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Tomer Strolight: “Why Bitcoin, The Series, #8. Why Bitcoin is the Best Way to Save Money”

By Brian in Chicago on July 7, 2022 • ( 0 )

Welcome to Why Bitcoin. Each article in this series is:
–Short — only 2–4 minutes at most to read;
–Entirely accessible to newcomers to Bitcoin; and
–Offers some new perspective to even the most experienced Bitcoiners

Bitcoin is a vast subject, with countless facets, angles and perspectives. It can be looked at, thought about and appreciated in many ways. By writing very short pieces I hope to take a single snapshot of Bitcoin from a different perspective with each one, so that the reader may upon finishing, better understand the whole.

I hope you find these articles helpful, informative, enjoyable and enlightening.

Be well, Everyone.

Comments, questions, reach out at hello @ tinycryptoblog.com

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The reading of the book begins at the 5:25 mark

Why Bitcoin is the Best Way to Save Money

What does the expression “save money” mean to you? Do you think it means putting dollars in a savings account at a bank?

Let’s take a closer look at this two word expression we don’t often think too much about.

The word “save” has two meanings. The first is “to keep and store up”. The second meaning is “to keep safe and rescue”. This second is the one I’m interested in today.

And what about “money”? I’ll offer a definition, because the dictionary presumes it is physical coins or banknotes, and that’s badly outdated even before you consider the existence of Bitcoin. Simply put, money is an instrument that people use to store and transfer value.

Now imagine if the instrument that people used to store and transfer value was under attack, or was dying. We would need to rescue this instrument. We would need to save this instrument. We would need to save money. So you see, when I talk about saving money nowadays, I don’t mean putting dollars into a bank. I mean finding a new instrument humankind can rely on to store and transfer value. The reason a new instrument is needed is because the old one isn’t working anymore.

For at least fifty years government issued money has been losing its buying power by a process we all know as inflation. A can of soup used to cost ten cents. It now costs a dollar. Countless examples are available. A house has gone up tenfold in price too. Inflation happens because there is political pressure put on the people who can create money to produce lots of it and they lack the discipline to resist that pressure. Today that pressure has reached a boiling point where trillions of dollars are created overnight multiple times a year. This destroys savings held in the form of dollars in “savings” accounts.

Enter Bitcoin — Saving Money.

Bitcoin is here to rescue the very idea of money from its unprincipled overproduction by the undisciplined and unreliable human caretakers of the monetary system. In Bitcoin, there is no inflation. There are and only ever will be 21 million coins, each divisible into 100 million parts called satoshis. The coins will be released according to an unchangeable schedule over the next 100+ years. They will be issued only to people who put in hard work to earn those bitcoins over that timeframe. No political event can change the supply of bitcoins. This guaranteed scarcity combined with the requirement to do work for the new issuances of bitcoin re-introduces integrity into the monetary system. But it does so only for the monetary instrument which has those characteristics, and that is bitcoins (and their subunits, satoshis).

So Bitcoin is literally here to save money from destruction. And if you want to save your money from destruction you should convert it to bitcoin.