Bitcoin FAQs

Written By Erik

As with anything, there are complexities everywhere you look. But if we peel back the layers, or said a better way, if we change our perspective to “keep it simple, stupid”, then we find a clear and concise solution to our everyday problems. My goal in this blog post, as a part of our BC Consulting BIPs Blogs, is to provide as close as possible to a one-liner answer to the questions posed below. Obviously, do not take them as absolute truths and do your own research because there is always another layer deeper that you can go down, aka the Bitcoin rabbit hole.

What is FUD? —

Fear, uncertainty, and doubt.

Is Bitcoin Deflationary? —

Bitcoin was built, designed and programmed to be constant.

What is Bitcoin? The real question is WHY choose Bitcoin? —

It has to earn your trust, and then you get to choose it. As time moves forward, Bitcoin continues to prove to be sound money.

Is Bitcoin volatile? —

I would say that if you have 10 BTCs in cold storage then you will have 10 BTCs in years/decades from now. It is the environment around Bitcoin that is volatile.

#softhands 😆

Isn’t Bitcoin unstable because the hash rate is dropping like hotcakes?

The higher the hash rate, the harder it is to attack the network — Yan Pritzker

Is Bitcoin = Gold 2.0?

Great value store, not money transfer currency…yet. ⚡(Lightning)

The essence of investing: delay immediate human gratification.

Bitcoin is:

Salability, soundness, and sovereignty — Ammous

Can Bitcoin’s 21 Million coins change?

Bitcoin is truly scarce at 21M bitcoins! Bitcoin is certain in only 21M, just like death is certain for all of us.

note: 21M coins is set based on consensus in the Bitcoin open source code. I don’t believe it will ever change.

Fun Bit

Satoshi Nakamoto — According to the CIA Project, it means “Central Intelligence” in Japanese

HODLers — Hold on for dear life!!!

Resources:

In conclusion: Thank you for reading out first post! I am looking forward to your thoughts on the one-liner answers to your Bitcoin questions. 👍

Erik
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