What is bitcoin?
A friend and I had a discussion today about bitcoin and it’s future. During the discussion, he mentioned a few things:
- The critics of bitcoin do not understand the value of bitcoin’s design.
- For the reason, that there is no person that you can point a finger to say he is the developer of bitcoin.
- The supply is based algorithmically based on a geometrically decline function.
- Less and less bitcoin is produced over time. Bitcoin is mined on the same principle of a real mine it gets harder and harder to mine with greater and greater costs.
- Bitcoin’s supply is 21 million is the total of bitcoins and it is the total!
- 85% of the world’s bitcoins have been mined and it will take at least another 100 years to get to 21 million.
Who can stop you from owning bitcoin?
Can anybody stop you from owning bitcoin? Can it only be seized as proceeds of crime? Read this article here. Hence the government does have the ability to do so if you obtained it legal or illegal.
Governments can print Fiat Money governments and circulate more and even more and they do want the monetary policies to be in there favor to regulate and control cryptocurrencies. I am not saying regulations to a certain extent will be bad as long as they are reasonable. However, banning bitcoin all over the globe seems unlikely and there are game plans for those living under such bans at present. You are welcome to read more here.
When I do look at bitcoin it seemed that it had the future in mind and it’s certainly a cut above the rest. There may come policies and regulations but in Crypto Space, it’s most definitely the best investment. The fact that some countries are adopting to it gives a good signal it’s here to stay. Through it all, it got stronger and stronger.
Here is a great YouTube video to watch on this topic.