According to the white paper “Bitcoin: A Peer-to-Peer Electronic Cash System,” published by the pseudonymous figure Satoshi Nakamoto in 2008, Bitcoin was created as a response to the flaws in the traditional financial system. Nakamoto’s primary motivation was establishing a decentralized digital currency that operates on a peer-to-peer network, eliminating the need for intermediaries like banks or governments. Bitcoin aims to enable secure, transparent, borderless transactions while addressing concerns related to the “double-spending problem” (where the same digital token is spent more than once).
Regardless of where you stand on Bitcoin, it’s tough to argue that it hasn’t been a raging success and probably has blown up more than Nakamoto ever dreamed. For example, in late 2009, the first recorded exchange of Bitcoin for dollars pegged one Bitcoin’s value at $0.00099. Today, that number has ballooned to ~$35,000 per coin, and if Bitcoin were a stock, it would be in the top 10 in terms of market value ($668B USD). Today, we will do our best to illustrate unbiased arguments and data for Bitcoin as a currency or store of value:
Arguments for Bitcoin as a Currency
Proponents of Bitcoin as a currency highlight its potential to revolutionize the traditional banking system. They argue that Bitcoin transactions are fast, borderless, and offer low transaction fees compared to traditional banking systems or international money transfers. Evidence is starting to mount that citizens in hyper-inflation plagues countries are using Bitcoin as an alternative currency. Did you know Bitcoin’s price recently notched an all-time high versus three hyperinflation-plagued nations? (Nigeria, Turkey, Argentina) Impressive when you consider that Bitcoin is far off of its highs of $69,000 versus the US Dollar.
The news you see on this site are collected from reliable news sites. Therefore, original sources are used as much as possible.