- you can’t break Bitcoin. Simply put, it’s basically like lightning striking rubber (or maybe more accurately, like Wolverine from X-Men)
*** free speech data on the ledger being expressed and sent by individuals.
– freedom is not kept without security of your rights, and safety of your property
- Your Bitcoin is safe, and nearly invincible thanks to cryptographic Signatures. A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin wallet and its private key(s) are linked by some mathematical magic. When your Bitcoin software signs a transaction with the appropriate private key, the whole network can see that the signature matches the bitcoins being spent. However, there is no way for the world to guess your private key to steal your hard-earned bitcoins.***
- Bitcoin gives you security and control over your money: Bitcoin transactions are secured by military-grade cryptography. Nobody can take your money or make a payment on your behalf. So long as you take the required steps to protect your wallet, Bitcoin can give you control over your money and a strong level of protection against many types of fraud.***
- Bitcoin Works anytime, anywhere: Similarly to email, you don’t need to ask recipients you’re sending bitcoin to, to use the same software, wallets or service providers. You just need their bitcoin address and then you can transact with them anytime. The Bitcoin network is always running and never sleeps, even on weekends and holidays. ***
- Bitcoin Solves the Byzantine General’s problem, meaning there’s no miss-communication or cooperation.
- Best example is Bitcoin solving the Double Spend problem: If a malicious user tries to spend their bitcoins to two different recipients at the same time, this is double spending. Bitcoin mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid.
- Everyone is incentivized to follow the rules of the protocol, or else suffer the consequences of hurting the network and destroy their investment***
- Like wack-a-mole, if one Bitcoin node goes down, another one will pop up. The strength and reliance of the distributed, decentralized network, makes Bitcoin resilient and inevitable
- Mining is a distributed consensus system that enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. Activity is confirmed only by very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all the subsequent blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively to the block chain. In this way, no group or individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Name use cases: if it works for them, it works for everyone, sell offs of naive mean people who will scoop up the sale and the value will increase, creating a new, higher price floor!
- For the first time in history, there is a separation of money and state. With Bitcoin, people finally have complete autonomy over their finances. Now, you are 100% in control of your money and future.
- Because Bitcoin is the best money ever, it has the ability to be a tool for freedom to a variety of people, world-wide, for infinite purposes
- Bitcoin is 100% self-sovereign and doesn’t acknowledge any “authority” within its system, and because of its distributed nature, cannot be shut down. It exists on its own merits, purely because people believe in it.
Bitcoin’s public ledger is objective and immutable, meaning it records undeniable truth that can never be changed. People trust it to be fair because it is based on pure mathematics, rather than the human error and corruption of questionable politicians.
Bitcoin is a deflationary currency to combat the government’s use of inflation as a hidden taxation to redistribute earned wealth (AKA the Cantillon Effect). Bitcoin empowers the people by overthrowing the currency printing powers of corrupt governments, and enables individuals to become financially self-sovereign.
- The Bitcoin White Paper unleashed a revolutionary power of cryptography
- The community-driven, free open source software project set in motion the decentralized movement to liberate money from the monopoly of Central banks
- By people across the world voluntarily choosing to run full nodes, each containing a record of every single bitcoin transaction, this network secures this state-less digital cash as a form of FREE SPEECH that BELONGS TO EVERYONE
Without a government or central authority at the helm, controlling supply, “value” is totally open to interpretation. This process of “price discovery,” the primary driver of volatility in bitcoin’s price, also invites speculation (don’t mortgage your house to buy bitcoin) and manipulation
Anonymity and Privacy
Bitcoin purchases between individual users are entirely private: it’s possible for two people to exchange Bitcoins or fractions of coins between wallets simply by exchanging hashes, with no names, email addresses, or any other information. And because the peer-to-peer network uses a new hash for each transaction, it’s more or less impossible to link concurrent purchases to a single user. The nature of the peer-to-peer encrypted network makes it secure from the outside, as well: no one else can see your personal purchases or receipts without first getting access to your wallet.
No Central Governing Authority or Taxes
Because Bitcoin isn’t recognized as an official currency by any country, buying and selling Bitcoins themselves and using them to purchase goods and services isn’t regulated. So anything you buy with Bitcoins is not subject to a standard sales tax, or any other tax that’s normally applied to that item or service. This can be huge economic boon if you’re wealthy enough and interested enough to do a lot of business exclusively in Bitcoin.
Without being subject to most monetary laws, Bitcoin is effectively a barter system. Imagine your current supply of Bitcoins as a gigantic stack of potatoes: if you trade ten thousand potatoes for a new TV, the government won’t ask for a sales tax in the form of eight hundred potatoes. It simply isn’t equipped to handle any transactions not performed in its own currency.
Why use Bitcoin?
Bitcoin is often hailed as the future of the monetary world for a variety of reasons.
- It’s decentralized – brings power back to the people. Launched just a year after the 2008 financial crises, Bitcoin has attracted many people who see the current financial system as unsustainable. This factor has won the hearts of those who view politicians and government with suspicion.
- Freedom. – The concept that one could carry millions or billions of dollars in Bitcoin across borders, pay for anything at any time, and not have to wait on extended bank delays is a major selling point.
- Security – Bitcoin payments don’t necessarily need to be tied to one’s personal information. Since personal information is left out of the transactions, users aren’t as exposed to threats such as identity theft. Bitcoin can also be backed up and encrypted to ensure the security of your money.
- A Better Option- Cheap and efficient alternative to legacy rails. The financial system is outdated and broken. Bitcoin enables Low Transaction Fees. Banks and companies like PayPal charge to send and receive money. Bitcoin replaces the 2.5% “transaction fee” with one that’s only a fraction of that.
The Immutable Ledger. Bitcoin’s blockchain public ledger is objective. People trust it to be fair because it is based on pure mathematics, rather than the human error and corruption of questionable politicians.
It’s believed that Bitcoin was designed to become a deflationary currency to combat the government’s use of inflation as a hidden taxation to redistribute earned wealth (AKA the Cantillon Effect). Bitcoin empowers the people by overthrowing the currency printing powers of corrupt governments, and enables individuals to become financially self-sovereign.