Heard about Bitcoin in 2020, but still don’t know if you need to take a closer look? Here are 21 reasons to do so in 2021.
1) Because Bitcoin is the best asset of the decade
Bitcoin was named the best asset of the decade not by pro-Bitcoin enthusiasts, but by Bank of America Merrill Lynch! And from a price point of view, indeed it outperformed all other assets. In 2010, a single Bitcoin was not even worth a dollar. Its highest price was $ 0.39. It is at the time of this writing over $ 23,000. I’ll let you do the math to find out if you bought some back then for $ 100 how much it would be worth today…
2) Because Bitcoin is a technological revolution
By creating Bitcoin, Satoshi Nakamoto has achieved an unprecedented technological feat: creating a decentralized, neutral, censorship-resistant system that allows value to be transferred without any middleman and without double-spending. And this is one of the most interesting things about Bitcoin, a problem that Nakamoto solved. Indeed, if you send a photo of your cat to a friend over the Internet, he will receive it, but you will keep yours. In fact, it only receives a copy of your photo. It’s unthinkable with money. If you send bitcoin to a friend, that bitcoin should no longer be in your possession. It is this problem that disappears with Bitcoin. It doesn’t sound like that, but it’s a technological revolution.
3) Because Bitcoin does not belong to anyone
If you are ever asked the following question: “Bitcoin … who owns it?”, The best answer you can give is probably “Yours!” Bitcoin is open-source, free and open source software that does not belong to anyone because it belongs to everyone, to everyone who wants to use it.
4) Because Bitcoin is synonymous with scarcity
Unlike fiat currencies like the dollar or the euro, the number of bitcoins in circulation is limited and already programmed. There will never be more than 21 million bitcoins. At the time of this writing, there are 18.6 million in circulation, so there are less than three million left to mine, which will be done around 2140. To view the number of bitcoins mined, you can use this site: https://www.blockchain.com/charts/total-bitcoins. Bitcoin first created digital scarcity. And this scarcity characteristic gives it so much of its value that it is recognized today as digital gold, a superior gold.
5) Because Bitcoin is the gold of the 21st century
Gold is a proven store of value. It has been bought en masse by many investors and has been for decades. But since the advent of Bitcoin, the term “digital gold” has popped up. BTC being by definition rare (see the previous point), it shares many common points with the precious metal. But unlike physical gold, Bitcoin is easily divisible and very easily transportable: one BTC is divisible into 100 million subunits and travels across the planet in minutes. For many, this is the new gold, that of the internet. Even the actors of traditional finance recognize its superiority. Rick Rieder for example, the chief investment officer of BlackRock (the world’s largest fund manager with over $ 7 trillion in asset management), was recently very optimistic about the future of Bitcoin which could end, according to him, by “replacing gold”.
6) Because Bitcoin has no borders
If you want to cross the border with more than 10,000 euros or with gold bars, you may have problems at customs. With Bitcoin, you will free yourself from this concept of border because for him … borders are simply non-existent. Peer-to-peer transactions are as easily and quickly between you and your next-door neighbor as between two individuals 8,000 kilometers apart.
7) Because Bitcoin is useful
In 2021 you can very easily make a video call with your cousin who lives on the other side of the globe, send any electronic message (enriched with all the attachments you want) almost instantly, download a movie in seconds or stream it immediately, but when it comes to sending or receiving money … things get tough. Of course, there are solutions that exist within the same country through banks or PayPal-type solutions, but there are costs and in all cases, you have to go through an intermediary. . The Internet lacks this transactional layer that would send value instantly, inexpensively and directly … oh no, that solution exists, it’s Bitcoin! The mother of cryptocurrencies is useful and even necessary.
8) Because Bitcoin is always working
Try to contact your traditional bank on a holiday, on the weekend, or at 3 a.m. If you need to make a transaction urgently, if you need to look at your accounts, but your bank’s website is under maintenance, you have no choice but to wait, to wait wisely to be in the official hours of your banking institution. Bitcoin has no schedule since it has been running 24/7 and has been for almost 12 years!
9) Because Bitcoin is not censurable
One of the characteristics of the Bitcoin protocol is that it cannot be censored by any government or entity. As long as you have access to the internet, you can send and receive Bitcoin. And you know what, even if the internet were “cut off,” Bitcoin could work using the satellites that the Canadian company Blockstream sent into the air.
10) Because Bitcoin is inclusive
According to the World Bank, there are today 1.7 billion adults in the world who do not have a bank account. Yet two-thirds of them have a mobile phone that could allow them to access financial services. And this is all the more true as it is very easy to download a Bitcoin wallet to your phone and become part of the Bitcoin protocol, to start sending and receiving to be BTC. One of Bitcoin’s great strengths is financial inclusion, which allows the unbanked to become their own bank.
11) Because Bitcoin is simple
At first glance, this reason may seem very surprising, but we are talking here about the simplicity of the Bitcoin protocol. Take a look at the Bitcoin white paper, it’s only eight pages! Bitcoin is a very strong and secure network that works perfectly with very simple fundamentals like the mining process. However, the concrete uses of Bitcoin are more complex, I grant you. It is not yet super easy to buy Bitcoin and secure it yourself. It still requires a little expertise. But we can’t repeat it enough, Bitcoin is still young and things are improving day by day. Just like the Internet, which in its early days was reserved for people who had computer knowledge but then became accessible to everyone, Bitcoin and the applications that are developed on this network, become simpler over time.
12) Because Bitcoin is a hedge against inflation
Thanks to its deflationary nature (there will never be more than 21 million BTC in circulation), Bitcoin is poles apart from fiat currencies and government billboards that keep working and diluting the value of the currency. ‘silver. As the weeks go by, more and more traditional Nasdaq companies like MicroStrategy and fund managers like Grayscale (which has over 500,000 bitcoins) or even small businesses like Canadian restaurants Tahini’s decide to protect themselves from inflation and the devaluation of the dollar thanks to Bitcoin. Even the most skeptical now see Bitcoin as protection against the effects of the emerging economic crisis.
13) Because Bitcoin is transparent
On the Bitcoin protocol, all transactions are “visible” because the BTC blockchain is a completely open system and can be viewed by all. You will not see a name associated with each address, but you will be able to track the different transactions thanks to a blockchain explorer. This is called pseudonymity.
14) Because Bitcoin is safe
Since its existence, the Bitcoin protocol has never been hacked. Unlike businesses and protocols that are centralized, Bitcoin is 100% decentralized. This means that the computers that are used to validate the Bitcoin network (the nodes) are not located in one place but are spread all over the planet. Recently the giant Google experienced a global blackout, this is one example among many that shows the dangers of centralization. If a hacker wanted to attack the Bitcoin network, he would have to take control of 51% of the power of all the computers that secure the network, which is to say that it is mission impossible. This robustness of the Bitcoin network obviously gives it a lot of value.
15) Because Bitcoin is a computer protocol
No, there is no Bitcoin after-sales service, physical Bitcoin branches because Bitcoin is first and foremost a computer protocol. And a protocol is cold, it’s silly and that’s all that is asked of it. The Bitcoin protocol cannot be corrupted and this is the guarantee of its independence and proper functioning.
16) Because Bitcoin restore monetary sovereignty
It is often said in the Bitcoin universe “Not your keys, not your bitcoins” (Not your private keys, not your bitcoins). Behind this formula, which sounds good, there is above all the concept of monetary sovereignty. By joining the Bitcoin network, you literally become your own bank. No need to go through an intermediary to complete your transactions, you are in 100% control of your digital assets, but you are also 100% responsible for them.
17) Because Bitcoin eliminates trusted third parties
As we have just seen, using Bitcoin to send value across the Internet is completely without intermediaries. You will surely need at the beginning to go through an intermediary like a crypto exchange to change your fiat money into Bitcoin, but once this step is passed, you will not leave your BTC on this exchange as it is dangerous as all Exchanges are trusted third parties that can shut down, be a scam or get hacked as has happened very often. Read on this topic: Exchanges: Don’t Leave Your Cryptos There!
18) Because Bitcoin does not take commissions, has no administrative fees, fees …
If you have a bank account, you know full well that bank charges are heavy. Opening a file, transfers in the branch, withdrawals from the distributor, transfer of the PEL, application fees for home loans … at the end of the year, that ends up being a lot. Moreover, in 2020, bank fees paid on average by the French stood at 215.50 euros according to a study conducted by the comparator Panorabanques indicates the Boursorama site.
Banks literally abuse their position and squeeze their customers like lemons and it is no coincidence that recently, six French banks were ordered to pay 2.8 million euros in fines, the repression of fraud (DGCCRF ) reproaching them for a lack of transparency on the commissions paid during transactions. With Bitcoin, none of that. Bitcoin is not made to make money on its users, Bitcoin is just a protocol that allows value to be exchanged. The only fees you will have to pay are for your transactions. These are not proportional to the amount you transfer, which is why you can very well send 100,000 euros to someone for a few euros in fees. At the time of this writing, the average fee on the Bitcoin network is $ 7.
19) Because Bitcoin is fast
The average time to complete a transaction on the Bitcoin network varies; depending on whether it is more or less congested. Here you will find the average confirmation time. It can vary from a few minutes to several hours, but whatever the case; it will always be shorter than the time limits imposed by the banks when you want to make an international transfer (several working days).
20) Because Bitcoin is incorruptible
Bitcoin being a cold and decentralized computer protocol, it cannot be corrupted like centralized structures can be. Not being controlled by any company, state, or entity; it de facto escapes any attempt at abusive control and any form of corruption. There is indeed no one to bribe …
21) Because Bitcoin is you
This is the last “reason” in this ranking which is not really a reason; but it is one of the most important. Bitcoin exists because people are using this innovative network and making it their own every day. BTC is yours; Bitcoin has become a very tangible reality, BTC makes sense in a world where the money is printed like magic. Bitcoin is you.
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