$BTC is set to disrupt the current global financial system?
But how?
Learn the basics of BTC and its impact.
>> Thread🧵 <<
But how?
Learn the basics of BTC and its impact.
>> Thread🧵 <<
Summary:
1. What is $BTC?
2. The Control of Money
3. Limited Supply
4. Unstoppable
5. Transparency
6. Less able for crimes
7. No Middleman
8. Security
9. Beyond Borders
10. Adoption
1. What is $BTC?
2. The Control of Money
3. Limited Supply
4. Unstoppable
5. Transparency
6. Less able for crimes
7. No Middleman
8. Security
9. Beyond Borders
10. Adoption
What is $BTC?
Bitcoin is the first cryptocurrency.
Its creator is unknown:
pseudonym Satoshi Nakamoto.
It uses an open ledger network: everyone can see the flow of money.
The network is called a blockchain.
It's both secured and decentralized.
But why?
Bitcoin is the first cryptocurrency.
Its creator is unknown:
pseudonym Satoshi Nakamoto.
It uses an open ledger network: everyone can see the flow of money.
The network is called a blockchain.
It's both secured and decentralized.
But why?
The control of money:
Money and currency has been centralized wherever societies have emerged.
They can change the rule around money as they see fit...
This often leads to printing more money to fill their own pockets...
This devalues the currency: inflation.
Also...
Money and currency has been centralized wherever societies have emerged.
They can change the rule around money as they see fit...
This often leads to printing more money to fill their own pockets...
This devalues the currency: inflation.
Also...
As USD is the current global reserve, the US have an economic advantage over other nations.
If $BTC replaced USD as the global reserve currency, no nation would have this advantage.
There are many other cryptocurrencies but BTC has the most decentralized network: This is key.
If $BTC replaced USD as the global reserve currency, no nation would have this advantage.
There are many other cryptocurrencies but BTC has the most decentralized network: This is key.
Limited supply:
New bitcoin comes into circulation from mining - mentioned below.
Bitcoin has a max supply of 21 million:
No more than 21 million Bitcoin will ever exist.
It's scarce and will remain so...
New bitcoin comes into circulation from mining - mentioned below.
Bitcoin has a max supply of 21 million:
No more than 21 million Bitcoin will ever exist.
It's scarce and will remain so...
There's nothing scarce about fiat currency.
Check it out in my recent thread.
Then come back to this thread.
Check it out in my recent thread.
Then come back to this thread.
Unstoppable:
Bitcoin is the most decentralized network known to man.
No government or entity can shut it down.
As long as people are supporting the network - it stays.
This gives it longevity.
This is not true for fiat money...
Bitcoin is the most decentralized network known to man.
No government or entity can shut it down.
As long as people are supporting the network - it stays.
This gives it longevity.
This is not true for fiat money...
A government can suddenly stop their currency.
They also can take control of people's money at will.
Why should you care?
Well...
If you ever land yourself on the wrong side of government for what you believe in, chances are you'll lose control of your money.
They also can take control of people's money at will.
Why should you care?
Well...
If you ever land yourself on the wrong side of government for what you believe in, chances are you'll lose control of your money.
Transparency:
Every transaction on the network is viewable by everyone - no one can hide.
To view all bitcoin transactions use this link: blockchain.com/explorer
Now think about this...
Every transaction on the network is viewable by everyone - no one can hide.
To view all bitcoin transactions use this link: blockchain.com/explorer
Now think about this...
You have no clear idea where your taxes go.
Even if you have some idea you don't know exactly.
Imagine a world where everyone can see government transactions.
There would be no 'loss of funds'...
People who be more informed - leading to better decision making.
Even if you have some idea you don't know exactly.
Imagine a world where everyone can see government transactions.
There would be no 'loss of funds'...
People who be more informed - leading to better decision making.
Less able for crimes:
Mass media wants you to believe that bitcoin is used for crimes.
In fact: about 3% is used...
but as shown above it can be easily tracked...
Paper cash would be a better option for criminals - not bitcoin.
Mass media wants you to believe that bitcoin is used for crimes.
In fact: about 3% is used...
but as shown above it can be easily tracked...
Paper cash would be a better option for criminals - not bitcoin.
No middleman:
When you transfer bitcoin to someone else, no bank or institution is needed.
This is achieved through a smart contract: Once the terms on the contract are fulfilled, the money is transferred.
Code is the law.
What about the fiat system?
When you transfer bitcoin to someone else, no bank or institution is needed.
This is achieved through a smart contract: Once the terms on the contract are fulfilled, the money is transferred.
Code is the law.
What about the fiat system?
To transfer fiat money internationally you have to use a middleman.
Using an outdated system, banks and institutions take a fee for your transfer.
They are most threatened from cryptocurrencies because we will no longer need them.
Using an outdated system, banks and institutions take a fee for your transfer.
They are most threatened from cryptocurrencies because we will no longer need them.
Security:
Each transaction is secured using a proof of work method:
Transactions are grouped into blocks.
The 1st computer to solve the complex equation approves the block and receives bitcoin as a reward: This reward process is called mining.
So...
How is fiat secure?
Each transaction is secured using a proof of work method:
Transactions are grouped into blocks.
The 1st computer to solve the complex equation approves the block and receives bitcoin as a reward: This reward process is called mining.
So...
How is fiat secure?
With fiat, transfer security is approved by the bank/institution.
If you send money to something they don't approve, your transaction can be stopped.
I've had this issue many times with international transactions.
You don't have control of your money - they do.
If you send money to something they don't approve, your transaction can be stopped.
I've had this issue many times with international transactions.
You don't have control of your money - they do.
Beyond borders:
Anyone can use Bitcoin anywhere, anytime.
There's no restriction of access once you can get on the network.
The only thing stopping this access?
The governments, banks and institutions who are threatened by this technology.
Anyone can use Bitcoin anywhere, anytime.
There's no restriction of access once you can get on the network.
The only thing stopping this access?
The governments, banks and institutions who are threatened by this technology.
Adoption:
Whether reluctant or willingly - blockchain technology is being adopted throughout the world.
Right now the limelight shows finance and art.
Whether reluctant or willingly - blockchain technology is being adopted throughout the world.
Right now the limelight shows finance and art.
$BTC is already on some countries' balance sheets...
4 countries have $BTC on their balance sheet. (link: bit.ly/3pPwfoW)
El Salvador run by @nayibbukele is the 1st country to legalize it as a currency.
National store of value and use as currency is already happening...
But blockchain goes beyond a form of money...
El Salvador run by @nayibbukele is the 1st country to legalize it as a currency.
National store of value and use as currency is already happening...
But blockchain goes beyond a form of money...
@nayibbukele We'll use blockchains for:
•legalizing documents
•securing supply chains
•confirming identity
•stopping fraud
•and much more
We will see this technology as an everyday part of our lives.
•legalizing documents
•securing supply chains
•confirming identity
•stopping fraud
•and much more
We will see this technology as an everyday part of our lives.
Did you enjoy this content?
If so, what would you like to know more about?
Also, follow @MrLiveWrite for more simplified crypto content.
Retweet the first tweet and share how bitcoin is set to disrupt the current financial system.
If so, what would you like to know more about?
Also, follow @MrLiveWrite for more simplified crypto content.
Retweet the first tweet and share how bitcoin is set to disrupt the current financial system.
https://twitter.com/MrLiveWrite/status/1478366463924883456
The link that didn't paste in my scheduler lol.
Check out the history of money and the scam we are currently under.
Check out the history of money and the scam we are currently under.
https://twitter.com/MrLiveWrite/status/1476929790548578307
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