Bitcoin's Fifth Element

Written by ras | Published 2019/09/10
Tech Story Tags: bitcoin | cryptocurrency | fifth-element | bitcoin-fifth-element | digital-gold | digital-currency | low-time-preference | bitcoin-politics

TLDR Bitcoin's value proposition is similar to gold: it's hard to produce, is in scarce supply, and has sound value. The secret to bitcoin is its network’s independence from any governing authorities. Bitcoin users are incentivized to engage in long-term projects as opposed to short-term consumerism. Politicians can't touch it because nobody controls the supply, nobody controls price -- it's a neutral protocol. The magic ingredient that makes bitcoin successful is its decentralization and decentralization.via the TL;DR App

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Written by ras | Bitcoiner
Published by HackerNoon on 2019/09/10