Hello C3 Family!

Weekly Rant - Is Digital Best?

Moving on to the second part of our currency series this week...The Crypto Defacto, Bitcoin. Last week we discussed the pros and cons of Fiat currency and this week we will be tackling everyone's favorite tech stock BTC. 

The voting on the original poll had BTC and the US Dollar at a deadlock tie for second place well behind Gold and just barely beating the evasive "Other" option.

BTC seems to be one of those things that people either hate or love, like mayonnaise, and the middle ground has been completely unused. By the way if you like mayonnaise, I kindly but firmly ask you to unsubscribe from this newsletter!! (JK)

So, with BTC being the mayonnaise of currency options, let's take a look as to why it is loved by some and hated by others...

The Pros...

1. SECURITY- The Blockchain technology is one of the most unique and innovative creations that we have seen in the 21st century. The ability to decentralize verification of transactions can be world changing (For the better...not quite sure). For those that do not understand what Blockchain is, watch this video for a better understanding. Simply put, BTC has a very low chance of being hacked thanks to the Blockchain. (IMPORTANT NOTE: I am not talking about the companies who host wallets like the failed FTX organization or current crypto companies like Coinbase, I am only speaking about the blockchain in its raw form.)
2. COMBATTING INFLATION- The max number BTC is capped. There is no way for the world to ever see more than 21M BTC in existence. This acts as a built-in defense against inflation. Not an airtight defense, but many argue BTC is a far better option than fiat for this reason alone.
3. A GLOBAL SOLUTION- Our Globalized society is almost begging for an option like BTC. A currency that is secure when used, safe against hackers, and is not controlled by a government. If adopted by the majority of the world, then exchange fees, and corrupt governments taking unlawful cuts of money transfers could be lessened in a significant way.
4. INEVITABILITY- No matter what you think about the morality of BTC or a global currency in general-we must acknowledge that a global currency is the path the world traveling. Some may prefer Fiat or Gold but given the obsession with the digital by the powers at be, a digital solution seems likely. The question we may need to ask ourselves is would we rather BTC, a decentralized and relatively secure option, or something akin to the digital Yuan of China, a government manipulated crypto that can vanish from your bank account if you do not comply with government mandates?

The Cons...

1. ABSTRACT LIVING- Moving Closer and closer to living in the world of 1's and 0's never seems like a good idea to me. We are constantly moving away from the physical reality God gave us and the consequences are, will be, and have been disastrous. I am not a luddite, but lines need to be drawn somewhere and using an abstraction for our means of exchange could be morally and economically dangerous.
2. NOT INFLATION PROOF- BTC may be capped but it is also divisible. The price of an individual BTC will always be in flux depending on how it is used and how many are using it. The Gold Standard of the past was locked into a price for a time, but BTC will never be tied down to a particular value.
3. SPECULATION SUPREMACY- BTC is treated as a speculative Tech stock and not a means of exchange by the vast majority of people who own it. This may be because it is so new, and its true utility may not be realized until far into the future, but there is no solid guarantee that the speculative treatment of BTC will ever end.
4. CONCENTRATED POWER- Right now the top 1% of BTC holders own over 90% of all BTC in circulation. This is a recipe for disaster as these BTC "Whales" could push the adoption of BTC by certain countries or the world at large and then trade in their coins for the true commodity...LAND. The same bait and switch that Bill Gates pulled with Microsoft stock could be due for a repeat with BTC.

There is so much more to get into with BTC, but we have more or less reached our limits here. I understand why BTC is the no middle ground mayonnaise currency. BTC has some impressive pros and some very scare cons, making it tough on the individual to discern in a fair manner what to make of BTC. 

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