Comparing Bitcoin to the Dollar is Irrelevant

Comparing Bitcoin to the Dollar is Irrelevant

Author’s note:  This article is intended as commentary only, and not to offer financial or investment advice.

At the writing of this blog, Bitcoin prices have flirted with $10,000 USD, but market volatility has made daily growth virtually unpredictable.  By the time you read this who knows what it will value at.

There’s been explosive talk surrounding bitcoin’s growth and the idea behind cryptocurrencies lately, so it’s worth delving into and exploring.  We’re not here to persuade one way or another regarding bitcoin or central banking, but most would agree that cryptocurrency has been an extremely interesting concept that few understand.

And when it comes understanding, some argue we shouldn’t be comparing bitcoin to the dollar, but rather, bitcoin to the internet.  CryptoCoinsNews has an interesting take on this idea, suggesting bitcoin will do to the dollar what email did to postage:

“Just as people today are asking ‘What is Bitcoin?,’ people in 1994 were asking ‘What is e-Mail?,’ and ‘What is The Internet?’ Bitcoin is following the Internet’s lead, in essence, building its own blockchain technology on top of the Internet’s existing virtual blockchain, if you will.”

Bitcoin is also proving fairly resilient, despite some countries like China banning it from their markets. Some would argue that Bitcoin, in spite of setbacks like this, is thriving. It begs the questions, could Bitcoin become the world’s first cosmopolitan currency?  And, what are the underlying reasons a country would prohibit this sort of technology?

For those interested in lengthy discussions, Bitcoin entrepreneur and Blockchain CFO Andreas Antonopoulos has made several appearances on the Joe Rogan podcast, where they talk at length on the topic.  Check it out below, and be sure to leave your thoughts on this article!

“Watching it as a computer scientist, as a technologist, I look at this and I see innovation that is accelerating, and I see much of the early vision opening up, the possibility of doing things that are so far outside what we could do with traditional money that it often blows my mind.”