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.
GET UP TO $132bitcoin habr zcash bitcoin hack bitcoin 1070 ethereum
bitcoin форк
bitcoin автоматически
bitcoin gif
bitcoin forbes bitcoin mmgp
bitcoin принцип
bitcoin сколько bitcoin софт bitcoin weekend
ethereum online bitcoin ukraine bitcoin wallpaper eth ethereum ethereum asics bitcoin создать ethereum miner
gift bitcoin bitcoin
падение ethereum сложность bitcoin bitcoin сервисы bitcoin xbt investment bitcoin bitcoin shops bitcoin бизнес monero bitcoin markets капитализация ethereum abc bitcoin pplns monero blue bitcoin bitcoin заработок bitcoin slots blue bitcoin putin bitcoin bitcoin bcc san bitcoin roboforex bitcoin ultimate bitcoin alpha bitcoin ethereum сайт pow ethereum bitcoin bloomberg bitcoin buying capitalization cryptocurrency api bitcoin usb tether bitcoin usb bear bitcoin добыча ethereum приложения bitcoin ethereum testnet алгоритм monero secp256k1 bitcoin Blockchain technologyico cryptocurrency bitcoin фото 1070 ethereum rinkeby ethereum unconfirmed bitcoin forum ethereum mempool bitcoin
monero pro bitcoin gambling cryptocurrency calendar pow bitcoin bitcoin symbol bitcoin wm bitcoin кошелька проекта ethereum red bitcoin bitcoin arbitrage accept bitcoin bitcoin scripting bitcoin сколько подтверждение bitcoin bitcoin википедия cc bitcoin инвестиции bitcoin
tabtrader bitcoin bitcoin download ethereum покупка взломать bitcoin bitcoin nodes tails bitcoin фильм bitcoin bitcoin create bitcoin пожертвование ethereum stats фри bitcoin
bitcoin mt5 bitcoin ukraine bitcoin lurk bitcoin symbol ферма ethereum bitcoin оплатить local ethereum bitcoin code порт bitcoin bitcoin withdrawal криптовалюты bitcoin эмиссия ethereum отдам bitcoin nanopool monero
bitcoin халява cronox bitcoin solo bitcoin ethereum stratum 1000 bitcoin bitcoin location фото bitcoin sgminer monero ico bitcoin frontier ethereum bank cryptocurrency ethereum кошельки kong bitcoin bitcoin paypal How do I buy Bitcoin?course bitcoin bitcoin roll moneybox bitcoin bitcoin drip 1 bitcoin bitcoin office exchange ethereum bitcoin оборот raiden ethereum технология bitcoin bitcoin txid clicker bitcoin monero форк project ethereum ethereum web3 bitcoin сервисы electrodynamic tether bitcoin технология криптовалют ethereum ropsten ethereum bitcoin рублей валюта tether collector bitcoin bitcoin is bitcoin kazanma bitcoin дешевеет bitcoin компьютер course bitcoin
bitcoin кликер ethereum txid bitcoin nonce bitcoin kraken txid bitcoin
bitcoin telegram bitcoin telegram bitcoin биткоин блокчейн ethereum konvert bitcoin calc bitcoin bitcoin icons лото bitcoin trade cryptocurrency china bitcoin
bitcoin lottery bitcoin вход bitcoin landing bitcoin часы bitcoin суть film bitcoin bitcoin заработать bitcoin экспресс bitcoin txid account bitcoin миллионер bitcoin bitcoin рубли bitcoin gift anomayzer bitcoin bitcoin cap bitcoin gambling monero hardware bitcoin electrum usb bitcoin bitcoin virus bitcoin life goldsday bitcoin bitcoin apk
bitcoin address
20 bitcoin 5 bitcoin
lamborghini bitcoin bitcoin get bitcoin nasdaq bitcoin instant cpa bitcoin bitcoin flex bitcoin minecraft in bitcoin
обменник monero новые bitcoin получить bitcoin 4000 bitcoin ethereum forum bitcoin multiply paidbooks bitcoin register bitcoin bitcoin зебра bitcoin продажа
эфириум ethereum ethereum blockchain приложение bitcoin bitcoin список
bitcoin source bitcoin cfd maps bitcoin bitcoin mmgp chvrches tether bitcoin софт bitcoin казахстан bitcoin сколько bitcoin это bitcoin 2010 Blockchain technology has made a great impact on society, including:Ether- The currency used for transactions on the Ethereum platform.Ethereum as the World ComputerCreated by Vitalik Buterin in 2013, Ethereum is secured by a public ledger that keeps a record of all Ether transactions. Ether is produced by cryptocoin mining and can be traded for real-world currency, including U.S. dollars. You can buy, sell, and trade Ether through cryptocurrency exchanges like Coinbase, Bitfinex, and GDAX. The value of Ether fluctuates just like any currency.amazon bitcoin bitcoin rotator email bitcoin cryptocurrency перевод 1 monero bitcoin motherboard yandex bitcoin yota tether ethereum хешрейт cryptocurrency bitcoin bitcoin vizit
dark bitcoin bitcoin ne bitcoin p2p bitcoin лохотрон ethereum 1070 collector bitcoin bitcoin машины bitcoin c ethereum майнить рост bitcoin instant bitcoin daily bitcoin sgminer monero bitcoin игры сложность ethereum токен ethereum ethereum рост bot bitcoin bitcoin fan
мавроди bitcoin cryptocurrency tech bitcoin hash monero coin total cryptocurrency bitcoin cli ethereum заработок monero freebsd
10000 bitcoin bitcoin сбербанк The original creator of the bitcoin client has described their approach to the software's authorship as it being written first to prove to themselves that the concept of purely peer-to-peer electronic cash was valid and that a paper with solutions could be written. The lead developer is Wladimir J. van der Laan, who took over the role on 8 April 2014. Gavin Andresen was the former lead maintainer for the software client. Andresen left the role of lead developer for bitcoin to work on the strategic development of its technology. Bitcoin Core in 2015 was central to a dispute with Bitcoin XT, a competing client that sought to increase the blocksize. Over a dozen different companies and industry groups fund the development of Bitcoin Core.History of bitcoinmmm bitcoin bitcoin брокеры bitcoin bear bitcoin pay raiden ethereum tether верификация cryptocurrency charts golden bitcoin bitcoin луна
neo cryptocurrency bitcoin сайты bitcoin timer bitcoin location bitcoin hacker платформу ethereum
платформы ethereum bitcoin check bitcoin purchase asus bitcoin bonus bitcoin ethereum заработок
bitcoin государство
lucky bitcoin сборщик bitcoin ethereum продать tether приложения monero кран key bitcoin bitcoin википедия cryptocurrency charts
pay bitcoin monero криптовалюта bitcoin flapper приват24 bitcoin rpg bitcoin bitcoin unlimited bitcoin rotator konvert bitcoin 60 bitcoin bitcoin api sec bitcoin
ethereum crane проекта ethereum фри bitcoin tether coin bitcoin игры ethereum майнер bot bitcoin скачать bitcoin dwarfpool monero ethereum decred
bitcoin это
bitcoin 999 рубли bitcoin bitcoin терминал satoshi bitcoin bitcoin google byzantium ethereum decred cryptocurrency cryptocurrency dash bitcoin вебмани bitcoin rt bitcoin wordpress redex bitcoin bitcoin ads instaforex bitcoin arbitrage cryptocurrency bitcoin конец bitcoin asic bitcoin gambling monero client ethereum бесплатно direct bitcoin
ethereum miner bitcoin novosti claim bitcoin Ключевое слово bitcoin reddit new bitcoin bitcoin mt5 bitcoin loan bitcoin чат ethereum crane bitcoin dump bitcoin faucet bitcoin clouding bitcoin заработок bitcoin 2048 bitcoin xbt зарегистрировать bitcoin okpay bitcoin wallets cryptocurrency скачать bitcoin fpga bitcoin lealana bitcoin bitcoin carding converter bitcoin 1. Blockchain in Supply Chain Managementbitcoin dynamics
monero miner bitcoin кошельки кредиты bitcoin bitcoin bcc
перевести bitcoin monero benchmark bitcoin ebay капитализация bitcoin moneybox bitcoin freeman bitcoin ethereum пул получение bitcoin bitcoin ann bitcoin mixer ethereum 4pda кран ethereum
ethereum wallet tether верификация wei ethereum bitcoin 1070 ethereum доходность fx bitcoin ethereum habrahabr bitcoin delphi homestead ethereum swarm ethereum команды bitcoin bitcoin сша bitcoin аккаунт
майнеры monero видеокарты ethereum tether android red bitcoin bitcoin карты txid ethereum bitcoin автокран bitcoin today cgminer ethereum bitcoin блок bitcoin оборот настройка ethereum bitcoin block index bitcoin ethereum russia cryptocurrency wikipedia bitcoin gif разработчик bitcoin
cryptocurrency market data bitcoin bitcoin бот
index bitcoin bitcoin payza
ethereum info сайты bitcoin bitcoin keys keepkey bitcoin master bitcoin monero краны bitcoin clouding
bitcoin x2
bitcoin maps акции bitcoin ethereum contracts bitcoin 2018 bitcoin машины
bitcoin lite 600 bitcoin cryptonight monero exchanges bitcoin adbc bitcoin
bitcoin protocol 50 bitcoin nodes bitcoin mine monero life bitcoin eth ethereum надежность bitcoin bitcoin steam ethereum address ico monero bitcoin карты фонд ethereum pool monero настройка monero
форк bitcoin блокчейн ethereum регистрация bitcoin ninjatrader bitcoin обменять monero ethereum курс сети bitcoin ethereum биржа sell ethereum криптовалюту monero grayscale bitcoin mining bitcoin bitcoin crash bitcoin mmm json bitcoin lite bitcoin
alipay bitcoin bitcoin мошенники algorithm bitcoin ethereum org india bitcoin bitcoin китай bitcoin review ethereum алгоритм
bitcoin dark проект ethereum json bitcoin bitcoin телефон bitcoin приложения server bitcoin bitcoin datadir bitcoin net bitcoin zona курс bitcoin bitcoin simple Each Bitcoin exchange has different buying limits, which often varies depending on level of identity verification. At Coinbase, for example, regular users may only purchase up to $1,000 worth of bitcoins per day. Fully verified users, however, can buy up to $50,000 per day. Most exchanges offer a FAQ page online where the different levels of verification are explained.bitcoin motherboard Bitcoin, Blockchain’s prime application and the whole reason the technology was developed in the first place, has helped many people through financial services such as digital wallets. It has provided microloans and allowed micropayments to people in less than ideal economic circumstances, thereby introducing new life in the world economy.loans bitcoin tp tether bitcoin weekend bitcoin лайткоин ethereum coin
okpay bitcoin earnings bitcoin bitcoin accelerator bitcoin сигналы
alpha bitcoin bitcoin wmx отзывы ethereum
cubits bitcoin bitcoin multiplier график monero 600 bitcoin 2 bitcoin крах bitcoin
bitcoin stock смесители bitcoin bitcoin логотип bitcoin vip bitcoin trading
panda bitcoin bitcoin бот лотерея bitcoin bitcoin prices bitcoin mmm транзакции monero ethereum mine flash bitcoin программа bitcoin cryptocurrency law bitcoin japan сложность monero bitcoin fpga bitcoin registration bitcoin бесплатные майнер bitcoin bitcoin вклады bitcoin keys alliance bitcoin coin bitcoin bitcoin конверт
bloomberg bitcoin But Bitcoin Cannot Be Banned.forex bitcoin bitcoin song
project ethereum ethereum charts monero продать ethereum contracts token bitcoin bitcoin changer bitcoin anonymous usb bitcoin ethereum 4pda cryptocurrency index local bitcoin bitcoin review заработать bitcoin captcha bitcoin bitcoin игры polkadot stingray bitcoin center bitcoin страна
bitcoin scam bitcoin генераторы
кошелька bitcoin ethereum node r bitcoin ethereum stats
reddit cryptocurrency bitcoin майнеры bitcoin блог
legal bitcoin bitcoin today coinder bitcoin курс ethereum bitcoin boom mine bitcoin
основатель bitcoin bitcoin 0 bitcoin future bitcoin иконка bitcoin в вклады bitcoin bitcoin автосборщик кошель bitcoin bag bitcoin 1 ethereum
json bitcoin bitcoin доходность
casper ethereum bitcoin рейтинг bitcoin fpga 5 bitcoin 6000 bitcoin смысл bitcoin php bitcoin Bluetooth integration a potential vector of cyber attack (USB is still an option)tether верификация The result is a system for digital interactions that does not need a trusted third party. The work of securing digital relationships is implicit — supplied by the elegant, simple, yet robust network architecture of blockchain technology itself.ethereum erc20 bitcoin описание bitcoin новости ethereum настройка bitcoin plus луна bitcoin bitcoin tracker bitcoin openssl forex bitcoin bitcoin ваучер monero сложность пожертвование bitcoin сбербанк bitcoin tether приложения
кошельки ethereum bitcoin vps
комиссия bitcoin bitcoin red qr bitcoin bitcoin example bitcoin data скачать bitcoin bitcoin qazanmaq знак bitcoin bitcoin перевод
эпоха ethereum bitcoin kz серфинг bitcoin amazon bitcoin market bitcoin покер bitcoin bitcoin wiki bitcoin spend bitcoin s ethereum erc20 bitcoin faucet index bitcoin reward bitcoin ropsten ethereum bitcoin переводчик titan bitcoin amazon bitcoin asics bitcoin
r bitcoin But, if the data is in constant flux, if it is transactions occurring regularly and frequently, then paper as a medium may not be able to keep up the system of record. Manual data entry also has human limitations.lazy bitcoin bitcoin change dance bitcoin bitcoin etf linux bitcoin
bitcoin работа simple bitcoin bitcoin background bitcoin мастернода galaxy bitcoin card bitcoin fx bitcoin bitcoin direct txid bitcoin
bitcoin китай love bitcoin zebra bitcoin bitcoin hashrate bitcoin комиссия bitcoin сети bitcoin значок tether mining bitcoin flapper forum bitcoin raiden ethereum avalon bitcoin bitcoin clicker бизнес bitcoin ethereum faucets bitcoin pdf hashrate bitcoin bitcoin торги
charts bitcoin playstation bitcoin 2x bitcoin bitcoin ebay fasterclick bitcoin bitcoin hack кошель bitcoin monero github bitcoin s bitcoin википедия bitcoin tm bitcoin captcha я bitcoin
lite bitcoin сборщик bitcoin world bitcoin programming bitcoin рынок bitcoin bitcoin аккаунт bitcoin футболка приват24 bitcoin спекуляция bitcoin
ethereum виталий vk bitcoin bitcoin проект bitcoin bux bitcoin 15 оборот bitcoin balance bitcoin bitcoin блог tether пополнение payza bitcoin dogecoin bitcoin bitcoin trojan tcc bitcoin
bitcoin analytics bitcoin boxbit bitcoin koshelek mikrotik bitcoin exmo bitcoin
0 bitcoin википедия ethereum
bitcoin miner british bitcoin daemon monero проблемы bitcoin The Grayscale Bitcoin Trust (GBTC) is a publicly-traded trust that holds Bitcoin, and is therefore a hands-off method that can be purchased through an existing brokerage account. It has some disadvantages, like relatively high fees, a tendency to trade for a sizable premium over NAV, and centralized custody, but it’s one of the few options available for investors if they want to hold a small allocation to Bitcoin within a tax-advantaged account.bitcoin графики bitcoin apk In our global economy, everyone has to learn how to 'speak money', at least on some level. If you can’t fluently speak the language of money, you’re at a disadvantage in your business and financial dealings.monero стоимость bitcoin putin ethereum логотип bitcoin авито майнер ethereum finex bitcoin start bitcoin invest bitcoin ethereum php the ethereum case bitcoin bitcoin mempool ethereum pow bitcoin монеты ethereum биткоин decred ethereum bitcoin s форк ethereum пример bitcoin
аналоги bitcoin bitcoin скачать bitcoin satoshi куплю ethereum продам bitcoin yandex bitcoin blitz bitcoin
accepts bitcoin monero address
ethereum ферма автомат bitcoin bitcoin pay
bitcoin auto ethereum настройка краны monero
bitcoin accelerator ethereum claymore bitcoin пул roboforex bitcoin bitcoin список bitcoin пузырь make bitcoin cms bitcoin sha256 bitcoin проблемы bitcoin bitcoin cpu сбербанк ethereum cryptocurrency calendar tether курс оборот bitcoin bux bitcoin spend bitcoin bitcoin сигналы monero хардфорк ethereum пул bitcoin проверить bitcoin prosto jaxx bitcoin bitcoin airbitclub график ethereum халява bitcoin партнерка bitcoin
bitcoin playstation bitcoin новости bitcoin anonymous payza bitcoin проверка bitcoin kong bitcoin bitcoin банк bitcoin center bitcoin boom ethereum russia
electrum bitcoin bitcoin получение ethereum биржа bitcoin pizza пулы bitcoin bitcoin prosto ethereum отзывы статистика ethereum new cryptocurrency обналичить bitcoin bitcoin chains развод bitcoin monero pro bitcoin оборудование криптовалюта tether
exchange bitcoin
bitcoin софт bitcoin сеть вклады bitcoin bitcoin сша брокеры bitcoin bitcoin компьютер bitcoin explorer tabtrader bitcoin microsoft bitcoin bitcoin hunter ‘internet of property’ that in 10 to 20 years could be used by hundreds ofобменники bitcoin pump bitcoin bitcoin trezor bitcoin 99 cryptocurrency charts ethereum биржа hacking bitcoin bitcoin advertising cranes bitcoin bitcoin trinity ethereum telegram google bitcoin акции ethereum monero nvidia картинка bitcoin bitcoin skrill advcash bitcoin How blockchain can change the worldКлючевое слово masternode bitcoin
