Hi @callpaul.eu, You’ve asked some great questions.
Bitcoin definitely exists and is very much alive and well. Here’s how much 1 Bitcoin (BTC) is worth today (see below) this is the price chart for just this year from https://www.coingecko.com/en/coins/bitcoin
Perhaps now you’ll know why if I could go back in time, I want to work on Bitcoin with Satoshi Nakamoto and Hal Finney. It would have been an extraordinary time.
But unfortunately, Bitcoin can’t really be used as digital cash as it’s been shuffled into the “digital store of value” corner rather than being good for use as digital cash.
It’s other flaw is it’s not as private like cash.
Once you transact in Bitcoin and someone knows your wallet address, they can search the blockchain for all your other transactions as your wallet address is stored on the blockchain for eternity (it’s an immutable record). They will even be able to work out how much bitcoins you have in your wallet. So, for that reason, it’s not really good as a replacement to cash and it doesn’t have the inherent privacy features built into the base layer.
But for those in this community interested in learning more about cryptocurrency I highly recommend it.
There are many, many smart developers who want to see a future where …
- we have a digital currency who’s quantity is NOT controlled by central banks, but instead controlled by math and code
- where we have a digital cash that is decentralised and unstoppable with anyone being about to download open source (free software) and run a node on there home PC to expand and support the network.
- a truly global means of exchange that’s powered by open source code (anyone can contribute to it’s future development)
- a form of money that even governments will NOT be able to censor, prevent people from using it, ban it etc.
- a form of digital cash that is 100% private where no wallet address or transaction amounts are stored on an ledger, allowing you to transact with 100% privacy.
Sorry, I can ramble on as I’m very passionate about this space… bottom line is this, can you imagine what the world world be like without wars funded by the money printer at the central banks and controlled by corrupt governments?
What if the world could return to a sound money system that has limited supply and scarcity that could not be controlled and counterfeited by any government?
They print money out of thin air and it erode every ones’ purchasing power (it’s the hidden tax called inflation).
Unfortunately Gold and Silver coins/bars are just not portable or convenient in this digital era or the Sci-Fi era we are heading into.
Can you imagine your grandkids having to bring a bars of gold with them on their holiday to Mars?
Paul, I hope you can now see why Bitcoin is still popular, but unfortunately it’s does not work better than money.
But there are newer and better technologies in the pipeline that are even more interesting. The cryptocurrency and blockchain space is very vibrant and is full of very smart developers who have figured out the shortcomings of Bitcoin (E.g. it’s lack of privacy) and are actively fixing them.
Once such crypto project that aims to be a better form of money is Epic Cash (learn more at https://epiccash.com ) Epic Cash = Bitcoin’s Private Twin
It follows many of the same principles laid out in the original Bitcoin Whitepaper written by Satoshi Nakamoto, for example, scarcity through having a fixed supply of 21 Million coins.
I think Epic Cash (and many other privacy cryptocurrency projects) will have a much better chance at being a better form of money.
I leave you this final thought…
The next major battle will be over what we use as money in the upcoming Sci-Fi world. The US Dollar is being destroyed and is losing it’s purchasing power through massive debt and inflation - look at http://usdebtclock.org
So, the next big war will be: CBDC vs Opensource Cryptocurrencies
Here’s a good way to think about it…
CBDCs (Central Bank Digital Currencies) are closed source (like Microsoft Windows). These will be controlled and programmed by Central Banks.
Opensource Cryptos (like Bitcoin, Epic Cash and others) are made by humans for humans. Anyone can review the code, fix bugs and contribute. It is like Linux.
Take a guess as to which one will prevail?
The answer lies in user adoption. So for those that haven’t dipped there toes in the world of cryptocurrencies, I highly recommend you start today for the freedom of future generations may be at stake if we get lazy are adopt CBDCs as money.
Please note: Nothing in this post should be considered financial advice.