Why does EVERYONE say "Buy Bitcoin?"
Updated: Oct 13, 2021
Bitcoin is NOT cryptocurrency’s Poster Boy although it has been anointed as such. Just because it is the 1st of its kind, doesn't make it the best. A brand new Corvette is a hell of a lot better than Henry Ford's 1st Model A.
All of the other cryptocurrencies, ecosystems and projects are not "shit coins," "alternative coins," Ponzi schemes or going to disappear. People don’t really know what Bitcoin is and although there are some theories/ideas as to who created it, nobody knows the truth with certainty.
Bitcoin is the Most Expensive.
When people “think” of Bitcoin, they’re thinking about that really expensive crypto abbreviated with the symbol $BTC. They don’t see Bitcoin as a “1st generation blockchain technology.” They don’t know that other “forks” or cryptos that use “Bitcoin technology” exist. They want to know if they have Bitcoin how can they spend it or what can they buy with it? They think if they buy Bitcoin they are going to be rich; but don't have any idea how much they would need to invest to one day have $1,000,000 worth of Bitcoin.
Bitcoin is NOT "digital gold" or the "new gold standard."
Bitcoin can and will never be the “global reserve currency.” If you are listening to people like Michael Saylor of MicroStrategy or a Dan Held of Kraken, you are being funneled into what is most advantageous for those investors and their entities. (This isn’t to say that a digital asset/blockchain or ledger technology will not become the world’s global reserve currency or “fiat currency bridge.”) Unless you are playing with big money, Bitcoin is not going to help you or your family because you will be missing much greater opportunities taking place daily elsewhere. Understand that for your $100 or $1000 of Bitcoin to double in value, whatever the current price of one Bitcoin is has to DOUBLE.
The popular narratives and phrases of the day equating Bitcoin to "digital gold" are only because as the price of physical GOLD goes up, Bitcoin historically always goes down. The powers that be, the advocates and whales behind Bitcoin desperately would like to change that. The very expensive “Bitcoin” has virtually ZERO utility as a currency and its value is derived from the large institutions/governments/whales who own it and hold onto it. FIAT or national currencies as well as "Global Wealth" is being transitioned or converted into this new "asset."
Since it’s slow and old, another popular narrative describes it as an “appreciating digital asset” that you are instructed to buy and keep because it is going to be worth $1,000,000 dollars.
Bitcoin was important as the trailblazer. Bitcoin has a very significant and important role as we transition into the Quantum Financial System. But it isn’t the best; it’s not the end-all-be-all; if you don’t have yours “wrapped” in a liquidity pool or staked in some fashion, you are at the mercy of merely making money when it goes up in price. Lastly, if you are interested in making money and hell-bent on investing in Bitcoin; "Bitcoin Cash" or $BCH is a much more attractive and practical option. It is a "fork" that was designed from the onset to operate as a "currency." It is tremendously undervalued at the moment and you have the opportunity to do what Bitcoin has already done, 10X to 1000X your initial investment over time.
#Bitcoin #Crypto #DigitalGold #StorageOfWealth #DigitalAsset #BTC #BCH #Blockchain