Have you heard the buzz about bitcoin and blockchains? It's actually been going on for 8 years now and gaining momentum everyday. The actions are louder than words cliché couldn't apply more in the world of bitcoin. Many people are saying bitcoin is the best money innovation in the last 500 years. We're in the midst of a technological renaissance we haven't seen since the 1500's.
Many things have been used as a medium of exchange over the centuries from clam shells and salt to pottery. The oldest form of exchange is the barter but the matching problem, you don't always want what the other person has to trade, transformed more valuable stuff into money. For example, the preservation properties of salt were highly valued so everybody wanted and needed it. Salt went from a barter item to money where anyone could use it to buy anything. Rolling forward, salt morphed into coins and bills issued by central governments and that's the only choice we've had until Bitcoin was born.
In a few short years between 2014 and 2016 one billion dollars and counting has been invested in Bitcoin startups and blockchain projects. Venture capital led the way of course until the banks could no longer ignore the billions in investments. The flood of capital coming from banks is quickly covering the fluvial plain of bitcoin investment making it more difficult to capture the amount of money pouring into Bitcoin and Blockchain technology.
The rusty old rail banking industry finally has a competitor, Bitcoin, and the people finally have a choice for the first time in history. Banks aren't known for innovating so it's obvious their first competitor is forcing them to do so. Banks have substituted the word Blockchain for Bitcoin to cleverly disguise their unconditional embrace of Bitcoin. Here's a little secret, Bitcoin and the Blockchain are the same thing. They are inseparable, mutually inclusive and inextricably linked so banks won't admit they're embracing Bitcoin because banks think it's bad for business.
The billions invested in Bitcoin are the actions louder than words while the spoken words are just as powerful in this context. The messenger is more important than the message and a cross section of prominent people in every industry and background are making their support loud and clear. The same messages have been exclaimed for the past 8 years but now there are more messengers who are speaking to more people who otherwise couldn't previously hear the message.
Here's what Many People Are Saying:
There are many more excellent quotes from well respected messengers but just a few of them tell the tale about Bitcoin's potential. If you prefer to call it Blockchain technology just remember it's one and the same with Bitcoin. The medium of exchange use case of bitcoin (lower case "b" for bitcoin whereas upper case "B" is for Bitcoin the technology) is the one most people are still learning about. Meanwhile cryptocurrency evangelists, venture capitalists, developers, CPA's, lawyers, investors, citizens of high inflation countries and many others all love bitcoin for different reasons. There are thousands of use cases for Blockchain technology and in the future everyone will love it without knowing they love it. Right now it's clear many people are saying bitcoin is a powerful choice.
Bitcoin and cryptocurrency is a rapidly changing space on the cutting edge of transforming money, finance, accounting and more. Get your copy of my book, The Ultimate Bitcoin Business Guide™: For Entrepreneurs and Business Advisors so you can get up to speed as quickly as possible. Then continue your journey with required reading at The Ultimate Bitcoin Business Blog™ and check out our services and information products at The Ultimate Bitcoin Business Series™. Good Luck.
Kirk Phillips, The Bitcoin CPA