{"id":46051,"date":"2020-11-27T14:53:23","date_gmt":"2020-11-27T06:53:23","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=46051"},"modified":"2020-11-27T14:53:23","modified_gmt":"2020-11-27T06:53:23","slug":"bitcoin-the-story-of-the-future","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/bitcoin-the-story-of-the-future","title":{"rendered":"Bitcoin: The Story Of The Future"},"content":{"rendered":"
In the first part of this article<\/a>, we established that money is kinda complicated. Well, if we\u2019re being honest, Bitcoin is kinda complicated too. In the words of comedian John Oliver, Bitcoin is\u00a0\u201ceverything you don\u2019t understand about money combined with everything you don\u2019t understand about computers.\u201d<\/em><\/p>\n I\u2019ve found this from my experiences giving talks about\u00a0Bitcoin<\/a>: Because it\u2019s so different from anything they\u2019re used to, people often cannot believe what they\u2019re hearing.<\/p>\n People tend to have trouble with:<\/p>\n The decentralization thing is powerful. It\u2019s not obvious, but it\u2019s\u00a0insanely<\/em>\u00a0powerful. This means no group of politicians can ever suddenly decide they want to issue more Bitcoin (lowering its value), or block certain people from using it. This means even a superpower country wouldn\u2019t be able to shut it down.<\/p>\n Bitcoin is the first major\u00a0asset class<\/a>\u00a0in history that\u2019s independent \u2014 a technology that doesn\u2019t belong to anyone; and so, actually belongs to\u00a0everyone<\/em>. It\u2019s the democratization of money.<\/p>\n Like most people, I first came to Bitcoin because I wanted to make money. But when I studied deeper into these concepts, that\u2019s when it really hit me: Decentralized cryptocurrencies like Bitcoin were gonna change the world.<\/p>\n \u201cBut isn\u2019t it bad that nobody controls Bitcoin? What if someone misuses it? Shouldn\u2019t we leave important things like this to THE GOVERNMENT?\u201d<\/p>\n Well, disruptive technologies tend to behave the same way. First, there\u2019s a bunch of hardcore believers who\u2019re willing to break the rules. Then come speculators trying to make quick money. Then, sex, drugs and dirty money get involved. Finally, regulation comes in and cleans things up.<\/p>\n There\u2019s no doubt that a small portion of people use Bitcoin for bad stuff, like drug trafficking. Just like how money launderers and terrorists surely use WhatsApp. You can\u2019t throw out good technology just because of some bad apples. Besides, any pro knows that good ol\u2019\u00a0US dollar<\/a>\u00a0notes is the most common way to launder money.<\/p>\n But there\u2019s another weak point with the \u201cGovernment knows best\u201d argument. We\u2019re all very familiar with corrupt regimes where the government of the day was screwing the people *cough cough\u00a01MDB<\/a>. It\u2019s a tale as old as time: the government watches the people and makes sure they follow the rules. But who watches the government?<\/p>\n What if some party gained so much power they corrupted the entire system: including the military, police, and courts? We\u2019ve seen this happen in many failed countries \u2014 what makes us think it won\u2019t happen here?<\/p>\n Now you might think I\u2019m a crazed anarchist who shows \u201cf**k the government\u201d signs at street demonstrations. But I\u2019m not. I pay my taxes, vote for the politician I think is least bad (like you), and regularly support government-linked programs, especially in\u00a0financial education<\/a>.<\/p>\n I\u2019m just saying an asset that\u2019s not controlled by\u00a0any<\/em> government isn\u2019t crazy. It\u2019s disruptive \u2014 something so radical it makes us uncomfortable. But it 100% makes sense. It\u2019s time.<\/p>\n What if someone stole your hard-earned tax money and used it to buy a yacht?<\/em><\/p><\/div>\n When I started my Bitcoin journey, I viewed it as an experiment. I was a noob with surface-level knowledge. Four years on \u2014 with 28 months working full-time in crypto \u2014 I\u2019ve got some personal experience and data now.<\/p>\n Will Bitcoin fail? That\u2019s the wrong question. Bitcoin has already succeeded. Progressive governments across the world (including countries like Japan, USA, France, Singapore and Malaysia) have accepted it\u2019s here to stay; they\u2019re passing\u00a0laws<\/a>\u00a0around it. In 2017, the CEO of JPMorgan Chase, the largest bank in the USA called Bitcoin \u201ca fraud.\u201d Last week, JPMorgan Chase said it\u2019s started banking with cryptocurrency exchanges.<\/p>\n The only question now is, how big does Bitcoin get?<\/p>\n Here\u2019s an interesting statistic: A\u00a0survey<\/a>\u00a0last year found that 27% of millennials (18-34) prefer investing in Bitcoin vs the stock market. Quite insane if you think about it. One\u2019s a baby technology that\u2019s only 11 years old; the other\u2019s been a core part of the financial system for centuries.<\/p>\n\n
<\/span>The government is always right, no?<\/span><\/h2>\n
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<\/span>Bitcoin has momentum<\/span><\/h2>\n