation, this mechanism is called "halving", it happens every 210,000 blocks, when the rewards for mining new blocks are cut in half. This ensures that the total supply of Bitcoin will never exceed 21 million coins, and it also serves as an incentive for miners to continue to secure the network.
The Bitcoin protocol includes a feature called "Multi-Sig" (short for multi-signature) which enables multiple parties to jointly control a Bitcoin address, this feature allows for the creation of more secure and complex transaction structures, such as escrow, payment channels and more.
The Bitcoin network is not controlled by any single entity, this decentralization feature ensures that the network is resistant to censorship, and that transactions can be made without the need for intermediaries. This is a major advantage over traditional financial systems, which are often controlled by a small group of powerful actors. Even Satoshi himself, if he resurfaced, has no more power over the system than you or I.
It's important to note…
The facts mentioned above are just a glimpse of what Bitcoin has to offer, and there's much more to discover and understand about this revolutionary network.
As we've seen, Bitcoin is not just a digital currency, it's also a network that allows for secure, transparent and decentralized transactions, it's a network that enables a new level of financial freedom and it's a network that is constantly evolving.
Freedom like the underbanked or unbanked being served where they cannot in the traditional system.
Freedom where captured energy and pollutions are turned in to bitcoin mining energy.
Freedom where grids are stabilized and towns can be modernized.
Hopefully you can begin to see why Bitcoin is such an important network and why I spend such an incredible amount of time learning and speaking on it.
Stay strong,