As days pass by, the need to believe in the technology behind blockchain and its currencies draws closer. From the onset, fiat has always been viewed as a currency that's prone to always lose its value over time because of the government's ability to control it.
Due to the above issue, there have been options for the evolvement of a store of value. Gold for example was best known and used for centuries to store value over a long period of time while retaining its value. Also, oil was known to rescue its adopters from fiat and inflation. But all of these are now stale.
The recent happenings in the world, for example, the war between Ukraine and Russia have proven that the store of value mentioned above also has its downsides.
Different countries have their different fiats and they don't really differ from each other. At the end of the day, they have an unlimited supply, and the central banks of each nation control the printing of their currency, they are physical money and are prone to damage. The new store of value that the world and the next generation will be embracing is Bitcoin. But how are all of these even different from the new store of value of our generation?
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Unlike the stale store of value mentioned above, Bitcoin is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.
Also, Bitcoin has got a limited supply of 21,000,000 bitcoins and will never exceed this amount which even made it scarcer than oil and gas. Another good thing about this new store of value is that it's easy and globally exchanged and used among its adopters regardless of boundaries.
Slowing adopting it
The world is gradually going digital which is another reason Bitcoin suits the current and next generations. With things going digital, activities are efficiently performed. Bitcoin transaction takes a few minutes and is sometimes lesser with lower changes too. But for gold and oil require time and resources to be transferred from one place to the other
Recently, we saw how Bitcoin was used as means of donation for Ukrainians during the war. Donators confidently and effortlessly transferred their donations without having to leave their home or space, and all done in a blink of an eye.
Bitcoin is the right path to a decentralized future. It's the right choice for store of value. I don't own gold or gas but I have Bitcoin as I type this. What's your thought on this?
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