Now that all of the frothy speculation and price hype has silenced, the regulatory crackdowns are in full swing, the bubble has popped, and Bitcoin has been declared dead (yet again), it’s a great time to get into Bitcoin.
We are still in the very early days of this technology, so you have a chance to get a massive head start on the rest of world. On January 3, 2019, Bitcoin celebrated the 10th Anniversary of the Genesis Block, the very first block in THE blockchain. Ten years later, Bitcoin is the dominant cryptocurrency, with hundreds of millions of dollars in commerce happening ever day and the blockchain going strong.
But here’s the thing, global adoption is minuscule compared to what it will be if the current trajectory holds, let alone if Bitcoin fulfills its destiny in becoming THE global reserve currency. While the price of Bitcoin has dropped — the Bitcoin network has actually gotten bigger and stronger. More importantly, regardless of price the underlying tech is still humming alone 10 years in, with almost no glitches and without a single hack or threat to the integrity of the distributed ledger.
All this to say that Bitcoin isn’t going anywhere, despite the obituaries. Rather, adoption is growing, more on-ramps are being added, governments are figuring out how to regulate it, the financial sector is engaging, and most importantly new people are getting into crypto every day (Coinbase claims they have 25,000 new users a day).
But people getting into crypto are still early adopters, and you can be one of them. This is not just about price, though that could be a nice byproduct in the long run. But this is not about hitting the crypto lottery. More than anything, it’s about developing the fundamental knowledge that will prepare you for the next epoch of the internet and the emerging digital economy.
The internet changed the world forever and we now take it for granted, acting as if having nearly infinite knowledge at our fingertips and instant global connectivity is no big deal. Bitcoin has quietly changed the world again and one day, we (and certainly our children) will probably take it for granted that we can instantly transact global commerce without a bank or government lending a hand.
Sure, we in the U.S. and Europe may not feel their presence all that much (a small processing fee usually), but I can assure you that the other 6.5 billion people in the world will tell a different story. Just ask folks living in Venezuela (hyper-inflation) or China (censorship) if the value proposition of censorship-resistance peer-to-peer money sounds good.
The point is, there is a need, in the world at large, for sound money. That is, money that’s value can’t be manipulated by a corrupt government or that can be used as a means of control.
And there’s also a need for a new financial paradigm here in the U.S., where the financial sector has potential to bankrupt us all as they create new “financial products” in order to boost the bottom lines of banks and investment funds.
Bitcoin can do that. Because it’s not run by anyone, it’s just code and it can’t be stopped or censored. There are literally satellites orbiting the earth right now that are broadcasting the Bitcoin blockchain. If you have a computer or phone and an internet or data connection, you can use Bitcoin.
So despite all of the obituaries, Bitcoin isn’t going anywhere. So why wait?
And if Bitcoin isn’t your fancy, there are lots of other interesting crypto projects out there, many of which are trying to make the world a better place. What better time to start than now.
Good luck and let me know if I can help along the way!