Bitcoin is a digital currency that operates on a decentralized network of computers, without the need for intermediaries or central authorities. Bitcoin is often referred to as the “internet of money” because it enables peer-to-peer transactions across the globe, without borders or barriers.
But Bitcoin is more than just a payment system. It is also a form of digital asset that can store value over time, independent of any government or corporation. I will explain why Bitcoin is “empowering” and “internet store of value”, and how it can benefit individuals and society.
Bitcoin is empowering because it gives users full control over their own money. Unlike traditional currencies, which are issued and controlled by central banks, Bitcoin is created and distributed by the network of users, following a set of rules that are transparent and verifiable.
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Users can send and receive bitcoins without intermediaries, fees, censorship, or restrictions. Users can also choose their own level of security and privacy, depending on how they store and use their bitcoins. Bitcoin empowers users to be their own bank, and to participate in a global and open financial system.
For example, Alice is a freelance writer who lives in Nigeria. She works for clients from different countries, who pay her in different currencies. She used to face many challenges when receiving her payments, such as high fees, delays, exchange rate fluctuations, and fraud. She also had to deal with the instability and inflation of her local currency, the naira.
But ever since she started using Bitcoin, she has been able to receive her payments faster, cheaper, and more securely. She can also save her earnings in Bitcoin, which preserves her purchasing power and gives her more financial freedom.
Bitcoin is internet store of value because it has the properties of sound money. Sound money is money that has a limited supply, is durable, divisible, portable, fungible, and recognizable. Bitcoin has all these properties, and more. Bitcoin has a fixed supply of 21 million units, which ensures its scarcity and protects its purchasing power from inflation.
Bitcoin is durable because it exists as digital information that cannot be destroyed or corrupted. Bitcoin is divisible because each unit can be split into 100 million smaller units, called satoshis. Bitcoin is portable because it can be transferred anywhere in the world with an internet connection.
Bitcoin is fungible because each unit is interchangeable and indistinguishable from another. Bitcoin is recognizable because it has a unique and recognizable code that can be verified by anyone.
Bitcoin is not only a store of value, but also a growing one. Bitcoin’s value is determined by the supply and demand of the market, not by the whims of governments or corporations. Bitcoin’s value has increased over time, as more people adopt it and recognize its potential.
Bitcoin’s value is also supported by its network effect, which means that the more users and applications it has, the more valuable and useful it becomes. Bitcoin’s value is also enhanced by its innovation and improvement, which means that the network constantly evolves and adapts to new challenges and opportunities.
For example, Bob is an investor who believes in the long-term potential of Bitcoin. He started buying bitcoins in 2014, when they were worth around $500 each. He held on to his bitcoins through the ups and downs of the market, ignoring the short-term volatility and focusing on the long-term trend.
Today, his bitcoins are worth over $40,000 each, giving him a return of over 8000%. He plans to keep holding his bitcoins for the foreseeable future, as he expects them to appreciate even more as more people discover and use them.
Bitcoin is empowering and internet store of value because it offers a new way of thinking about money and finance. It challenges the status quo and opens up new possibilities for individuals and society.
It enables people to have more freedom, choice, and opportunity in their economic lives. It also creates a more fair, inclusive, and resilient financial system that can serve the needs of everyone.
For example, Carol is a social activist who cares about human rights and environmental issues. She supports various causes and organizations that work to make the world a better place. She uses Bitcoin to donate to these causes and organizations, as well as to support other activists around the world who face oppression or censorship from their governments or corporations.
She also uses Bitcoin to raise awareness and educate others about the benefits and potential of this technology. She believes that Bitcoin can empower people to create positive change in the world.
These are just some examples of how Bitcoin is empowering and internet store of value for different people in different situations. There are many more stories and use cases that illustrate the power and potential of this technology.