It’s a familiar saying within the Bitcoin community. Though, it’s hardly surprising as it’s considered to be one of Bitcoin’s biggest strengths.
Although the phrase “Bitcoin is for everybody” can across a bit dramatic, or even over the top, it’s actually pretty important. Many things that exist today may claim to be for everyone, when in reality it’s not.
Ultimately, despite the fact Bitcoin is not currently globally adopted, it’s there if people want it. In this blog, we will go through exactly why Bitcoin is for everyone and the significance that comes with it.
Money is universal
We live in a world with lots of different languages, cultures and beliefs. Yet, we manage to find a way to communicate and transact with each other. Generally speaking, the most sensible approach is to use one language to communicate in and one currency to transact in.
As the English language is spoken by many countries across the globe, it made sense for it be used as the primary language for communication between all other nations.
Moreover, just like many countries have their own language, they also have their own currencies. However, some countries choose to use other currencies depending on their circumstances. The US dollar is the most widely used by smaller countries because it is the strongest and most stable currency.
The above is a brief overview of how we have overcome the obstacles that exist because of borders and language barriers. But wouldn’t it just be easier and more efficient to operate under one umbrella?
Currently, our money is not universal. If you are a British citizen, you cannot use your Pounds to buy things in Japan. If you are Polish, you cannot use your Zloty in Nigeria. Similarly to languages, there’s automatically a barrier.
As a result, you either have to exchange your Pounds for Yen, or you use your card which will incur fees. With Bitcoin, you cut out all these processes. Bitcoin doesn’t make you speak a different language, it doesn’t make you exchange one currency to another, and it doesn’t cost a lot just for convenience.
Different languages and cultures are fantastic, but if we were looking for speed and efficiency when it comes to transacting, communicating and transporting, a universal language would make more sense. Furthermore, money is arguably equally as important when it comes to speed and efficiency. With Bitcoin, it’s now possible and the process is already underway.
Money should be transparent and predictable
I think we can all agree that money is a very important aspect of our lives. Some people may not like to admit that because it can be considered evil or the main cause of greed. But in reality, that is only because our money today is neither transparent nor predictable.
We work throughout our lifetime to earn money. Isn’t it only fair that the money we work hard to earn and spend is distributed appropriately? Unfortunately, we are helpless a lot of the time because we unaware of the entire picture.
Do we know how much money gets printed? Do we know where our money is going? Not exactly. Trust is a part of our everyday lives and it’s almost impossible to avoid. But, if we could, wouldn’t we want to eliminate the need for trust altogether?
In comes Bitcoin. For the first time in arguably all of history, we now have a money that is both transparent and predictable. Bitcoin has a publicly distributed ledger which means that all transactions are recorded and publicly viewable. In addition, Bitcoin has a fixed supply of 21 million coins and has a supply issuance schedule that is written in the code.
Therefore, Bitcoin is both transparent and predictable. There are no hidden secrets, no debasement, no lies, and crucially, no need to trust. In the Bitcoin community, we say “don’t trust, verify” - this is why.
Money should not discriminate or corrupt
This final point ties into a specific aspect of the previous section - trust. When we have to trust a government, institution, business, or individual, there is always a risk of something going wrong.
Unfortunately, we as humans tend to fall into the trap of greed, corruption and self-interest. Consequently, all too often our money is used as the method for extracting these habits. Money is extremely powerful and therefore whoever is in control of the money can discriminate against any one of the trusted examples above.
Once again, Bitcoin eliminates the problem. Discrimination and corruption can be avoided because, for the first time, humans (thankfully) are not the one behind the wheel.
History has shown us that we are incapable of being in charge of very important financial decisions. Computers are far better in almost all ways because there is no emotion or attachment involved. They have a job and they stick to it.
In our course, we go into more detail about why money is at the heart of the everything. If it really is at the heart of the everything, then it must be for everybody. Here's one last Bitcoin saying: “rules and no rulers”. For a society to function effectively, we need rules in place.
In particular, we need rules that are transparent to everyone and will always remain predictable. However, once there are human rulers, things become less transparent more unpredictable. That is why Bitcoin is for everybody.
Thanks for reading! Be sure to check out one of our other related blogs: Bitcoin is a marathon, not a sprint.