"Why only Bitcoin Matters — (and why everything else matters less)"

Permissioned ledgers are great payment systems. Bitcoin is digital money. Being that it is a money it is natural that banks or bank-like entities would want to steer clear of Bitcoin. There are very strict laws surrounding the control of who gets to print money, what is legal tender, currency control laws, and Bitcoin turns all of that on it’s head.

Because Bitcoin first and foremost as a permissionless, censorship free, money gives us for the first time in over 80 years, Monetary Sovereignty. What is monetary sovereignty? It’s your basic rights of personal property, applied to your money.

> Bitcoin is unique among its kin. It is the only cryptocurrency to have obtained the status of a money. It got to where it is because when it was still growing nobody, including the bankers and the government, took it seriously. Now that it has grown to a size where the cost of attacking the network is prohibitive even for nation states and proven that a digital money system free from government control can actually work. You can be sure that there is no way any government will ever allow another cryptocurrency to grow to this level of adoption and resistance to federal control again. You only get to fool them once. Bitcoin fooled them. It will not happen again. That is why I don’t believe any other alternative cryptocurrency will ever achieve Bitcoin’s level of widespread adoption.

i don’t know why (yet) but i fully disagree, by instinct :wink:

1 Like

…but totally wrong. It neither is money, nor is it the only cryptocurrency that tried to obtain that status - others were successful!

Let’s see what happens around the coinbase reward halving in approximately 40 weeks from now.

Seriously - where does this person live? In fairy wonder land?
Governments control fiat exit gateways. Governments require taxes to be paid in fiat. That way they control even Bitcoin.
Still Bitcoin could grow, because there was an increasing fear to miss the train.

But I bet governments will start to get interested in using blockchain based transactions (or other open ledger transactions that might come) even for tax payments in the future, because it’s possible to track transactions in difference to fiat! Governments will tolerate that tech to a certain degree (allow tax payments) to track user behaviour and transactions (that can’t be tracked when cash is used). This tolerance is required to make people use Bitcoin or alike when paying for stuff instead of using cash.
Obviously schemes which don’t have pseudonymous transactions and offer privacy will not be tolerated and supported by governments!

I feel pity with this blind belief.


yeap. i was thinking also about these.
governments for sure want to dismiss cash and force transactions to be electronic (visa,btc,…etc). then they can apply a small tax in every transaction and no other tax is needed (no paperworks,no IRS checks, nothing) very cheap and efficient tax system!

State of Bitcoin and Blockchain Q3 2015 from CoinDesk
Consensus 2015 - State of Blockchain from CoinDesk

Ipod wasnt the first mp3 player that got to the masses.
Facebook wasnt the first social network that took off.
Google wasnt the first search engine

Bitcoin was the first but will it stay the facto standard?

1 Like


1 Like