Bitcoin has been around for more than a decade now. However, it’s safe to say that it gained mass attention at the end of 2017, following its unparalleled price increase to $20,000.
In any case, the cryptocurrency has its fair share of proponents and early adopters – people who have been involved with it far before the events of 2017. Bitcoin brings forward quite a lot of benefits, especially when compared to traditional fiat currencies, and it’s nothing short of intriguing to find out what is it that got the attention of those early adopters.
The question was taken to social media, and the answers are both versatile and exciting.
#1 It’s a Form of Protest Against The Existing Monetary Status Quo
Bitcoin’s whitepaper, which was published over 11 years ago, describes it as a peer-to-peer electronic cash system.
As such, a lot of people look at it as a form of protest against the existing financial system and policy. For example, the user CryptoHour said that he got involved in Bitcoin 7 years ago because the banks “took everything” he owned during the global economic meltdown in 2008.
“Dodgy mortgage advisors got us to use our house for more houses. Blacklisted as such, and looking for an alternative. The alternative, Bitcoin – beyond my dreams to bounce back.”
Indeed, Bitcoin does come with a lot of advantages when stacked against fiat currencies and banking policies. For once, its underlying protocol predefines everything that’s associated with it and, as such, users know in advance what’s the supply going to be, when are new coins going to be minted, what’s the inflation rate, and so forth. More importantly, these metrics can’t be amended by a central authority, which is the case of fiat currencies governed by different countries. Bitcoin’s trustless nature eliminates the need to put faith in a centralized entity and brings forward the notion “don’t trust, verify.”
Interestingly enough, this is the notion that the majority of the users tend to share.
#2 Turning Energy Into Wealth On Your Own
One of the more interesting answers different from financial freedom came from Krzystof Gibadlo, who said that Proof of Work was his first research on how to turn energy into wealth on his own.
Proof of Work is the consensus algorithm that governs Bitcoin’s blockchain. Miners are required to conduct a certain amount of work to validate the transactions on Bitcoin’s network, put them in a block, and add it to the blockchain. This work requires electricity and, hence, people can convert energy into wealth entirely on their own.
Of course, it’s questionable if running your mining facility is going to be very profitable because larger organizations tend to be more profitable, but the notion is nevertheless true.
#3 The Rampant Volatility
The cryptocurrency market is perhaps amongst the most volatile ones out there. In the past few days ago, Bitcoin lost a substantial chunk of its value, dragging the entire market with it.
While regulators see volatility as a negative thing, a lot of people are here because of it. Substantial price swings allow for immense profits, which are otherwise impossible within traditional markets.
Use ekdromoi says that “calm seas never made a skillful sailor.” It’s worth noting, however, that trading cryptocurrencies could be particularly risky because of said volatility. There are a lot of different exchanges that allow for highly leveraged trades, and it’s essential to be very careful.
#4 When Lambo?
The Laughing Man provided one of the funniest answers of the question – he just posted a gif of a Lamborghini cruising down the lane.
“When Lambo?” has become somewhat of a popular question within the cryptocurrency community. Back in 2017, when Bitcoin reached $20,000, a lot of people who had bought in years ago, made a lot of money. Naturally, a lot of them were relatively young and spent their riches on fast cars. That’s why Lamborghini became associated with Bitcoin, and people ask this question when they want to know when will Bitcoin surge again.
Money is what a lot of people are here for. The upside potential is huge, as we already saw. Bitcoin has marked triple-digit increases a lot of times during the years, and some are straightforward enough to say that they are here for the money.