Bitcoin Is The Most Innovative Technology

Build Your House On The Rock

“Everyone then who hears these words of mine and does them will be like a wise man who built his house on the rock. And the rain fell, and the floods came, and the winds blew and beat on that house, but it did not fall, because it had been founded on the rock. And everyone who hears these words of mine and does not do them will be like a foolish man who built his house on the sand. And the rain fell, and the floods came, and the winds blew and beat against that house, and it fell, and great was the fall of it.” — The Holy Bible. Matthew 7:24–27

“Centralized systems create misaligned incentives and inefficiencies with slow growth and innovation while enriching those in power and screwing over the rest of us. Distributed systems create better outcomes, fairer interactions, and more robust systems.” — Join Dhruv Bansal and Ryan Gentry

Bitcoin is an unstoppable technology.

These are the features of Bitcoin that no altcoin project has:

  • Fixed supply that is not dependent on demand: It´s super salable across time and space. The scarcity of Bitcoin is not a problem for making payments. One Bitcoin is exactly equal to 100,000,000 Satoshis. One Satoshi is 0.00000001 BTC. The conversion factor is 100 million in each case.
  • Monetary policy enforced by a distributed network: This makes for the most secure network in the world. The Bitcoin blockchain is relatively small. Anyone can create a node for the blockchain for about $200 and thereby help to secure the network. On you can find about 10,000 nodes currently running on the Bitcoin network. They are globally distributed. In comparison, the internet has 340 “internet exchange points,” or IXPs.
  • Predictable issuance: You can determine exactly how much bitcoin there is and how much more bitcoin will yet be created. Currently the inflation rate of the Bitcoin network is 1.73%, and moving towards 0% over time. The current stock-to-flow ratio of bitcoin is 57, making bitcoin one of the hardest assets in the world.
  • Open, global, permissionless: It works the same everywhere and Bitcoin is for everybody. Bitcoin has no CEO or company. To use Bitcoin, you only need a smartphone and internet.
  • Technological progress: You can immediately get to the same level of technological development and financial infrastructure as everyone else. Bitcoin’s blockchain is the first layer. Currently, the second and third layers are being developed. At the end of 2021, there will also be a new major software update with new functionalities. Bitcoin can never be duplicated again. Bitcoin has the largest market capitalization, highest liquidity/volume, best known brand, largest network effect, millions of investors and much more.
  • Energy consumption: Bitcoin is difficult to mine and the only relevant proof-of-work network in the world to distribute trust amongst computational power (bitcoin mining). The hash rate increases over time. The energy required to maintain the Bitcoin network is not a bug, rather a feature. This makes Bitcoin the most secure network in the world and virtually impossible to be successfully attacked, especially for any meaningful duration of time. The current ban on bitcoin mining in China is the biggest attack on the Bitcoin network so far. The hash rate has fallen, but Bitcoin has not been destroyed or manipulated. Everything continues as it should.

“Bitcoin enables untrusted individuals to reach distributed consensus by solving the Byzantine General’s Problem with proof-of-work. It is resistant to inflation, seizure, and censorship.” — @Wiz