Why Bitcoin Is More Than Just a Buzzword

You’ve likely heard of bitcoin’s explosive price gains and wondered what the hype is about. Isn’t it the same as all these other crypto coins and blockchain DeFi NFT web3 monkey jpegs?

Absolutely not!

While some similarities may exist between Bitcoin and other cryptocurrencies, such as their use of public/private keys or blockchain ledgers, there are several key differences that set Bitcoin apart from the rest.

Bitcoin is Fundamentally Different

Many thousands of crypto altcoins may claim to have similar aspects and benefits but a number of unique criteria set Bitcoin apart.

Bitcoin’s mining process is certainly a key differentiator. The security of Bitcoin’s monetary network is maintained by a vast, decentralized web of independent miners. The network has grown to such a size that it is economically impractical for a single entity to assume a majority control over the network.

The iterative development of Bitcoin’s protocol is another important aspect. With the absence of any foundations, startups, committees, etc., Bitcoin’s development is entirely community driven. Its long-term success has the best interests of its users at heart, not early-stage investors.

Bitcoin is also the most widely recognized cryptocurrency, with a market cap that far exceeds that of any other cryptocurrency. This global adoption, including legal tender status in two countries, provides the decentralized network with a stamp of legitimacy that no other coin or token has been able to achieve.

So how does this impact the regular person on the street?

Integrating Step by Step

More than a decade since the network launched, Bitcoin has begun to entrench itself into modern society in numerous ways.

Payments

Financial transactions across the US, whether large or small, can be carried out today using BTC. Businesses both online and offline accept bitcoin, oftentimes requiring nothing more than a simple QR scan to process a transaction.

Investments

People from all walks of life have invested in bitcoin. With various online exchanges and brokers offering access to bitcoin, stacking sats and dollar cost averaging has never been easier. Long-term savings programs and retirement funds also exist that incorporate bitcoin into their strategies.

Remittances

It should come as no surprise to you that many foreigners come to the US for better employment opportunities. But spare a thought for the loved ones they leave behind. Large portions of salaries get sent home using remittance networks, with incredibly high processing rates. Bitcoin’s borderless, permissionless payment system bypasses the needs for these expensive middlemen.

Donations

What was once a fringe tactic to circumvent government restrictions is now a commonly accepted practice for supporting charitable organizations. Hundreds of nonprofits accept bitcoin donations today. Florida based company The Giving Block offers an easy gateway to help fund a cause you feel strongly about.

ATMs

There are tens of thousands of Bitcoin ATMs spread across cities around the US. Users can easily trade dollars for bitcoin or vice versa using these familiar looking machines.

No other altcoin or token can claim to have had such tangible impacts in the day to day life of citizens in the US.

See the Bigger Picture

You may have seen that the price of bitcoin is ..., but there is so much more to Bitcoin than numbers on a chart. Comprehending how these various aspects play into each other can be overwhelming and confusing to new arrivals.

Here are some steps you can take to have a better understanding of Bitcoin and the impact its having on modern society.

Do Research

Doing your own research (DYOR) is a key component to becoming a self-sovereign individual. Learning about Bitcoin’s colorful history and future potential is an excellent starting point.

Grasp the Technology

Bitcoin derives many of its unique properties from its decentralization. In order to achieve this, a very different tech stack is required than what you may have come to expect from the modern banking industry. Learn about blockchain, distributed ledgers, and why the transparency of financial records is key to a fairer society.

Remove Your Filters

Don’t take our word for granted. Turn the page and read both sides. Learn to think independently, be critical, and understand that Bitcoin comes with its own set of risks and responsibilities too. Evaluate your sources and ask yourself what the provider of the information has to gain from your attention. Remember: Don’t trust, verify!

Take Baby Steps

There are many ways to access and store bitcoin, no matter the size you’re willing to acquire. Bitcoin is a journey, so start slowly and take small steps as you learn about the tech and grow your stack. Dollar cost averaging is an excellent way to get acquainted with purchasing and holding bitcoin, and can be done with very small amounts. Our partners at Swan Bitcoin can help you on your journey with $10 in free bitcoin just for registering an account.

Much More Than a Buzzword

Hopefully you’ve understood that Bitcoin is far deeper and more meaningful than a marketing buzzword. It encompasses a new way of thinking about money and highlights the pitfalls of our current financial system. Its impact is and continues to be far-reaching.

People around the world are looking to Bitcoin to help them survive, and ultimately thrive, something we cover in detail in this article: How Can Bitcoin Help Humanity?

Affiliate Disclaimer

We’re excited to have you join us on this journey and we look forward to helping you understand the true appeal of Bitcoin and all the freedom it can bring with it. Our partners and resources include affiliate relationships with companies we trust and believe in, to ensure that you have the best experience possible. Thank you for choosing our website as your go-to resource for all things Bitcoin.