Let’s be honest. Many people in this space aren’t here for the tech. Bitcoin has made a lot of people a lot of money (and others, well, there are winners and losers in this game).
But while many no-coiners and even some Bitcoiners believe it’s all about the price, they’re missing the wider point. Bitcoin is not a get-rich-quick scheme, it’s a get-free-quick scheme.
Let’s look at the three major reasons for this.
1) You can be your own bank
We’ve seen it play out time after time in various parts of the world. Argentina just announced capital controls on all citizens. They can only buy $200 worth of foreign currency per month for a “temporary” time period following last Sunday’s election.
The people of Lebanon have managed to force Prime Minister Saad Hariri to resign after mass protests of almost two weeks. But they’ve also seen new capital controls and 12 consecutive days of bank closures across the country.
As self-described “crypto patriot”, trader, and influencer Rhythm pointed out:
“It’s not your money if you need permission to use it.”
BREAKING: As of today, Argentina's citizens cannot purchase more than $200 a month via bank account and $100 in cash.
It's not your money if you need permission to use it.
Bitcoin isn't a get rich quick scheme, it's a get free quick scheme.
— Rhythm (@Rhythmtrader) October 28, 2019
Bitcoin provides people with economic freedom and allows them to be custodians of their own wealth. It doesn’t matter if the banks shut down or impose capital controls as long as people can transfer value through Bitcoin and other cryptocurrencies.
More than just a chance to make gains, Bitcoin provides people with an unprecedented level of financial freedom and insurance.
2) Bitcoin is censorship-resistant
There is a saying in the Bitcoin community that you still hear from time to time. “You can take your country out of Bitcoin, but you can’t take Bitcoin out of your country.”
So, what is that saying trying to say? That it doesn’t matter if governments try to ban Bitcoin, people will still be able to access it. Beyond the fact that it’s impossible to write laws against bits and bytes, even if governments made it unlawful, people can still gain access. Bitcoin is censorship-resistant.
People may argue that all you need to shut down Bitcoin is to cut off the internet supply. But that’s no longer true. BTC can be sent via SMS and even broadcast via satellite through one of Blockstream’s five satellites streaming the Bitcoin blockchain from space.
OK, so a government could perhaps shut down the power grid as a last-ditch measure to cut Bitcoin out at the root. However, propelling their country back to the dark ages and generally creating a dystopia is highly unlikely to happen.
3) Its value does not erode over time
As pointed out again by Rhythm, if you’d have had $1,000,000 of Venezuela’s currency in 2013, it would now be worth less than 37 cents.
If you had $1,000,000 of Venezuela's currency in 2013, less than 10 years ago, it'd now be worth less than 37 cents.
The separation of money and state is important as that of church and state.
— Rhythm (@Rhythmtrader) October 29, 2019
More than four million Venezuelans have fled the country in recent years. Their savings have been wiped out by more than 1,000,000% annual inflation.
Bitcoin as a scarce asset is designed to be deflationary in nature and increase in value over time.
Its hard-capped supply means that no one will ever be able to print (or mine) money at will. People will never face the problems of hyperinflation with Bitcoin or watch the purchasing power of their money dilute.
Bitcoin is not a get-rich-quick scheme, it’s about financial freedom
Yes, Bitcoin bull runs and its mammoth price projections are still extremely exciting. Of course, there’s still plenty of money to be made (and lost). But the real point behind Bitcoin is separating money from State.
No one should be able to deny you access to your own money. Bitcoin provides people with financial freedom and the chance to protect their savings from central banks that print money at will and erode their wealth. Bitcoin is not a get-rich-quick scheme, it’s all about getting free.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.