Let’s go first to the inflation rate. Unlike the unlimited printing of fiat currency, the total supply of bitcoin is capped at 21million. Bitcoin has a reducing rate of inflation, and as soon as the last bitcoin is mined in 2140, the rate of inflation will reach zero. You would no longer be able to create a bitcoin. So, that pretty much takes care of the inflation problem.
Next is the question of the third-party authority. When you transfer money in the current system, it is the banks that actually perform this transfer. They literally update numbers within the two accounts involved in the transfer, subtracting an amount from one and adding it to another. Yes, it is this simple. But then the question remains, how can you do business with people without any authority actually actioning those transactions?
This is where the beauty of Bitcoin comes into play! Bitcoin is a peer-to-peer network. When you do a certain transaction on Bitcoin, the blockchain is updated by all of your peers. It means everyone is an authority in the Bitcoin blockchain. So, if everyone is an authority, that means, technically, no one is the single authority. That is why we never have to worry about central bank regulations when it comes to Bitcoin.
To boil it down, on one side, we have a financial system, which is leading to an insane amount of inflation. A system which is backed by nothing. A system that is completely controlled by a central authority. On the other side, you have a system that has almost no inflation, a peer-to-peer network that has no central authority, and the cherry on the top is that the fees are significantly less in Bitcoin when compared to our current fiat system.
Bitcoin was the best performing asset of the last decade. However, unfortunately, due to the presence of “weak hands” in the crypto community, institutions and principal investors still tend to be more cautious when it comes to investing in bitcoin. They do not really understand how bitcoin is valued. The value of bitcoin actually comes from the worthlessness of our current financial system. The current financial system is doomed to collapse. The currencies of the world are pegged to the dollar and the dollar is not tied to anything. As a result, there is really no limit to the amount of money that the Federal Reserve can print. This is like robbing the people of their money. It reduces purchasing power of the money that was already in circulation and as a result, causes inflation.
Adding to this, a third party like a central bank has the actual control of your money. So, in our current financial system, your money is not really yours. Therefore, the system is bound to crash sooner or later. The solution is something that has no inflation. The answer is a peer-to-peer network without any third party. The answer is Bitcoin. And once Bitcoin starts taking over as a currency, its value will rise tremendously. That’s why it’s still one of the most undervalued assets of our time.
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