Why Bitcoin?

Published by Digital Gold
On Aug 12th, 2019
BTC now: $8,149.68 (-28.43%)
BTC then: $11,387.10

The value of a fax machine

Imagine the guy that invented the fax machine. How much value did his invention held when it was freshly invented? You are right, zero. Because no one else had a fax machine, therefore, it was useless.

But as more and more people started to use the fax machine it became more valuable until it finally reached mainstream and everyone was using a fax machine.

The same is for Bitcoin. When satoshi compiled his first version of what we know today as the blockchain, the Bitcoin value was zero, pretty much like the value of the first fax machine. But as more and more people started to adopt this new method and support the network it’s value started to increase. And soon it will become mainstream, and everybody will be using Bitcoin/Blockchain

But the same way the fax machine was replaced by new/better technology, the same can happen to BTC in the future. Today there are already a lot of competitors trying to do better than bitcoin in areas like security, utility, scalability, anonymity, performance, and so on.

The BTC advantage

It’s accepted by the community that BTC is not the best option available for any of those areas, but BTC has a big advantage over all other ‘coins’. The advantage of being the first.

For being the first has naturally more adoption, more users and the name Bitcoin is already synonyms for cryptocurrencies like Xerox or Gillette are for the copy machine and razor blade respectively. And even though other coins use the name Bitcoin (like Bitcoin Cash or Bitcoin SV) The consensus is still that BTC is the first Bitcoin (even though technically it isn’t)

The wise investor is always updating his knowledge about cryptocurrencies and tend to invest on top market cap coins weighing accordingly (Ex: 60% BTC, 20% ETH, 10%LTC, 10% BCH) This list can go as deep as you want, but BTC should be somewhere close to 60%)

This is not investment advice, is just my personal opinion for discussion, do NOT follow as investment advice.

Bitcoin has been the best investment by far in the last 10 years. Only 3 years ago (Jun/2016) it was $500. 6 years ago (Jun/2013) it was $50. Now I want you to imagine, how much can it be 6 years from now? (jun/2025). Just hodl and see the magic (Again, do not take as investment advice, this is just my humble opinion of what would be a good strategy)

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BTC now: $8,149.68 (-14.96%)
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