1,Money is one of the world’s most powerful inventions:
Money was invented to deal with the limitations of trade via barter. The easier it is for people to trade, the more prosperous, productive and beneficial it is for everyone. Good money such as gold facilitated trade and growth in the world economy by allowing people to trade at a distance and at a time and place convenient to the traders. Modern civilisation would simply not have been possible without money.
2,Bitcoin is the most powerful form of money ever made:
Over the centuries there have been many forms of money, ranging from shells all the way through to gold and, more recently, mobile payment apps. However you choose to pay, whether it’s via cash, card or electronic transfer, the money most people use is created and distributed digitally by banks on behalf of governments. This money is known as “fiat” money, which has many strengths over earlier forms of money, but it comes with one major weakness – fiat loses value over time due to inflation.
Some of the greatest minds in economics have long thought that the ideal money must be one with zero inflation, while retaining the benefits of modern digital cash and cards. This is because money should ideally not go down in spending power over the long term; instead, it should retain its value so that everyone’s hard-earned savings are protected. A money that maintains or stores its value enables holders to plan for the future, and to increase their wealth in a sustainable way. Currently, only one thing meets the ideal money standard.
On 31st October, 2008, Bitcoin was unveiled by its anonymous inventor, Satoshi Nakamoto. One of the many innovative features of Bitcoin is that it was designed to be inflation-proof as there can only ever be a maximum of 21 million bitcoins. This feature meant that for the first time, the world had a money that could be sent digitally – just like fiat cash – but was guaranteed to have zero inflation. For this reason, Bitcoin has rapidly risen to become a multi-billion pound worldwide phenomenon. But this is only the beginning: Bitcoin is on the verge of becoming a worldwide phenomenon that could change the whole history of money
3,Bitcoin isn’t perfect (although it’s pretty close!):
Bitcoin is already an incredibly powerful form of money, but there are still areas that need development. One key area of focus is making Bitcoin useable for everyday transactions. This challenge is being solved in different ways: Bitcoin-focused exchanges like Coinfloor provide the market with quick, secure and simple access to Bitcoin, while innovations like the Lightning Network enable smaller, peer-to-peer Bitcoin payments to be processed almost instantly. Though the current Bitcoin block chain is not set up to process payments at the speeds required for mass payments, solutions are in the pipeline. Bitcoin isn’t perfect (yet) but it is still the most powerful form of money available today and getting better all the time.
4,Other cryptocurrencies exist but none is compared to Bitcoin:
The invention of Bitcoin inspired the creation of a number of alternative cryptocurrencies. These “altcoins” attempted either to solve different problems or improve upon Bitcoin in some way. Let’s look at some of the key qualities of a world-beating cryptocurrency, and cut through the noise to measure these cryptos against Bitcoin’s standard.
