Why Bitcoin Matters
Bitcoin matters because trust is gone. It no longer exists in the traditional sense. Our current era makes it clear that we’ve stepped beyond ‘truth’ in the sense that we’ve historically understood it. Politician’s now lie directly to our collective faces and persist even in the face of overwhelming evidence.
And then, inexplicably, supporters come out of the woodwork to support the clear lie. It’s a chilling time.
And then along comes bitcoin
There are 21 million bitcoins. There will never be any more.
The current miner’s reward for adding a block to the bitcoin block chain is 12.5 BTC. When 210,000 blocks have been mined (blocks of transactions added to the blockchain) at the 12.5 level the reward will be 6.25 BTC, exactly half. Transactions added to the ledger are held there forever. They cannot be changed without tremendous effort and markers of tampering.
These rules are immutable. They cannot be changed. BTC will continue to play out it’s rules-whether you invested at 1.30$ 130$ 1300$ or 1,300,000$
Feels pretty good doesn’t it? That kind of certainty is pretty hard to find in our world where lies are told and told and told until we’re, at some point, supposed to succumb and believe them.
Fake news? Trolls? Russian Trolls? Bots? Russian Bots? For goodness sake is anyone and anything what they say they are?
A trustless technology is needed for a trustless world. One mustn’t trust anyone to trust in bitcoin. No slicked back blow hard can make more bitcoin appear, be mined, or disappear. The real breakthrough here, however, isn’t bitcoin it’s the distributed ledger technology (DLT) or the ‘blockchain’ that is the star of the show.
Blockchain makes the promise of real deal identity management. Identity management built so deep that one’s identity will never be stolen because some of the most sensitive data is never even shared.
With DLT implementations ownership can be clearly traced, information can be shared confidentially and trust can be established as information is subjected to rigorous and constant review and consolidation.
It’s a brave new world and DLT will be the sword used to vanquish the vagabonds and liars. They have no clue but their epitaph has already been written.
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Iain Michie, AKA Earnest Grasshopper.