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Intro to Bitcoin - Part 1

Intro to Bitcoin - Part 1

Bitcoin is a global movement disguised as a currency.

Every movement has participants and spectators.

In the context of the bitcoin movement, the participants are the hodlers. They treat 1 BTC = 1 BTC. They usually have low time preference and think long-term.

Spectators don't participate by definition and watch others explore and get their wealth multiplied.

A movement has a strong leader. A leader is a human. Oftentimes, the human nature of a leader is associated with the movement.

In the context of the bitcoin movement, the leader is an anonymous individual - Satoshi Nakamoto.  So, it is hard to associate human elements to the movement.

The bitcoin movement is now in the hands of the early adopters and the recent adopters.

The bitcoin movement is a fight between hard money and easy money.

The bitcoin movement is a fight to remove the power of governments that retains their power by stealing all their citizen's wealth by devaluing the currencies.

The bitcoin movement is about providing an option to choose an alternate Austrian school of economics (a currency chosen by the market) over a Keynesian school of economics (a currency to be regulated by a handful of powerful people, in many cases government).

The bitcoin movement is an option to choose a deflationary monetary policy in a technologically deflationary world.

A successful movement usually follows the critical path:

First they ignore you, then they laugh at you, then they fight you, then you win. - Mahatma Gandhi

The bitcoin movement has entered the 3rd stage - the fight you phase.

Bitcoin will win, soon!

See you tomorrow!