I believe everyone deserves to be empowered.
We Bulls believe bitcoin is the most empowering force on the planet since the Internet.
Why: Communication Pre-Internet vs. Post-Internet
Why do I believe that? What was communication like prior to the Internet? I could talk with someone at my house or on the phone. I could use the post office to send mail to someone if I had their address. If I wanted to do mass communication like Radio or TV I had to convince someone to air the content and adhere to their guidelines.
What is communication like post-Internet? The Internet has enabled a vast array of essentially free communication options: emailing Tweeting, FaceBooking, instant messaging, contact pages, distributing videos, blogging, posting comments on news stories, creating anonymous communications, etc. I am empowered to choose which communication channel I want to use and I can say anything the channel operator allows.
Why: Finance Pre-Bitcoin vs. Post-Bitcoin
What is finance like today? Expensive, slow, and controlled. People live in fear and are controlled by governments, banks, and credit card companies. We live in fear of banks failing (remember the financial crisis?) People’s accounts can be closed, applications denied, credit denied, money accidentally taken, fees assessed, etc. PayPal and Visa can reverse payments. On top of the fear, hassles, and constraints imposed by the banks, financial companies, and government scams abound. Who hasn’t had to change their card number because of a theft? Craigslist scammers even use certified checks cleared by banks to scam people.
What will finance be like post-Bitcoin? Bitcoin will enable a vast array of essentially free financial tools: transmitting money, receiving money, lending, borrowing, investing, derivatives, issuing stocks, futures, etc. I will be empowered to choose which tools to use. No more playing by the banks rules. If I don’t like a bank I won’t need one. A piece of software on my phone or computer will provide all the services the bank would be able to. Competitors will abound and have to provide exceptional value to win customers.
Here are some examples of the empowerment bitcoin provides:
- Bitcoin lets people do things no other form of money can.
- Any charity can accept money through a QR code. That means a printed sign, a sign shown on TV, a business card - all these mediums are now potential donation channels for the charity to instantly receive dollars or bitcoins.
- Using ChangeTip on Twitter one can send $5 to someone in Japan who can then send $5 to someone in Kreuzberg, Berlin who can then buy a sandwich with bitcoin, all within the span of 5 minutes. That is impossible with all other payment systems today.
- With bitcoin anyone can raise startup funds through crowdsales
- When the law catches up with the technology, people will be able to buy and sell stock assets, like OSTK, at a Christmas dinner to a family member without using their brokerage.
- In the near future software will be able to auto execute portions of a will. Instead of having lawyers and probate, upon death assets can be distributed exactly as prescribed by the deceased.
- Bitcoin enables people to pay small amounts (25 cents or even fractions of a cent) of money. Entire new payment models will emerge. For example paying for WiFi at an airport or restaurant, paying to read articles online, all kinds of services that are ad funded could be paid directly by the consumer, aligning the incentives of the producer and consumer.
- Bitcoin is the easiest fastest way to send money online and the fastest, safest, and easiest way to receive money online.
- Bitcoin is early in its life and will potentially be valued hundreds of times higher than where it is now. Today’s investors might be like the guy who invested $27 into Bitcoin and had over $500,000 four years later.