Bitcoin revolution has come a long way since Satoshi Nakamoto created it in late 2008. It is controlled by over 125 million users as of the time of writing.
Bitcoin is owned by just over 1% of the world’s population. There are only about 1% of people who truly understand exactly how Bitcoin works and why it is there.
The Bitcoin revolution has a long way to go before it can fully realize its mission, which is to provide an alternative to the existing monetary and financial systems. This alternative will be developed and supported by the people themselves.
There are 8 misconceptions that people from the general public need to shake off in order to embrace the Bitcoin revolution. In this article, I detail these misconceptions.
“Bitcoin has no intrinsic value”
It is not the intrinsic properties of a good which determine its value, nor is it its production costs that determine its value, but rather it is the importance one places on a good in realization of his desired ends.”
When you comprehend this theory, you will realize that the US dollar and any fiat money have no inherent value. The general public believes that these fiat currencies are valuable, therefore they have value. Governments are there to provide the guarantee that makes the general public buy into this idea.
“Bitcoin revolution is far too complicated for the general public to adopt.”
Using the Bitcoin network is no more complicated than using the Internet. You don’t need to know the details of HTTP or TCP/IP to use the Internet. You may listen to web developers who tell you about these technologies, but you simply use the Internet because it makes your life easier.
The same will happen with Bitcoin. While the user experience will continue to improve, those who embrace Bitcoin will not be interested in the underlying technology. Bitcoin will simply become the native currency of the Internet.
“Bitcoin is too slow to be a widespread means of payment in everyday life”
Bitcoin will be used in everyday life through layer 2 solutions like the Lightning Network. In El Salvador, bitcoin has become part of everyday life through layer 2 solutions. Transactions are instantaneous and free with Lightning Network.
The main Bitcoin network may close open channels from time to time. Fast transactions are not necessary for this to happen.
By the time you understand the basic mechanics of a Bitcoin, you will never be able to say that buying your morning coffee in Bitcoin is impossible.