I'm sure you've heard a lot of bad news in the crypto space lately with all the FUD from people like Nouriel Roubini and real life Wolf of Wallstreet, Jordan Belfort. The media has been harsh. Bitcoin was called by many names; scam, speculative asset, ponzi scheme.
TL;DR? Watch this video you will be entertained.
The Wolf of Wall Street said bitcoin has no real value. Let's take a step back.
What exactly is real value. Safe to assume he meant what economists call intrinsic value.. let's analyze its definition. "Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, using fundamental analysis." Now, let's focus on intangible factors. Bitcoin is technically an intangible asset. So what value does Bitcoin bring?
According to the whitepaper, the purpose of Bitcoin is to disintermediate our finances from banks and other institutions.
Now another important question that arises.. do we really need to remove these middlemen? These intermediaries from our finances?
Are you happy with the services provided by your banks? Is it easy and cheap to send cross-border transactions. How about paypal? All good? Low fees? If you're answer to most of that is yes then you must be living in a country with a good financial system. But please think about the majority of the world that are living in a broken one.
In most places of the world, people have very limited access to traditional financial institutions. They don't make it easy for people either. It's just not practical to offer a bank account to say,, a goat farmer from Bangladesh. They don't do that. The obstacles are just too great to handle, the legal requirments too difficult to attain for the unbanked.
Do they have to deal with a system of financial exclusion forever? Bitcoin can solve this problem and it requires only 2 things: a device that could connect to its network and the ability to memorize 12 words. With that they can now participate in the global economy. Think how empowering that is.
Now this doesn't mean that developed countries are free from crisis, apparently. Traditional financial instruments designed in the 1950s like credit cards are not suited for ecommerce and our digital lifestyle. Many people suffer from chargebacked transactions, identity theft, stolen credit cards, overcharged by merchants, and all the bureaucratic problems brought about by these financial payment processors
Another value that Bitcoin brings is censorship-resistance. The internet is getting less welcoming as more government and organizations and even self-interest groups putting up imaginary rules and using their power or influence to impose their will on others.
Recently Patreon, a platform for creators to earn revenue from their content, removed one of its users Sargon of Akkad without warning.
As a result, there's a growing concern among creators and subscribers that Patreon and other centralized platforms are maybe applying their reules selectively as a means of political coercion. But it doesn't stop there. Payment processors like Paypal and Stripe are just as guilty.
After the incident with Patreon a number of content creators switched to an alternative platform Subscribestar, which vowed not to violate creator's freedom. After a while Subscribestar's growth was hindered when they announced Paypal stopped working with them.
Incidents like this are happening again and again and it will continue to do so. But believe it or not there is an even bigger censorship problem.
Recently the EU voted in favor a new copyright directive called Article 13. It is designed to update existing copyright laws for the internet age and is also dubbed the "MEME ban".
Now imagine if youtube was built on a decentralized immutable platform like Bitcoin, assuming it works well enough. In that case, creators would laugh at Article 13, because there's nothing that it could do to take down youtube.
Now it is understandable that many investors have grown impatient with Bitcoin. It's been 10 years yet it's still not good enough as a currency it is too volatile; the fees are expensive especially last December 2017.
Let me put you back to perspective.
Bitcoin is 10 years old. The Dollar is 220 years old. Bitcoin was worth 10 cents once and now its fluctuating between 3 to 5 thousand. The dollar was once worth 25 grams of pure silver. Now its barely worth a burger.
And frankly Bitcoin worked before. Back when there wasn't a lot of people the whole network was fast and cheap; a global decentralized peer-to-peer currency but that changed when it grew to too many users, it couldn't handle the load as well as before and till now scalability is an ongoing development.
Because there are a lot of very talented people working in the crypto space and it is growinging fast.
That means its being taken cared of. There are more than a hunder different people working on Bitcoin and Lightning Network as we speak; And that's regardless of the price. People get so caught up in the price all the time and that's understandable. Most people come into this space because of greed and that's okay, that's human nature to want more things for oneself, that's how we survived but it's more beneficial especially if you are here long term to recognize the fundamentals.
The fundamentals are getting stronger as more progress have been made by talented people all over the world. Bitcoin's intrinsic value is the amalgamation of the platform, its users, and its development; and those things are inseparable. That's what makes Bitcoin the number one candidate for the global currency that is to come. That is the real Lambo. The real moon.
My name is Evan Ezquer and I am a crypto investor and youtuber