20 Things Most People Get Wrong about Bitcoin – Miyagi Mornings Epi-153
If for any reason the Odysee video above does not play well for you, the back up YouTube version is here.
On a daily basis I hear or read people make claims about Bitcoin that have no basis in reality. From energy usage, to “backed by nothing” and more. Bitcoin is honestly the most misunderstood and slandered asset in existence today. It is not going away and those that continue to ignore it, do so at their own loss. But today I will explain 20 facts about Bitcoin that should help you understand why everyone should own at least some of the OG crypto.
- 1. Bitcoin is Backed by Security, Technology and Energy
- 2. Bitcoin is not “bad for the environment”
- 3. Bitcoin becomes more intrinsically valuable over time
- 4. Bitcoin transactions are not “expensive”
- 5. Bitcoin transactions are not “slow”
- 6. Bitcoins are not held in “accounts” well unless you are stupid anyway
- 7. Bitcoin has never been hacked
- 8. Bitcoin is in no way a “Ponzi scheme”
- 9. Bitcoin is not helpful to the governments desire for a central bank digital currency
- 10. Buying and holding bitcoin does not create a tax obligation
- 11. You do not have to be rich to invest in bitcoin
- 12. Bitcoin is a bad solution for illegal activities at any meaningful scale
- 13. Bitcoins code has been “audited” by 10s of thousands of independent programmers it is not a CIA trap
- 14. Governments “banning bitcoin” is not doable in the real world
- 15. The majority of bitcoin does not come from China, nor would it matter if it were true anyway
- 16. Even if Bitcoin went to 10 million dollars a coin, it could still be moved in 10 cent units
- 17. Bitcoin can be borrowed against for extremely low interest rates for a tax free retirement income
- 18. New technology for Bitcoin is being developed daily
- 19. The amount of new bitcoin is cut in half roughly every four years with an absolute cap of 21 million bitcoins. 328,500 bitcoins will be mined total in 2021 in 2024 that number again will halve.
- 20. The real reasons Bitcoin isn’t spent are tax implications and most people are not paid in it this actually increases pricing stability.
Resources for this Episode
- Flag Featured in this video is here – https://amzn.to/36wGHXK
- Microphone I use – https://amzn.to/3AXdS4C
- Polarity Telegram Group – https://t.me/polarityexchange
- Get Strike – https://strike.me/
- The Poly Network Hack – https://bit.ly/3ABBR8v
- Ledger Nano X – https://amzn.to/3lYotaz
- Ledger Nano S – https://amzn.to/3lQx9ji
- Trezor One – https://amzn.to/2X9z0oY
- Trezor Model T – https://amzn.to/2Xe87QN
- Exodus Wallet – https://www.exodus.com/
- Jaxx Wallet – https://jaxx.io/
Can you expound a bit more (in laymens terms/ break down further) on how Bitcoin is backed by “security, technology & energy”?) This is very hard for me to grasp in that i am a concrete minded individual, know very little about the technical aspects
of economics & its terminology.
Jack, nevermind…i just explored and found your other miagi morning episodes where you did just that…explaiing how its backed, etc.
A
See it makes perfect sense doesn’t it?
If the central banks will have moved completely to digital currency and cash will not be accepted any longer – how do you think one can by bitcoin or other crypto currency with cash?
Whoever would sell you crypto would be stupid to take your cash in exchange.
Well I never said at that point you would be able to. I said you can do that now, of course no one would take cash if it was no longer usable, you would however have a window to dispose of it. They’d have to allow that, just for themselves if nothing else.
Again right now this moment less than 3% of USD even exists as cash. Honestly that number is from 2011 so by now I bet it is well under 1.5.
What will happen to the network in many many years when all bitcoins are mined?
Will it break down or will miners continue to maintain it and be paid then with existing bitcoin?
Right now miners make most of their money from fees already. The more valuable BTC becomes the more value there is in fees.
Here is a decent write up on it https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/
I think this would be a lot like saying but what happens when the last ounce of gold is mined as though that would be bad for those holding gold. Difference is we know exactly when new BTC runs out, 2040. Conversely there is a shit ton of gold left to be mined.