Some Thoughts About Bitcoin

I love Alien series. In Prometheus movie, two guys bet on a hundred credits, not on a hundred bucks. When I first watched, it sparked me. In 2093, people would use credits, not money. Those credits can be satoshis one day, why not?

BTC/USD is over 10.000 nowadays. Bitcoin is the gold of new economic system. You can say that when we buy gold, we get gold. And what? What do you do with your gold? Do you produce anything? Do you utilize your gold’s conductivity? I don’t think so. You buy gold only because there are other people want to buy gold. Like Bitcoin.

Is Bitcoin’s technology old? Yes, it is. Like gold. Gold is one of the earliest trade material ever but we still use it. This oldness makes Bitcoin minimal, like iPhone. It is the pure and most elementary form of Blockchain. We surely know it always works.

Is Bitcoin trade expensive? Yes, it is. You can’t exchange gold also without fee losses. Even so, people exchange gold.

I believe Bitcoin will be with us for very long time. Bitcoin has something special that called price memory. What will you do if you heard that somebody sells Bitcoin for $10000 today? People would shoot each other to be first to buy. It will be precisely the same on every price level, 5 digits to 6 digits.

Bitcoin has dilemmas and paradoxes, it is like the Mexican standoff in a group of people. Who buys the most expensive Bitcoin will be lost in this game but we are always finding more brave men to buy it. Like gold, exactly.

Edit: I was wrong about price memory. 🙂

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