Because Bitcoin respects individuals’ security, privacy, and freedom
It enables cryptographically secure, censorship resistant payments across borders. It is the first and only form of absolute digital scarcity and is not controlled by any one person or group. As a result it cannot be interfered with by any world government.
But most importantly, Bitcoin enables you to opt-out of the fiat currency and fractional reserve central banking system, by solving the core trust problems:
One of the most critical consensus rules of Bitcoin is that there will only ever be a maximum of 21,000,000 Bitcoin ever created. After all the Bitcoin is issued, there can never be any new Bitcoin created. Therefore, Bitcoin is a deflationary currency, which prevents people from stealing your money or its value by inflating the money supply.
Bitcoin can only be transferred by using the cryptographic private key which controls the funds. No government or bank or court order can seize funds. There is simply no way to enforce such a decree or order from any “authority”, as Bitcoin does not acknowledge any “authority” within its system. Bitcoin is a fully self-sovereign system, and because of its distributed nature, cannot be shut down. It exists on its own merits, purely because people believe in it.
Bitcoin doesn’t ask for your name or other personally identifiable details. Your identity is cryptographic, not real-world name based. So your identity looks like 1wizSAYSbuyXbt9d8JV8ytm5acqq2TorC and not like “John Smith”.
Additionally, nobody knows who controls the funds in a given Bitcoin address, and new technology is constantly being developed to improve Bitcoin Privacy.
The peer-to-peer Bitcoin network is fully distributed. This means if one node attempts to censor your transaction, they will not succeed unless every node censors your transaction.
To answer the question of if Bitcoin is or is not money, you must first define the term “money”. Unfortunately we use the word “money” to describe several very different complicated concepts, which are all completely separate.
The term “money” actually refers to:
This tweet explains it perfectly:
Bitcoin is completely fungible and works as an excellent Store of Value, just like gold has for thousands of years.
Bitcoin has worked well as a Medium of Exchange for its early adopters. But scaling Bitcoin to a global level that could serve all humans is a big challenge, as the underlying “blockchain” technology does not scale to a global level.
To solve this scaling issue, Satoshi invented the concept of payment channels, and combined with some help from other brilliant computer scientist Cypherpunks who have improved the concept over the past 10 years, we now have the Lightning network, which enables Bitcoin to be used as an excellent Medium of Exchange that can eventually scale to a global level.
Bitcoin’s smallest Unit of Account is named after its creator, the Satoshi. One Bitcoin is equal to 100,000,000 Satoshi. Eventually as more goods and serviced are exchanged for Bitcoin, more people will use Bitcoin or “Sats” as a Unit of Account.
Since Bitcoin was designed to respect and protect individual human rights, specifically the security, privacy, and freedom of money; it would not make a very good System of Control, and cannot be used to oppress people like the fiat currency and central banking system is currently doing very well.
Just like there can only be one global Internet, there can only be one global money, and the new Bitcoin Standard has arrived. Everything else is either an outright scam or a waste of time.
If someone wanted to sell you “The Next Gold”, would you buy it?
Original Source written by wiz