Bitcoin continues to rise in popularity, and a whopping 67% of millennials believe it’s the best safe-haven asset!
So now, the question is, are you going to buy Bitcoin? Ever since Bitcoin became more mainstream, it’s likely that you’ve asked yourself should I buy Bitcoin more often nowadays.
This detailed guide will teach you what is Bitcoin and whether you should invest in Bitcoin, among other assets. Make sure you consult your financial advisor before you purchase Bitcoin.
Here’s what to know before you invest in Bitcoin:
Should I Buy Bitcoin? Should I Buy Crypto?
You might be confused by the above headline if you’re a newcomer to the world of Bitcoin. After all, aren’t Bitcoin and cryptocurrency the same thing?
While ‘Bitcoin’ and ‘cryptocurrency’ are often used as if they mean the same thing, there’s an important distinction to note. Bitcoin refers only to one digital currency, with the acronym BTC.
Cryptocurrency is another term for ‘altcoins’ which is a blanket term for all digital currencies that aren’t Bitcoin. This can include but is not limited to, Bitcoin Cash (BCH), Ethereum (ETH), and Dogecoin (DOGE), among many others.
When deciding to purchase Bitcoin, the trend is increasingly in favor of focusing mainly on buying Bitcoin. You can look for more info to understand how Bitcoin works.
Let’s look deeper into why the trend toward only buying Bitcoin is increasing.
A focus on only buying Bitcoin is known as ‘Bitcoin Maximalism.’ This philosophical viewpoint has become more popular since Bitcoin remains the most popular virtual currency.
It’s also become more popular in the light of scams surrounding crypto companies such as Celsius and FTX.
The main distinction that one must understand is that Bitcoin isn’t controlled, whereas crypto is.
Bitcoin was created by Satoshi Nakamoto, and he programmed it so that neither he nor anyone else could change the code. It’s impossible to create more than 21 million Bitcoins, for example.
This isn’t the case for crypto, as they are controlled by companies. Right now, there’s a maximum supply of 21 million Ether, for example. However, since it’s controlled by the Ethereum Foundation, they can always increase the supply if they wish.
This means that crypto isn’t so different than the fiat currency that you use. But rather than getting controlled by a central bank, it’s controlled by a private company. In many cases, however, these private companies might have oversight from governments and international organizations.
The Philosophy of Bitcoin
In the previous section, there was a brief mention of the philosophical viewpoint of Bitcoin.
This is one of the many reasons why Bitcoin outshines crypto. Crypto is seen as an investment asset or as a form of currency. Bitcoin is also seen in the same way, but there is also a deeper philosophy behind it.
One of the most popular books about Bitcoin, for example, is Thank God for Bitcoin. The words ‘Thank God’ aren’t used lightly within the context of the book.
Many believe that Bitcoin is the only perfect form of money. Therefore, they see it as a gift from God. Likewise, Bitcoin writer and philosopher Gigi has written at length about how Bitcoin has shaped his worldview in his book 21 Lessons.
The deeper meaning behind Bitcoin is what leads many people down the rabbit hole toward Bitcoin Maximalism. These philosophical writings, along with technical writings, are what have contributed to Bitcoin’s popularity.
For the remaining half of our guide, let’s explore some of these topics so you can decide whether you want to purchase Bitcoin.
Bitcoin Is Control of One’s Wealth
For many everyday citizens, Bitcoin represents freedom from the control of their central bank.
For example, if you live in the First World, you might not see the immediate use case for Bitcoin. But would you feel the same way if you lived in Iran?
To give you context: Iranians don’t have access to the US Dollar, which is the world’s reserve currency. Their own currency has undergone massive inflation, so it’s a weak store of value.
Bitcoin is a great alternative for Iranians and countless others. The fact that one can’t create more than 21 million Bitcoins means that its’ value can’t get diminished by inflation.
While governments want to quash Bitcoin, they haven’t succeeded. They’d have to turn off the internet and even electricity to prevent their citizens from accessing Bitcoin.
Bitcoin Protects Freedom of Speech
During the lockdowns in Canada, many truckers protested against the restrictions and had their bank accounts frozen.
But a government or bank can’t freeze one’s Bitcoin holdings as long as they hold it on a cold wallet. This means that Bitcoin protects freedom of speech. Governments and corporations can punish people who don’t express thoughts that fit the party line.
But with Bitcoin, one can express one’s thoughts without having to worry about paying a fine for it or losing access to their money.
Bitcoin Creates Opportunities
Let’s return to the previous scenario of the Iranians living under sanctions. What happens if you want to give to a particular charity in Iran? Or if you want to hire a freelancer from Venezuela?
These tyrannical governments can steal the donations and wages that you send. This is because fiat currencies have to get sent via banking institutions. These banking institutions are always controlled by governments.
But Bitcoin can’t get intercepted. You don’t need to deal with an intermediary that’s controlled by outside forces. This is likely to be Bitcoin’s biggest appeal and will further its adoption.
Invest In Bitcoin Today
Now you know the answer to “should I buy Bitcoin?” and it’s an astounding yes.
Bitcoin stands apart from crypto as it can’t get controlled or edited by others. Bitcoin maximalism is growing as more users realize that it’s the only virtual currency that matters.
Bitcoin lets you control your wealth, protects your free speech, and creates opportunities for you and others. The philosophy behind Bitcoin is rich, and this will cause it to become even more popular.
Want to learn more? You can find more articles about Bitcoin on our website.