Bitcoin Has No Competition – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

Lingua Contra Imperium

The Language of Bitcoin: 5

TL;DR – A myriad of monetary ruses are revealed to the general public through the scrutiny Bitcoin incites. From the onset, most of us couldn’t see the woods for the trees. For many, the simple technology of Bitcoin helped explain the extremely convoluted machinations of fiat, which were so pervasive as to keep generations of humans effectively viewing the monetary landscape at close quarters. Bitcoin is another lens, a constant measure, through which to view the world. Meanwhile, many are deceived about the state of things due to the all-consuming influence of inflationary credit expansion, which has a telescoping effect on the financial world.

Function 

Through its proof-of-work mining the digital world of Bitcoin’s infinite scarcity is grafted on to the physical world. Such a tether between these two realms hadn’t been achieved before with a distributed system. Bitcoin has the additional magical property that it can be transported through any communications channel, for a nearly inconsequential fee that transparently serves only to protect its value, and incentivize cooperation among its network participants.

There is an insidious misconception, or a popular misassumption, that many competing objects in this world are scarce.

There is only Bitcoin, and it is geographically independent, politically deaf, and out of any single entities control. Moreover its perceived value, which derives from its terminal infinite scarcity, can be transferred from and to anyone, anywhere on the planet, at any time.

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