https://libertyclick.news/2022/10/01/lcn-opinin-013-john-b-nevin-why-bitcoin/

LCN Opinin’ 013 – John B. Nevin: Why Bitcoin?

Posted on October 1, 2022 by LCNews

The supply of Bitcoins will never change, there will never be more than 21 million, no matter earth’s population.

91% of all Bitcoins that will ever be created have already been created and are in circulation.

There will never be inflation – a hard limit is baked into the Bitcoin protocol.

There are not enough Bitcoins in circulation (21 million) for all millionaires (56 million) to have one, and yet a Bitcoin is currently only worth approximately one car.

Demand for Bitcoin still increases; one can presume this generation of tik-tok streamers will only become more easily accustomed to digital tipping and subscriptions.

Bitcoin is the ‘first mover’ of blockchain. Bitcoin itself will not be responsible for all applications of blockchain technology – but its price and demand will have trust-based correlation with the degree to which the technology beneath it is used across the world.

Bitcoin is a superior product in its infancy within a huge global market. Considering just one use case, PayPal processes ~30 million transactions per day, Bitcoin processes ~400k transactions per day (though uncountable second layer lightning transactions must be considered). Paypal has to build out an entire system of security and identity verification, involving buildings full of employees across the world, while with Bitcoin the security of the transaction is guaranteed by the userbase. (Security is a function of the number of validating nodes in the network.)

The technology behind Bitcoin is perhaps the most useful networking protocol yet. Internet allows communication of information from anyone to anyone, while blockchain allows for provably accurate transfer of information from anyone to anyone. Imagine that scamming technology will become more and more sophisticated until we aren’t even sure a text message we receive is truly from a loved one. Blockchain solves this. Wherever remote information transfer must be provable beyond doubt (messaging, contracts, weather, military, banks, business…) blockchain is the best technology to do it that has ever been invented. The reasons for that are a full course, but it is because it is decentralized and left up to the people who use it rather than all eggs in a centralized, leveragable, and corruptible basket. This is protection from cancel culture in woke H.R. departments and political censorship of messages, posts, and transactions.

Though Bitcoin is far too volatile to be a total currency replacement, it is easily measured against the value of physical gold and silver. Right now, Bitcoin is worth about 11.5 golds, but we all know golds are undervalued 🙂