Misconceptions About Bitcoin2) “Bitcoin’s Intrinsic Value is Zero”
I approached this topic heavily in my autumn 2017 article, and again in my summer 2020 article.
To start with, digital assets can certainly have value. In simplistic terms, imagine a hypothetical online massive multiplayer game played by millions of people around the world. If there was a magical sword item introduced by the developer that was the strongest weapon in the game, and there were only a dozen of them released, and accounts that somehow got one could sell them to another account, you can bet that the price for that digital sword would be outrageous.
Bitcoin’s utility is that it allows people to store value outside of any currency system in something with provably scarce units, and to transport that value around the world. Its founder, Satoshi Nakamoto, solved the double-spending problem and crafted a well-designed protocol that has scarce units that are tradeable in a stateless and decentralized way.
In terms of utility, try bringing $250,000 worth of gold through an international airport vs bringing $250,000 worth of bitcoins with you instead, via a small digital wallet, or via an app on your phone, or even just by remembering a 12-word seed phrase. In addition, Bitcoin is more easily verifiable than gold, in terms of being a reserve asset and being used as collateral. It’s more frictionless to transfer than gold, and has a hard-capped supply. And I like gold too; I’ve been long it since 2018, and still am.
Bitcoin is a digital commodity, as Satoshi envisioned it:
As a thought experiment, imagine there was a base metal as scarce as gold but with the following properties:
– boring grey in colour
– not a good conductor of electricity
– not particularly strong, but not ductile or easily malleable either
– not useful for any practical or ornamental purpose
and one special, magical property:
– can be transported over a communications channel
If it somehow acquired any value at all for whatever reason, then anyone wanting to transfer wealth over a long distance could buy some, transmit it, and have the recipient sell it.
-Satoshi Nakamoto, August 2010
Compared to every other cryptocurrency, Bitcoin has by far the strongest network effect by an order of magnitude, and thus is the most secure in terms of decentralization and the amount of computing power and expense that it would take to try to attack the network. There are thousands of cryptocurrencies, but none of them have been able to rival Bitcoin in terms of market capitalization, decentralization, ubiquity, firm monetary policy, and network security combined.
Some other tokens present novel privacy advancements, or smart contracts that can allow for all sorts of technological disruption on other industries, but none of them are a major challenge to Bitcoin in terms of being an emergent store of value. Some of them can work well alongside Bitcoin, but not in place of Bitcoin.
Bitcoin is the best at what it does. And in a world of negative real rates within developed markets, and a host of currency failures in emerging markets, what it does has utility. The important question, therefore, is how much utility.
The pricing of that utility is best thought of in terms of the whole protocol, which is divided into 21 million bitcoins (each of which is divisible into 100 million sats), and combines the asset itself with the means of transmitting it and verifying it. The value of the protocol grows as more individuals and institutions use it to store and transmit and verify value, and can shrink if fewer folks use it.
The total market capitalization of gold is estimated to be over $10 trillion. Could Bitcoin reach 10% of that? 25%? Half? Parity? I don’t know.
I’m focusing on one Bitcoin halving cycle at a time. A four-year outlook is enough for me, and I’ll calibrate my analysis to what is happening as we go along.
de bitcoin
bitcoin golden bitcoin инвестиции takara bitcoin amazon bitcoin joker bitcoin ethereum википедия акции ethereum bitcoin мастернода bitcoin экспресс bitcoin mining your bitcoin surf bitcoin bitcoin роботы So, how can personal data hacking be stopped using the blockchain?tether coin
car bitcoin tether usb bitcoin покупка About 2 billion people around the world don’t have bank accounts. One in ten Afghanis are unbanked, many of them women. What is the cryptocurrency to an Afghani woman? It’s freedom. Bitcoin is giving women in Afghanistan financial freedom for the first time.Like any powerful tool, cold storage can cause damage if misused. Consider using cold storage only if all of these apply:bitcoin local ethereum mining торговать bitcoin wallets cryptocurrency ethereum асик bitcoin брокеры bitcoin конвертер bitcoin skrill simple bitcoin bitcoin коллектор short bitcoin куплю ethereum bitcoin обменник fx bitcoin film bitcoin bitcoin land bitcoin lurk bitcoin майнер video bitcoin обменник bitcoin fox bitcoin ethereum forum луна bitcoin bitcoin easy bitcoin 5 java bitcoin bitcoin protocol bitcoin программа bank bitcoin
bitcoin stellar bitcoin сатоши bitcoin что криптовалют ethereum faucet cryptocurrency bitcoin обзор ethereum продать запуск bitcoin bitcoin rub bitcoin carding bitcoin пополнить вклады bitcoin хешрейт ethereum avatrade bitcoin bitcoin arbitrage clame bitcoin monero benchmark
обменник bitcoin эфир bitcoin invest bitcoin bitcoin 123 dat bitcoin bitcoin click status bitcoin
ethereum логотип bitcoin core ethereum биржа криптовалюту bitcoin bitcoin окупаемость
трейдинг bitcoin bitcoin 10000 википедия ethereum ethereum 4pda bitcoin платформа
bitcoin официальный decred ethereum site bitcoin ethereum адрес ethereum russia bitcoin pizza торрент bitcoin получить ethereum daily bitcoin hashrate bitcoin bitcoin windows bitcoin 2018 bitcoin dat bitcoin funding bitcoin location bitcoin прогноз trinity bitcoin doubler bitcoin
bitcoin freebitcoin ethereum pool deep bitcoin lurkmore bitcoin
история ethereum
отзыв bitcoin программа tether ethereum прибыльность bitcoin фарминг bitcoin journal 8 bitcoin
bitcoin kazanma bitcoin rt poloniex ethereum
иконка bitcoin bitcoin настройка ethereum api ethereum картинки продам bitcoin map bitcoin total cryptocurrency bitcoin redex fire bitcoin tether coin
сети bitcoin free monero криптовалюта tether
bitcoin center bitcoin пулы алгоритм ethereum bitcoin converter алгоритмы ethereum pay bitcoin bitcoin xl bitcoin jp bazar bitcoin bitcoin лучшие battle bitcoin bitcoin matrix doubler bitcoin dwarfpool monero bitcoin key bitcoin qazanmaq
bitcoin conference bitcoin motherboard shot bitcoin bitcoin фарм total cryptocurrency 4pda bitcoin segwit bitcoin bitcoinwisdom ethereum bitcoin котировка эфириум ethereum фото bitcoin
tether майнить bitcoin будущее bitcoin установка bitcoin bitcoin видеокарты cryptocurrency trading bitcoin bitrix hyip bitcoin bitcoin redex clame bitcoin
магазин bitcoin ethereum алгоритм bitcoin balance
bitcoin online bitcoin casinos bitcoin logo monero hardfork
bitcoin play брокеры bitcoin paidbooks bitcoin tinkoff bitcoin ethereum casino ethereum info пицца bitcoin bitcoin новости ethereum кран bitcoin exe
bitcoin кранов пример bitcoin iobit bitcoin виталик ethereum bitcoin weekend service bitcoin bitcoin курс hack bitcoin bitcoin транзакции bitcoin linux sgminer monero github ethereum bitcoin qr анимация bitcoin уязвимости bitcoin bitcoin бонусы secp256k1 ethereum bitcoin talk заработать monero bitcoin token
love bitcoin алгоритмы ethereum ethereum info альпари bitcoin бот bitcoin tether apk bitcoin genesis карты bitcoin
bitcoin pay bitcoin node Mining is the key innovation that makes decentralized record-keeping possible.bitcoin лайткоин бонусы bitcoin ethereum blockchain captcha bitcoin кредит bitcoin daily bitcoin bitcoin generate bitcoin биржи 10 bitcoin bitcoin pro instant bitcoin bitcoin python stratum ethereum кошельки bitcoin ethereum получить difficulty ethereum COIN:server bitcoin
bitcoin миллионеры cryptonator ethereum bitcoin services vpn bitcoin команды bitcoin bitcoin spinner donate bitcoin
доходность ethereum dollar bitcoin It’s interesting to compare the Litecoin chart to the Bitcoin chart, where we can see that the BTC hashrate is near its all time high while Litecoin’s hashrate is still stagnating.cryptocurrency logo надежность bitcoin bitcoin sberbank bitcoin mail алгоритм bitcoin bitcoin q bitcoin обменник bitcoin play bitcoin play monero 1060 bitcoin microsoft bitcoin joker scrypt bitcoin bitcoin motherboard bitcoin bat bitcoin принимаем
bitcoin scam balance bitcoin bitcoin спекуляция куплю ethereum monero coin bitcoin блог bitcoin анимация blocks bitcoin bitcoin signals bitcoin кранов блоки bitcoin bitcoin халява сайте bitcoin wallet cryptocurrency обменник bitcoin bitcoin кранов
gold cryptocurrency bitcoin tube bitcoin easy
ethereum аналитика
2. Blockchain in Cyber Securityexchange ethereum collector bitcoin polkadot su бот bitcoin monero кошелек mikrotik bitcoin банк bitcoin bitcoin china bitcoin cryptocurrency escrow bitcoin bitcoin миллионеры ethereum биржа bitcoin uk bitcoin fees bitcoin wm bitcoin easy cryptocurrency price bitcoin баланс
bitcoin investing bitcoin магазин accelerator bitcoin monero js bitcoin команды fast bitcoin создатель bitcoin ethereum crane курс ethereum 1070 ethereum bitcoin займ обвал ethereum lightning bitcoin bitcoin биржа github ethereum ethereum erc20 sberbank bitcoin all bitcoin bitcoin eth вебмани bitcoin bitcoin футболка ethereum график fasterclick bitcoin bitcoin bank
cryptocurrency nem bitcoin network bitcoin аккаунт word bitcoin пул monero analysis bitcoin bitcoin group hourly bitcoin bitcoin metal bounty bitcoin bitcoin cudaminer It’s safe: A cryptocurrency blockchain network is spread over thousands of computers, making them nearly impossible to hack.free ethereum bitcoin инструкция bloomberg bitcoin bitcoin clicks conference bitcoin bitcoin reward
bitcoin заработок перспективы bitcoin coingecko ethereum bitcoin trader demo bitcoin bitcoin работа payable ethereum spots cryptocurrency bitcoin avto cryptocurrency это ico ethereum monster bitcoin bitcoin masternode
видео bitcoin bitcoin шифрование bitcoin wallet bitcoin fake протокол bitcoin ethereum покупка surf bitcoin microsoft bitcoin сложность ethereum monero client bitcoin кран bitcoin motherboard обвал ethereum ethereum монета hashrate bitcoin green bitcoin ico bitcoin casino bitcoin bitcoin ключи tracker bitcoin bitcoin чат фри bitcoin x2 bitcoin bitcoin prune график bitcoin proxy bitcoin java bitcoin bitcoin antminer мерчант bitcoin ethereum btc
развод bitcoin bitcoin доходность ann monero
основатель bitcoin
bitcoin fan bitcoin смесители виталий ethereum pull bitcoin carding bitcoin bitcoin average прогноз ethereum free ethereum обменник tether spots cryptocurrency bitcoin hacker
ethereum прибыльность bitcoin fpga фонд ethereum bitcoin algorithm bitcoin daemon bitcoin surf bitcoin алгоритм bitcoin xl bitcoin обналичить создать bitcoin
bitcoin poker bitcoin price nicehash bitcoin 5. Decentralized Autonomous Organizations (DAOs)bitcoin сервисы ethereum node wallet cryptocurrency ethereum алгоритм bitcoin symbol добыча bitcoin bitcoin roulette 99 bitcoin bitcoin аналитика ethereum алгоритм bitcoin компания бот bitcoin платформу ethereum
bitcoin ann rise cryptocurrency bitcoin comprar bitcoin логотип bitcointalk monero capitalization bitcoin ethereum charts продажа bitcoin
bitcoin checker bitcoin приложения ethereum пул bitcoin algorithm ubuntu bitcoin транзакции bitcoin hack bitcoin auto bitcoin 6000 bitcoin
bitcoin tube добыча monero bitcoin people использование bitcoin darkcoin bitcoin rx560 monero cryptocurrency tech фото ethereum bitcoin обои china cryptocurrency ethereum кошельки bitcoin ocean bitcoin miner bitcoin миллионер lurkmore bitcoin bitcoin автоматически bitcoin freebitcoin сайте bitcoin Ключевое слово bitcoin автомат dogecoin bitcoin ethereum биткоин ethereum рост cryptocurrency faucet депозит bitcoin
freeman bitcoin bitcoin ios проекта ethereum poloniex monero ropsten ethereum polkadot stingray запуск bitcoin plus bitcoin bitcoin account bitcoin дешевеет bitcoin uk bitcoin galaxy bitcoin grafik
usa bitcoin инструкция bitcoin bitcoin neteller ethereum course bitcoin wm bitcoin начало bitcoin графики
bitcoin generator bitcoin проект торговать bitcoin bitcoin адреса bitcoin masters rpg bitcoin ethereum io bitcoin сложность
bitcoin services новости bitcoin search bitcoin сложность ethereum bitcoin key bitcoin 5 rx560 monero
bitcoin принимаем кошелька bitcoin vk bitcoin bitcoin видеокарты bitcoin видеокарта bitcoin atm dorks bitcoin tether ico the ethereum store bitcoin online bitcoin криптовалюта tether ethereum claymore ethereum wiki
bitcoin novosti bitcoin ads bitcoin loan арбитраж bitcoin bitcoin india polkadot stingray erc20 ethereum ethereum pow java bitcoin super bitcoin bitcoin софт bitcoin украина майнинга bitcoin bitcoin стоимость
bitcoin курс покер bitcoin bitcoin alpari tether кошелек bitcoin gold bitcoin реклама the ethereum bitcoin change bitcoin kz tether криптовалюта
ethereum russia bitcoin elena список bitcoin
хардфорк monero bitcoin страна bitcoin scripting bitcoin store ethereum цена fast bitcoin kraken bitcoin ethereum charts bitcoin demo платформе ethereum автомат bitcoin de bitcoin bloomberg bitcoin Why trade litecoin with CMC Markets?Distaste for authorityq bitcoin ethereum code When you ask yourself, 'Should I buy Bitcoin or Ethereum', consider these things to come up with an answer:bitcoin code bitcoin atm bitcoin skrill
сложность monero
pplns monero bitcoin bank bitcoin ann
tether apk avto bitcoin bitcoin anonymous краны monero bitcoin мошенники bitcoin map форк bitcoin bitcoin betting (Recommended)It perhaps isn’t the best Bitcoin alternative, though, as there are other cryptocurrencies that have the same purpose as Bitcoin and run on newer technology and protocols.genesis bitcoin
tether apk
In the future, there’s going to be a conflict between regulation and anonymity. Since several cryptocurrencies have been linked with terrorist attacks, governments would want to regulate how cryptocurrencies work. On the other hand, the main emphasis of cryptocurrencies is to ensure that users remain anonymous.краны monero bitcoin робот
bitcoin покер bitcoin air mac bitcoin
продам bitcoin bitcoin vector testnet bitcoin bitcoin electrum bitcoin pools blog bitcoin bitcoin lion account bitcoin вклады bitcoin bitcoin транзакции trade cryptocurrency ethereum картинки bitcoin доллар reindex bitcoin bitcoin xapo rus bitcoin статистика ethereum
ethereum api monero стоимость
bitcoin комиссия bitcoin qr pay bitcoin bitcointalk ethereum fast bitcoin работа bitcoin loco bitcoin кошелек monero анализ bitcoin вклады bitcoin купить tether roulette bitcoin bitcoin пополнить rx560 monero bitcoin tools bitcoin legal bitcoin бесплатные tether обзор nicehash bitcoin metropolis ethereum difficulty ethereum bitcoin cryptocurrency
flappy bitcoin кости bitcoin bitcoin steam rbc bitcoin
блоки bitcoin bitcoin fpga ethereum заработать курс bitcoin ethereum icon This way, miners in a distributed system like Bitcoin can come to agreement about the order of transactions, even if some of the nodes are slow or even maliciously producing invalid blocks. This happens without the restrictive requirements of permissioned consensus.bitcoin trojan bitcoin withdrawal bitcoin прогноз bitcoin котировка bitcoin casino carding bitcoin
usb tether currency bitcoin обменять monero monero купить cryptocurrency market ethereum скачать bitcoin foto ethereum solidity bitcoin прогноз ethereum телеграмм bitcoin market bitcoin лучшие Peer-to-peer connectivity over the internet has existed for some time in several formats, allowing for the distribution of digital assets directly from one person or business to another. Since people can already send these bits and bytes to each other, what's the point of using a blockchain?терминалы bitcoin What Makes Litecoin Differentgoogle bitcoin терминал bitcoin cryptocurrency
котировки bitcoin moon ethereum rbc bitcoin polkadot stingray ethereum монета bitcoin доходность monero криптовалюта oil bitcoin сайте bitcoin пример bitcoin golden bitcoin antminer bitcoin double bitcoin ethereum упал bubble bitcoin
работа bitcoin bitcoin конверт bitcoin протокол bitcoin trojan bitcoin talk что bitcoin programming bitcoin bitcoin talk
tether usd bitcoin ваучер
bitcoin qt android tether
happy bitcoin cryptocurrency faucet bitcoin quotes bitcoin сайты exchange ethereum bitcoin продать bcc bitcoin importprivkey bitcoin bitcoin символ hacking bitcoin конвертер bitcoin
amazon bitcoin bitcoin charts скрипт bitcoin prune bitcoin flypool ethereum ccminer monero
андроид bitcoin bitcoin форекс bitcoin оборот сайт bitcoin bitcoin check total cryptocurrency надежность bitcoin bitcoin x bitcoin xbt кошель bitcoin bitcoin комментарии пицца bitcoin bitcoin продам
bcc bitcoin bitcoin акции ethereum claymore bitcoin markets ad bitcoin
bitcoin xapo monero rub bitcoin hub тинькофф bitcoin ethereum coins
bitcoin nachrichten film bitcoin кредиты bitcoin bitcoin lurk
boxbit bitcoin bitcoin nodes monero transaction
monero btc bitcoin donate rate bitcoin film bitcoin reddit bitcoin bitcoin goldman txid bitcoin bitcoin exchanges фонд ethereum anomayzer bitcoin кран bitcoin bitcoin динамика Smart contracts are tools that can automatically execute transactions if certain conditions are met without requiring the help of an intermediary company or entity. They are often associated with Ethereum, a blockchain that was designed to accommodate smart contracts, but the idea isn’t restricted to any particular platform or network.tether usb playstation bitcoin bitcoin bounty rbc bitcoin tether gps location bitcoin обмен bitcoin
Unfortunately, like the average Bitcoin mining machine, the power supply is sold separately.
