Words have a lot of power – said the bitcoin community as a whole as the price of bitcoin tumbled a little following President Trump’s harsh (and widely incorrect) criticism of the cryptocurrency. But Donald Trump is not the only person who has voiced his opinion on bitcoin. And the good news is this: for every negative comment about bitcoin and blockchain as a technology, we can show you at least 10 that showcases all the advantages and revolutionary ideas of the crypto that we all know deserves better.
So let’s take a look at some other influential and famous people whose opinion on bitcoin definitely varies from President Trump’s words. (And it will hopefully help us remember why we should stick to people who actually understand what they’re talking about when it comes to cryptocurrencies and blockchain.)
Trump is ‘not a fan of bitcoin’ – it’s still going to change the world
Bitcoin has been praised for a lot of things. Not only did it make (and is still making) a lot of people filthy rich, it also has brought a lot of revolutionary changes to the way we think about money, the global economy and even politics. Bitcoin is not simply an online money – the core idea of a decentralized currency goes way deeper than that.
From its relationship to the government and the current financial authorities, to the way it revolutionizes international payment and the banking system, bitcoin has managed to upset the status quo of some very influential and rich people – who are understandably not happy about that. But bitcoin is just the tip of the iceberg that is the blockchain revolution: the technology itself has the potential to shake whole industries completely – and even crumble them to build something better and more equal.
Peter Thiel, the cofounder of PayPal definitely knows what’s influential in today’s world in terms of online payments. PayPal was also something that revolutionized, maybe not the way we think of money as a whole, but definitely the way we view international payments. With the world getting more and more globalized and interconnected (both in terms of communication and commerce), it is a little ridiculous how the world of international payments and bank transfers is still so outdated and expensive. PayPal started to change that – and now bitcoin also presents a new and alternative way for cheap and secure global payments.
“I do think Bitcoin is the first encrypted money that has the potential to do something like change the world.” Peter Thiel
The internet was the first step, a digital currency was inevitable
And while bitcoin only dates back to 2009, the idea of a digital currency that is free from any sort of national, governmental control is not something we only started thinking about in the last decade. Milton Friedman, a Nobel prize winning economist, has already talked about a reliable e-cash back in 1999.
“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.” Milton Friedman
And this highlights something that the bitcoin community has been advocating for long, long years now. Bitcoin presents a great alternative for international payments – but that’s just one of the many things it does. One of its true powers lies in the fact that it is independent, resistant to inflation and reliable due to decentralization.
These are unfortunately not true for national currencies and inevitably, these are also the things that make bitcoin the enemy in the eyes of those people who are currently benefitting from a government-regulated money. But bitcoin is not linked to any governments – it is no one’s money and everyone’s money at the same time.
Friedman was talking about the internet – we’ve already seen the unbelievable changes the world wide web was able to bring into our lives in the past two decades. Now it’s time for a reliable e-cash: bitcoin is ready for the challenge.
Blockchain: the technology behind bitcoin
And it’s not just bitcoin itself – the technology behind the cryptocurrency probably has more potential than any of us could really understand right now.
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.” Marc Keningsberg
Blockchain does not only serve as the technology that propels bitcoin – it is used in so many different industries and brands from high-end luxury fashion like Louis Vuitton to grocery chains like Walmart, it’s getting hard to keep track of all the companies and businesses who’ve decided to join the revolution. Blockchain technology can be used to secure voting, to prove that a product is genuine or even to improve health and food security. By creating a publicly available, decentralized ledger, blockchain provides a fool-proof way of keeping track of transactions that can’t be tampered with.
And last but not least, there’s one more very important reason why, at the end, we shouldn’t really care about Trump’s words and the consequential bitcoin price drop.
Bitcoin is here to stay
The government and the authorities might try to regulate bitcoin and they might even try to get rid of it. President Trump might even go on more and more bitcoin Twitter rants. But the technology is here and as more and more people start to get involved with the cryptocurrency world, the harder it will be to change and regulate it or even to get rid of it. More and more people realize every single day what decentralization means in this day and age – how in a world that’s getting more and more global and connected every single day, a financial system that’s built on borders and national banks is simply not the way to go.
“Bitcoin will do to banks what email did to the postal industry.” Rick Falkvinge
Bitcoin is transparent and uncensorable. It is decentralized and scarce. No bank or government can go and say ‘hey, we’re taking this money from you, bye now’ or decide to print a bunch of new bank notes and inflate the value of the money you already own.
Trump may not be a fan of bitcoin, and in the future there might be some more very rich people who do not like the change that bitcoin and blockchain is bringing about.
But the thing is this – the revolution has already started and there’s no going back now.