๐ช๐ถ๐๐ต ๐ข๐ป๐น๐ ๐ฎ ๐๐ฒ๐ ๐ง๐ฟ๐ฎ๐ป๐๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฝ๐ฒ๐ฟ ๐ฆ๐ฒ๐ฐ๐ผ๐ป๐ฑ, ๐๐ผ๐ ๐๐ฎ๐ป ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฆ๐ฐ๐ฎ๐น๐ฒ ๐๐ผ ๐ฏ๐ฒ ๐จ๐๐ฒ๐ฑ ๐ฎ๐ ๐๐น๐ผ๐ฏ๐ฎ๐น ๐ ๐ผ๐ป๐ฒ๐?
๐๐ฏ ๐ฆ๐น๐ค๐ฆ๐ณ๐ฑ๐ต ๐ง๐ณ๐ฐ๐ฎ ๐ต๐ฉ๐ฆ ๐ต๐ธ๐ฆ๐ฏ๐ต๐บ-๐ง๐ช๐ณ๐ด๐ต ๐ข๐ฏ๐ฅ ๐๐๐ฃ๐๐ก ๐ค๐ฉ๐ข๐ฑ๐ต๐ฆ๐ณ ๐ฐ๐ง โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, ๐ต๐ฉ๐ฆ ๐ธ๐ฐ๐ณ๐ญ๐ฅโ๐ด ๐ง๐ช๐ณ๐ด๐ต #Ai-๐ฆ๐ฏ๐ฉ๐ข๐ฏ๐ค๐ฆ๐ฅ #Bitcoin ๐ฃ๐ฐ๐ฐ๐ฌ.
This question, which was the first to be asked of Satoshi when he shared the whitepaper, has sparked debates, a Bitcoin โcivil war,โ and a variety of innovative ideas throughout Bitcoinโs lifetime. In this chapter, @Guy Swann, @Svetski, and @Giacomo Zucco shed light on how Bitcoin is already scaling for global adoption so it can truly become the money of the future.
Below is Giacomo Zuccoโs answer, as written in โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ:
๐๐ถ๐ฎ๐ฐ๐ผ๐บ๐ผ ๐ญ๐๐ฐ๐ฐ๐ผโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Bitcoin, as a system, allows for much, much more than just a few transactions per second. Bitcoin, as a digitally scarce asset, can be transacted numerous times and in various ways. So if we want to transact bitcoin in the most expensive possible way, which is also the safest in most use cases, we use the global layer one, the eternal and universal Bitcoin ledger. The ledger is one single, append-only, immutable register of all the participants' transactions that will be forever impossible to reduce and must be downloaded, verified, and stored by every node forever. This process is clearly very expensive and not scalable, so it will primarily serve as a settlement layer for more substantial transactions, which will be required with different kinds of security mechanisms.
Some of these different security mechanisms will still retain a very strong security model, which is not the same as the Bitcoin timechain or blockchain but is still reliable and reasonable in most use cases. For example, a Lightning channel will still give the owner of the keys complete control over the content of the channel. And on a Lightning channel, we can have thousands of transactions per second, without having to use the settlement layer. Therefore, we can achieve good security while facilitating thousands of transactions per second.
However, it's important to note that this provides a different level of security. For example, when using a Lightning channel, we would need to be online occasionally to check that the counterparty will not rob us, which is not the case for on-chain addresses. That said, the on-chain address can be censored or attacked by miners, especially if it's new, while a Lightning channel, even if it's old, can have new transactions happen a few seconds ago, having the same security as a transaction that happened a few months ago. Thus, various risk models are involved. Of course, the cheaper, faster, and more efficient you go, the more you may trade off security โ especially the long-term security โ for your funds. But this is not always true, as in the aforementioned paradox of mining attacks.
To recap, Bitcoin transactions are not only a few per second. Bitcoin transactions are potentially unlimited in number per second. A very specific subset of these Bitcoin transactions, the on-chain, layer-one settlement transactions, are limited to a few per second. Scaling the entire Bitcoin ecosystem within this limitation involves minimizing the use of these on-chain, layer-one settlement transactions and aggregating the demand for transactions outside the blockchain into fewer, consolidated blockchain settlements. So, we need to aggregate many transactions with a different security model into a few settlement transactions that will happen with this very effective โ but very expensive โ security model. Additionally, this approach offers other benefits, as the settlement layer has notable privacy and censorship resistance limitations, unlike many off-chain transaction models.
Giacomo Zucco is an Italian technology entrepreneur and a consultant/teacher for the Bitcoin and Lightning Network protocols. He spends his time supporting projects that he feels might be relevant to the future of Bitcoin, be it as an educator, consultant, entrepreneur, maximalist, or troll. Previously, he was involved in GreenAddress, AssoBIT, BlockchainLab, and Bitcoin Magazine. He's currently advancing Bitcoin via BHB Network, ๐๐๐๐๐ช๐ฎ๐ฆ๐ด, Relai, BCademy, and Notarify.
Stay tuned for an announcement about where you can soon purchase your own copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ!๐
๐๐ถ๐ฎ๐ฐ๐ผ๐บ๐ผ ๐ญ๐๐ฐ๐ฐ๐ผโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Bitcoin, as a system, allows for much, much more than just a few transactions per second. Bitcoin, as a digitally scarce asset, can be transacted numerous times and in various ways. So if we want to transact bitcoin in the most expensive possible way, which is also the safest in most use cases, we use the global layer one, the eternal and universal Bitcoin ledger. The ledger is one single, append-only, immutable register of all the participants' transactions that will be forever impossible to reduce and must be downloaded, verified, and stored by every node forever. This process is clearly very expensive and not scalable, so it will primarily serve as a settlement layer for more substantial transactions, which will be required with different kinds of security mechanisms.
Some of these different security mechanisms will still retain a very strong security model, which is not the same as the Bitcoin timechain or blockchain but is still reliable and reasonable in most use cases. For example, a Lightning channel will still give the owner of the keys complete control over the content of the channel. And on a Lightning channel, we can have thousands of transactions per second, without having to use the settlement layer. Therefore, we can achieve good security while facilitating thousands of transactions per second.
However, it's important to note that this provides a different level of security. For example, when using a Lightning channel, we would need to be online occasionally to check that the counterparty will not rob us, which is not the case for on-chain addresses. That said, the on-chain address can be censored or attacked by miners, especially if it's new, while a Lightning channel, even if it's old, can have new transactions happen a few seconds ago, having the same security as a transaction that happened a few months ago. Thus, various risk models are involved. Of course, the cheaper, faster, and more efficient you go, the more you may trade off security โ especially the long-term security โ for your funds. But this is not always true, as in the aforementioned paradox of mining attacks.
To recap, Bitcoin transactions are not only a few per second. Bitcoin transactions are potentially unlimited in number per second. A very specific subset of these Bitcoin transactions, the on-chain, layer-one settlement transactions, are limited to a few per second. Scaling the entire Bitcoin ecosystem within this limitation involves minimizing the use of these on-chain, layer-one settlement transactions and aggregating the demand for transactions outside the blockchain into fewer, consolidated blockchain settlements. So, we need to aggregate many transactions with a different security model into a few settlement transactions that will happen with this very effective โ but very expensive โ security model. Additionally, this approach offers other benefits, as the settlement layer has notable privacy and censorship resistance limitations, unlike many off-chain transaction models.
Giacomo Zucco is an Italian technology entrepreneur and a consultant/teacher for the Bitcoin and Lightning Network protocols. He spends his time supporting projects that he feels might be relevant to the future of Bitcoin, be it as an educator, consultant, entrepreneur, maximalist, or troll. Previously, he was involved in GreenAddress, AssoBIT, BlockchainLab, and Bitcoin Magazine. He's currently advancing Bitcoin via BHB Network, ๐๐๐๐๐ช๐ฎ๐ฆ๐ด, Relai, BCademy, and Notarify.
Stay tuned for an announcement about where you can soon purchase your own copy of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ!๐
๐๐ฟ๐ฎ๐ฑ ๐ ๐ถ๐น๐น๐โ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
Bitcoin is a savings technology. Bitcoinโs unique properties make it the best vehicle for storing your wealth over long time frames in a world being digitized and where technology makes our lives easier.
When your savings actually grow in purchasing power over time, you spend less in the present to preserve and grow your purchasing power in the future.
Iโm hopeful that Bitcoin will lead to a world with less consumerism, less waste, and smarter financial decisions, resulting in more individuals and families experiencing economic prosperity.
The significant majority of people in the world are already experiencing economic stagnation when you measure purchasing power, not dollars.
Wealth inequality is at record levels, the price of homes is rising while wages are not, and excess savings rates are low.
Weโve been trained to over-borrow and over-consume; we sacrifice a comfortable future for a more pleasurable present.
Bitcoin should help increase financial literacy and lead to more prosperity, reducing economic stagnation on the individual level.
Brad Mills is a lifelong entrepreneur with a focus on product development and marketing. Involved with Bitcoin since 2011 as a miner, entrepreneur, and investor, Brad is a Value Maximalist at his core.
Tune into the ๐๐ข๐จ๐ช๐ค ๐๐ฏ๐ต๐ฆ๐ณ๐ฏ๐ฆ๐ต ๐๐ฐ๐ฏ๐ฆ๐บ podcast to deepen your insight into Bitcoin. Brad interviews industry game changers and shares their stories so you can learn about the deep roots of Bitcoinโs philosophy.
While the decreasing duration of each epoch's final block may appear to be a consequence of rising hashrate, this is not the case. These block times are ๐ฆ๐ฏ๐ต๐ช๐ณ๐ฆ๐ญ๐บ ๐ฅ๐ถ๐ฆ ๐ต๐ฐ ๐ค๐ฉ๐ข๐ฏ๐ค๐ฆ.
The Difficulty Adjustment every 2016 blocks, or about every 2 weeks, keeps blocks within a 10 minute timeframe ๐ถ๐ป ๐ฎ๐ด๐ด๐ฟ๐ฒ๐ด๐ฎ๐๐ฒ, not with each individual block. Some blocks within a difficulty period will be found in mere ๐๐ฒ๐ฐ๐ผ๐ป๐ฑ๐, while others will take an hour or more. But zoomed-out, they tend to take about 10 minutes.
With the next halving only a couple days away, how long do you think block 839999 will last before block 840000 is found?
Leave your guesses in the ๐ฐ๐ผ๐บ๐บ๐ฒ๐ป๐๐!โฌ๏ธ
๐๐ถ๐ฎ๐ฐ๐ผ๐บ๐ผ ๐ญ๐๐ฐ๐ฐ๐ผโ๐ ๐ฎ๐ป๐๐๐ฒ๐ฟ:
It is important to separate the control of money from the state for the same reason that it's important to separate the control of anything from the state. The modern nation-state is a criminal organization, typically characterized by inefficiency, corruption, and moral bankruptcy. For this reason, it's important to separate the state from its control over defense and firearms, healthcare and medicine, and education and information.
But in particular, it's crucial to separate the state's control over the most significant market of all: money. Money constitutes one-half of every trade that has ever occurred on this planet. The global economy has many sectors that are very important, strategic, and relevant, but no sector can be as important as the sector that is exactly one-half of every single economic transaction in every context, in every age, and in every culture, which is money.
If you corrupt money, you can corrupt any other possible market. If you restore money, you can improve and mitigate problems in most other contexts and markets. So, we should separate the state from literally everything because we should separate organized crime from everything. While we should ostracize organized crime in all forms, it is especially crucial in the case of the most important market: money.
Giacomo Zucco is an Italian technology entrepreneur, and a consultant/teacher for the Bitcoin and Lightning Network protocols. He spends his time supporting projects that he feels might be relevant for the future of Bitcoin, be it as an educator, consultant, entrepreneur, maximalist, or troll. Previously he was involved in GreenAddress, AssoBIT, BlockchainLab, and Bitcoin Magazine. He's currently advancing Bitcoin via BHB Network, BTCTimes, Relai, BCademy, and Notarify.
You can still get your hands on multiple copies of โ๐ฎ๐ญ ๐ค๐๐ฒ๐๐๐ถ๐ผ๐ป๐โ, though! Whether itโs hardcover, softcover, digital, or audiobook, ๐ต๐ฉ๐ช๐ด ๐ช๐ด ๐ฉ๐๐ ๐ฃ๐ฐ๐ฐ๐ฌ ๐ต๐ฐ ๐ด๐ฉ๐ข๐ณ๐ฆ ๐ธ๐ช๐ต๐ฉ ๐ง๐ณ๐ช๐ฆ๐ฏ๐ฅ๐ด ๐ข๐ฏ๐ฅ ๐ง๐ข๐ฎ๐ช๐ญ๐บ ๐ธ๐ฉ๐ฆ๐ฏ ๐ฐ๐ณ๐ข๐ฏ๐จ๐ฆ ๐ฑ๐ช๐ญ๐ญ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ๐ฎ.
We curated the top 21 questions that those new to Bitcoin tend to ask, then reached out to some of the most well-known Bitcoiners, like 
Well, we ๐ด๐ข๐บ that today is Satoshiโs birthday only because this is the date he gave for his birth when he created his profile on the P2P Foundation.
Is it ๐ณ๐ฆ๐ข๐ญ๐ญ๐บ his birthday? Perhaps not, but the date does carry with it some fascinating significance.
If today is actually not his birthday, then Satoshi Nakamoto likely chose this date for a couple reasons. ๐ฑ ๐๐ฝ๐ฟ๐ถ๐น marks the anniversary of when the United States President Franklin D. Roosevelt signed Executive Order 6102, in 1933, which prohibited the hoarding of gold by U.S. citizens.
This action essentially ๐ค๐ฐ๐ฏ๐ง๐ช๐ด๐ค๐ข๐ต๐ฆ๐ฅ gold from the general population, and centralized monetary control with the federal government. This event is symbolic of the kind of government overreach and control over money that #Bitcoin seeks to replace by ๐ฝ๐ฟ๐ผ๐๐ถ๐ฑ๐ถ๐ป๐ด ๐ฎ ๐ฑ๐ฒ๐ฐ๐ฒ๐ป๐๐ฟ๐ฎ๐น๐ถ๐๐ฒ๐ฑ ๐ฎ๐ป๐ฑ ๐ฐ๐ฒ๐ป๐๐ผ๐ฟ๐๐ต๐ถ๐ฝ-๐ฟ๐ฒ๐๐ถ๐๐๐ฎ๐ป๐ ๐ณ๐ผ๐ฟ๐บ ๐ผ๐ณ ๐บ๐ผ๐ป๐ฒ๐.
๐ง๐ต๐ฒ ๐๐ฒ๐ฎ๐ฟ ๐ญ๐ต๐ณ๐ฑ ๐บ๐ฎ๐ฟ๐ธ๐ ๐๐ต๐ฒ ๐๐ฒ๐ฎ๐ฟ ๐๐ต๐ฒ๐ป ๐๐บ๐ฒ๐ฟ๐ถ๐ฐ๐ฎ๐ป๐ ๐๐ฒ๐ฟ๐ฒ ๐ผ๐ป๐ฐ๐ฒ ๐ฎ๐ด๐ฎ๐ถ๐ป ๐ฎ๐น๐น๐ผ๐๐ฒ๐ฑ ๐๐ผ ๐ผ๐๐ป ๐ด๐ผ๐น๐ฑ. The ban on gold ownership was lifted on December 31, 1974, effectively allowing citizens to once again own and trade gold as of January 1, 1975. This moment symbolized a return to a ๐ด๐ฆ๐ฎ๐ฃ๐ญ๐ข๐ฏ๐ค๐ฆ of financial freedom and control over one's assets.
Satoshi Nakamoto's choice of this particular date for his pseudonymous birthday, therefore, can be seen as a profound statement on ๐ต๐ฉ๐ฆ ๐ช๐ฎ๐ฑ๐ฐ๐ณ๐ต๐ข๐ฏ๐ค๐ฆ ๐ฐ๐ง ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ด๐ฐ๐ท๐ฆ๐ณ๐ฆ๐ช๐จ๐ฏ๐ต๐บ and ๐ต๐ฉ๐ฆ ๐ณ๐ฐ๐ญ๐ฆ ๐ฐ๐ง ๐๐ช๐ต๐ค๐ฐ๐ช๐ฏ ๐ช๐ฏ ๐ค๐ฉ๐ข๐ญ๐ญ๐ฆ๐ฏ๐จ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ ๐ฆ๐น๐ช๐ด๐ต๐ช๐ฏ๐จ ๐ฎ๐ฐ๐ฏ๐ฆ๐ต๐ข๐ณ๐บ ๐ณ๐ฆ๐จ๐ช๐ฎ๐ฆ.
You are sadly mistaken.
#Bitcoin is not a number on a postit or on anything else; ๐ถ๐'๐ ๐ฎ ๐๐ฒ๐ ๐ผ๐ณ ๐ฟ๐๐น๐ฒ๐ ๐๐ต๐ฎ๐ ๐ฒ๐๐ฒ๐ฟ๐๐ผ๐ป๐ฒ ๐๐๐ถ๐ป๐ด ๐ฏ๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฎ๐ด๐ฟ๐ฒ๐ฒ๐ ๐ผ๐ป. These rules involve a type of mathematical function known as ๐ค๐ณ๐บ๐ฑ๐ต๐ฐ๐จ๐ณ๐ข๐ฑ๐ฉ๐บ, which is easy to solve in one direction, but impossible to solve in the other direction without a brute force guess-and-check. This brute force requires ๐ฟ๐ฒ๐ฎ๐น-๐๐ผ๐ฟ๐น๐ฑ ๐ฒ๐ป๐ฒ๐ฟ๐ด๐ ๐ฒ๐
๐ฝ๐ฒ๐ป๐ฑ๐ถ๐๐๐ฟ๐ฒ, in much the same way that mining gold does, which is why Bitcoin's hashing process has been likened to actual mining.
In this way, Bitcoin relies on 3 things to function: ๐๐ต๐ฒ ๐ด๐ฎ๐บ๐ฒ ๐๐ต๐ฒ๐ผ๐ฟ๐ of its users abiding by its rules, ๐๐ต๐ฒ ๐บ๐ฎ๐๐ต๐ฒ๐บ๐ฎ๐๐ถ๐ฐ๐ฎ๐น ๐ฝ๐ฟ๐ถ๐ป๐ฐ๐ถ๐ฝ๐น๐ฒ๐ of cryptography, and ๐๐ต๐ฒ ๐น๐ฎ๐๐ ๐ผ๐ณ ๐ฝ๐ต๐๐๐ถ๐ฐ๐ in its use of energy. Bitcoin cannot break or neglect these 3 pillars, and ๐ข๐ด ๐ญ๐ฐ๐ฏ๐จ ๐ข๐ด ๐ต๐ฉ๐ฆ๐ด๐ฆ 3 ๐ฆ๐น๐ช๐ด๐ต, ๐๐ช๐ต๐ค๐ฐ๐ช๐ฏ ๐ธ๐ช๐ญ๐ญ ๐ค๐ฐ๐ฏ๐ต๐ช๐ฏ๐ถ๐ฆ ๐ต๐ฐ ๐ง๐ถ๐ฏ๐ค๐ต๐ช๐ฐ๐ฏ.
You said that "๐ฆ๐ท๐ฆ๐ณ๐บ๐ฐ๐ฏ๐ฆ ๐ธ๐ฉ๐ฐ ๐ฃ๐ถ๐บ๐ด ๐ช๐ฏ๐ต๐ฐ ๐ช๐ต ๐ฉ๐ฐ๐ฑ๐ฆ๐ด ๐ฆ๐ท๐ฆ๐ณ๐บ๐ฐ๐ฏ๐ฆ ๐ฆ๐ญ๐ด๐ฆ ๐ธ๐ช๐ญ๐ญ ๐ต๐ฐ๐ฐ." This was also the case with gold, when it was first monetizing thousands of years ago, and is an example of the game theory mentioned above. Like Bitcoin, gold is also built on the 3 pillars of game theory, math (on a quantum level), and physics in order to continue to exist. However, ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ต๐ฎ๐ ๐บ๐ฎ๐ป๐ ๐๐๐ถ๐น๐ถ๐๐ฎ๐ฟ๐ถ๐ฎ๐ป ๐ฎ๐ฑ๐๐ฎ๐ป๐๐ฎ๐ด๐ฒ๐ ๐๐ต๐ฎ๐ ๐ด๐ผ๐น๐ฑ ๐ฑ๐ผ๐ฒ๐ ๐ป๐ผ๐.
It's often said that gold has "intrinsic value", but in reality, ๐ฏ๐ฐ๐ต๐ฉ๐ช๐ฏ๐จ ๐ช๐ด ๐ท๐ข๐ญ๐ถ๐ข๐ฃ๐ญ๐ฆ ๐ช๐ฏ๐ต๐ณ๐ช๐ฏ๐ด๐ช๐ค๐ข๐ญ๐ญ๐บ, ๐ช๐ฏ ๐ข๐ฏ๐ฅ ๐ฐ๐ง ๐ช๐ต๐ด๐ฆ๐ญ๐ง. Value, by definition, ๐บ๐๐๐ come from a beholder who wants something, and sees a means to achieve their desires in the thing they're beholding. Gold's apparent scarcity, durability, beauty and other attributes led to it being valued by anyone who wanted their money to not be easily debased or destroyed, and wanted it to look nice, too.
Gold's beauty may be one of its only advantages over Bitcoin's invisibility (though that invisibility is often an advantage over gold's confiscatability). Bitcoin's many attributes include being:
- ๐ฎ๐ฏ๐๐ผ๐น๐๐๐ฒ๐น๐ ๐๐ฐ๐ฎ๐ฟ๐ฐ๐ฒ (unlike gold, which exists in unknown quantities on Earth, practically infinite quantities throughout the universe, and increases in supply when it increases in price)
- ๐ถ๐ป๐ฑ๐ฒ๐๐๐ฟ๐๐ฐ๐๐ถ๐ฏ๐น๐ฒ (Bitcoin is made of information, so every additional copy of its code make it more durable)
- ๐ฒ๐ฎ๐๐ถ๐น๐ ๐ฑ๐ถ๐๐ถ๐๐ถ๐ฏ๐น๐ฒ (infinitely divisible, if needed, unlike gold, which is very difficult to divide, and can only be divided down to the atomic level)
- ๐ฝ๐ผ๐ฟ๐๐ฎ๐ฏ๐น๐ฒ over ๐ข๐ฏ๐บ communications medium (unlike gold, which is very difficult to transport)
- ๐ฒ๐
๐ฎ๐ฐ๐๐น๐ ๐ฒ๐พ๐๐ฎ๐น ๐ถ๐ป ๐๐ฎ๐น๐๐ฒ ๐๐ผ ๐ผ๐๐ต๐ฒ๐ฟ ๐ฒ๐พ๐๐ฎ๐น ๐๐ป๐ถ๐๐ (unlike gold, which often has minor impurities)
- easily ๐๐ฒ๐ฟ๐ถ๐ณ๐ถ๐ฎ๐ฏ๐น๐ฒ and ๐๐ป๐ฐ๐ผ๐๐ป๐๐ฒ๐ฟ๐ณ๐ฒ๐ถ๐๐ฎ๐ฏ๐น๐ฒ (unlike gold, which has often been faked and is difficult to verify)
- as ๐ฒ๐ฎ๐๐ ๐๐ผ ๐๐๐ผ๐ฟ๐ฒ and ๐ฟ๐ฒ๐๐ถ๐๐๐ฎ๐ป๐ ๐๐ผ ๐ฐ๐ผ๐ป๐ณ๐ถ๐๐ฐ๐ฎ๐๐ถ๐ผ๐ป as writing down or memorizing 12 words (unlike gold, which is difficult to store and easy to confiscate)
- ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฎ๐ฏ๐น๐ฒ (as good as Bitcoin's qualities are today, it will always be improvable, unlike gold, which will forever be merely a metal with an atomic number of 79)
๐๐ป๐๐ผ๐ป๐ฒ ๐๐ต๐ผ ๐๐ฎ๐ป๐๐ ๐๐ต๐ฒ๐๐ฒ ๐ฎ๐๐๐ฟ๐ถ๐ฏ๐๐๐ฒ๐ ๐ถ๐ป ๐๐ต๐ฒ๐ถ๐ฟ ๐บ๐ผ๐ป๐ฒ๐ ๐๐ถ๐น๐น ๐๐ฒ๐ฒ ๐๐ฎ๐น๐๐ฒ ๐ถ๐ป ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป, and see why it's superior to all other forms of money, including gold. ๐ ๐ฐ๐ถ may see more value in a substance that has an ๐ถ๐ฏ๐ฌ๐ฏ๐ฐ๐ธ๐ฏ and ๐ฑ๐ณ๐ข๐ค๐ต๐ช๐ค๐ข๐ญ๐ญ๐บ ๐ช๐ฏ๐ง๐ช๐ฏ๐ช๐ต๐ฆ supply, that ๐ฆ๐น๐ฑ๐ข๐ฏ๐ฅ๐ด ๐ช๐ฏ ๐ด๐ถ๐ฑ๐ฑ๐ญ๐บ when it rises in price, that is ๐ฅ๐ช๐ง๐ง๐ช๐ค๐ถ๐ญ๐ต ๐ต๐ฐ ๐ฅ๐ช๐ท๐ช๐ฅ๐ฆ ๐ข๐ฏ๐ฅ ๐ต๐ณ๐ข๐ฏ๐ด๐ฑ๐ฐ๐ณ๐ต, that is often ๐ฏ๐ฐ๐ต ๐ง๐ถ๐ฏ๐จ๐ช๐ฃ๐ญ๐ฆ, that is ๐ค๐ฐ๐ถ๐ฏ๐ต๐ฆ๐ณ๐ง๐ฆ๐ช๐ต๐ข๐ฃ๐ญ๐ฆ and ๐ฅ๐ช๐ง๐ง๐ช๐ค๐ถ๐ญ๐ต ๐ต๐ฐ ๐ท๐ฆ๐ณ๐ช๐ง๐บ, and that is difficult to store and ๐ฆ๐ข๐ด๐บ ๐ต๐ฐ ๐ค๐ฐ๐ฏ๐ง๐ช๐ด๐ค๐ข๐ต๐ฆ.
If so, then you will value gold more than bitcoin, and that is your right. But ๐ฒ๐๐ฒ๐ฟ๐๐ผ๐ป๐ฒ ๐ฒ๐น๐๐ฒ ๐๐ถ๐น๐น ๐๐ฎ๐น๐๐ฒ ๐ฏ๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ผ๐ฟ๐ฒ ๐๐ต๐ฎ๐ป ๐ด๐ผ๐น๐ฑ, for the tangible advantages it brings to the ways they save and exchange the fruits of their labors. But like the Chinese who, over a century ago, valued silver more than gold, and were left behind by a world that valued gold more than silver, ๐๐ผ๐ ๐๐ถ๐น๐น ๐ฏ๐ฒ ๐๐ถ๐บ๐ถ๐น๐ฎ๐ฟ๐น๐ ๐น๐ฒ๐ณ๐ ๐ฏ๐ฒ๐ต๐ถ๐ป๐ฑ ๐ฏ๐ ๐ฎ ๐๐ผ๐ฟ๐น๐ฑ ๐๐ต๐ฎ๐ ๐ถ๐ ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด๐น๐ ๐๐ฎ๐น๐๐ถ๐ป๐ด ๐ฏ๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐บ๐ผ๐ฟ๐ฒ ๐๐ต๐ฎ๐ป ๐ด๐ผ๐น๐ฑ or anything else that can be used as money.
