The "Truth" About Bitcoin: A Layman's Perspective
Bitcoin continues to make headlines. I continue to encounter people who say "they don't understand it." Others have been influenced by a big media perspective, but it's quite simple to understand.
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I put "truth" in quotations because, as many of you reading this already know, much of what we refer to as truth is subjective and constantly changing. This applies to everything, even physics! Consider the prominent physicist Lord Kelvin, who stated in 1900, "There is nothing new to be discovered in physics now… All that remains is more and more precise measurement." Not long after this statement, Einstein published his paper on special relativity. Similarly, there was a time when doctors prescribed smoking cigarettes for stress relief and when we sprayed children with DDT.
People living in those eras struggled to recognize the truth, even when presented with contrary evidence. If we've learned anything from history, it's that we often do not learn from history. What don’t we recognize today? In our current environment, propaganda is at an all-time high and more intense than ever. Perspectives on "controversial" topics abound, and amidst all this noise, it’s hard to discern what’s really going on.
This situation has contributed to a significant sense-making crisis on various topics, including Bitcoin.
Bitcoin continues to reach new all-time highs, capturing the attention of many. However, for those who truly understand it, Bitcoin has little to do with simply accumulating more fiat currency.
The inspiration for this post came from a video I saw online. A young man was interviewing people in the busy streets of London (England), asking whether they invest in Bitcoin or any other cryptocurrency. The overwhelming majority responded with a resounding no. When asked why, most cited their lack of understanding and fear of volatility. Additionally, years of negative press surrounding Bitcoin led them to believe it primarily served as a haven for criminals. This seems to be the dominating perspective that’s been beamed out by Legacy Media over the past decade.
Those following our work at Collective Evolution since 2009 know that we became interested in cryptocurrency approximately a decade ago and began publishing articles on the topic around that time.
My interest in cryptocurrency deepened significantly when NSA whistleblower Edward Snowden revealed documents showing that the National Security Agency (NSA) was closely monitoring and gathering information on Bitcoin holders. They considered it a national security threat. And that’s exactly what Bitcoin is: a threat to the foundations of our financial system.
Today, many perceive this as a positive development. Many now view major financial institutions, such as the Federal Reserve, as sophisticated criminal cartels.
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford.
In simple terms, Bitcoin represents the ownership of your own money and assets. When you deposit your money into a bank, you don’t actually own it; the bank does. Bitcoin is not a privately owned currency or part of the traditional financial system; it is decentralized. Your wealth in Bitcoin cannot be frozen, controlled, or seized by governments, which have no power over these cryptocurrencies in the same way they wield it over modern-day fiat currency. When you own Bitcoin, you are in total control.
This makes it a significant threat to government control, power, and surveillance. Essentially, Bitcoin represents a form of freedom. When you hold Bitcoin, you become your own bank. You have the ability to send, receive, and even purchase products and services from institutions that now accept Bitcoin. This trend will only continue to grow. Some call themselves "true Bitcoiners" and will never sell their Bitcoin. They hold onto it, hoping to one day conduct everyday transactions with it.
It’s not solely about the price rising, being an asset considered “digital gold” and gaining more fiat currency; it’s about what Bitcoin represents: decentralized banking and financial systems.
This concept is coupled with a shifting human consciousness—a rapidly growing collective of individuals who no longer trust financial institutions, governments, legacy media, and more. Mathematics and engineering, along with this cultural shift, continue to enhance the worth and appeal of Bitcoin, rather than the currency itself.
It represents a financial form of self-governance.
Bitcoin cannot be stopped, and it seems clear to me that cryptocurrency and Bitcoin are not being introduced to usher in Central Bank Digital Currency (CBDC); rather, CBDC is a forthcoming response to Bitcoin. For more information on CBDC, please refer to the articles linked at the end of this one.
I also think it’s appropriate to share this clip of Foster Gamble (great grandson of James Gamble), from the film “Thrive” that he released on 11/11/2011. I can’t believe it’s been 14 years since I watched this film!
This is my short and limited understanding of Bitcoin. What’s yours? Please share in the comments section below.
Related articles:
The Purpose of the Federal Reserve Banking System Is Quite Clear
The Federal Reserve is Looking Very Closely At Issuing Central Bank Digital Currency (CBDC)
With the advent of exchanges, obtaining crypto currency is far more easy today than any other time in the past. Most people have heard of the big ones, like Coinbase and Kraken. There are better exchanges with lower fees, like WEEX or MEXC, but Americans will have difficulty using MEXC, so stick with WEEX. An exchange is like a cross between a bank and the stock market. You deposit your fiat currency into your account, you buy the crypto you want, and you hold or sell it whenever you want. There are many coins. Some are "meme coins," like PEPE or SHIB. They honestly have no earthly function, but they go up based on demand. They are like collectible toys; you buy them, hold onto them, and let them go when you're tired of them. Others are functioning networks, like SOL or ETH. And others are foundations of applications, like Artificial Intelligence and computer sharing for graphics rendering. Some coins, like SOL, allow their assets to be "staked" and you earn interest on your holdings. The most important things to consider when purchasing a crypto are questions you have with any investment: is this a good place to put my money? What are the risks? If interest wanes and the asset loses its value, can I afford it? I've personally made thousands on crypto, but I take profits and move money out from time to time to pay off debt. I also ride out the bad times and wait for the rebound and keep myself diversified. I've made back far more than I have invested, but I treat it like a currency exchange. Crypto doesn't "earn money," like a company or a stock. It is a monetary unit and it rises and falls in value against the dollar, based on demand and limited supply. Treat it accordingly.
I personally don't know how to use bitcoin, buy it or access it. If I did know how to do all that, I would invest in it. I have $50 or maybe more dollars worth floating out there in the ether world, but since I changed banks, I don't know how to access it. Where do you go to learn that?