WHAT THE HECK IS BITCOIN AND WHY YOU NEED TO KNOW BEFORE MAY 12TH 2020
The best way to describe bitcoin is the reinvention of money, in the digital age. Money is the tool via which we exchange value, and value is simply what’s produced when we combine our our time, energy and skills. In bygone centuries, as humans we’ve used many different forms of money, from salt to rocks, shells, metals and, over time, converged onto gold because of its unique physical properties. In modern times, we’ve seen the evolution of paper money, and then digits on a bank’s ledger. Bitcoin was born as an alternative, not run by any individual party, with the hopes reinventing the way we trade & interact with one another.
While paper money continues to be printed and digits on bank ledgers continue to get added, the money we work hard for continues to lose its purchasing power (value). On the other hand, because bitcoin cannot be printed or its supply cannot be changed, its relative value only continues to increase. This lies in its essential pre-coding. Similar to gold in its limited quantity, only a certain amount of total bitcoin will ever be available; 21 million.
So why do you need to invest in bitcoin today, before May 12th 2020?
New bitcoin is released every 10 minutes on a pre-determined issuance schedule, which started in 2008 (with the first 50bitcoin being mined by the Satoshi Nakamoto, the anonymous founder).
Every four years the protocol rules see the issuance of the currency undergo a halving whereby the amount of new bitcoin issued every 10min halves. The first being 50btc every10min, then 25, currently 12.5 and as of the 12th May 2020, it will once again become doubly scarce; Only 6.25btc will be issued every 10min.
This halving will continue until bitcoin reaches its limit of 21m in the year 2140.
“The (Bitcoin Halving) event is significant, not only in the bitcoin ecosystem, but on a global scale, as the bitcoin ‘social experiment’ continues against a backdrop of monetary excesses, abundant credit, soaring asset prices, worldwide political tensions, and most recently, the new coronavirus (economic crisis) which has blatantly uncovered the fragility of our over-leveraged system,” says Aleksandar Svetski, Co-founder of bitcoin currency exchange app, Amber.
Why invest in bitcoin today?
- Bitcoin is increasingly scarce and useful.
- It has 100x outperformed conventional stock investments in Amazon, Google and Netflix over the last decade.
- Bitcoin is a simple way to build enduring wealth.
- It is still in its infancy – only growing from here.
- Bitcoin is open to everyone, with investments through Amber from as little as $5.
“I believe it represents the growing zeitgeist of our time. It’s a defining moment in history where an entire generation will have the opportunity to rise up, and in the process of claiming their own sovereignty, influence the direction of, and pave the way toward a future that can last.
“Bitcoin is the ONLY thing halving, whilst everything else in the world is doubling, tripling and expanding without regard to its cost,” says Svetski.
With the halving just around the corner, the Amber app has seen a tremendous rise of Bitcoin investors joining its platform. Amid predictions that Bitcoin will reach an all-time high in the coming 12-18 months, Amber app users have increased by over 100% since the beginning of 2020.
As with anything, scarcity brings demand. The individuals in the know will be the ones who will continue to accumulate as much bitcoin as they can, as the supply shock hits the market and more dollars chase less available bitcoin.
In a world that typically sees money as the height of exchanging our most precious resource of time, there is a lot to be said for the value of a new currency taking its place; one whose value does not depreciate, but rather honours the value of our time and skills.
To join the movement and not be left behind, download the Amber app today.