Why Bitcoin Is Superior To All Cryptos (New Bitcoin Bull)

Why Bitcoin Is Superior To All Cryptos (New Bitcoin Bull)
Canadian Professor of psychology and YouTube personality – Dr. Jordan Peterson, has acquired more Bitcoins, after being convinced of the digital asset supremacy (Bitcoin) above fiat currencies and other cryptocurrencies in a recent interview on a podcast show.

He discussed intellectual topics like Bitcoin, decentralization, economics, and fiat currency. After the conversation with the podcast host, who's an expert on Bitcoin (with a doctorate from Columbia University), Peterson took to his Twitter account to announce that he learned a lot from the interview, and has bought more Bitcoin.

“Bought some more Bitcoins. Inflation is damned” Peterson stated in his tweet.

The host reported to be named “Benjamin”, went all out to convince Peterson of Bitcoin's supremacy over other types of currencies. He explained that the reason for this supremacy is that – Bitcoin's fixed supply, lack of developers or administrators, and its continued existence for the past 12 years without needing anyone to be at the helms of affairs.
Before we take a critical look at the discussion and Peterson's decision to buy more Bitcoin due to his belief in the coin's supremacy, welcome to HotNaija – your one-stop destination for the latest entertainment news, celebrity gossips, and stories, lifestyle content, and cryptocurrency news.

It's no longer news that Bitcoin is the most traded crypto and hardest store of wealth in existence. According to Benjamin, people are always looking for the hardest money or currency to store their wealth. Those who achieve this, manage to store their wealth successfully, while those who opt for easy money, will have their wealth reduced and bought up by the previous group members.

For decades now, money has been a contest of ‘Survival of the hardest’. People are always looking for the hardest money available, and the ones who managed to find the hardest money, manage to store their wealth in it successfully. Whereas, the ones who use easy money will witness their money dissipate.

Benjamin gave an example of previous objects that were seen as a store of value. He explained that people successfully stored their wealth using seashells, limestone, and glass beads in the past until the production of these items increased astronomically and they lost their value completely.

Those who had chosen these items to store their wealth, saw it reduced drastically. The same thing happened to copper and silver – the greater the amount that people were able to produce, the more the items lost value.

However, gold has somehow been able to keep its status as a hard currency. Benjamin explained that – the indestructible item has succeeded has a store of value for thousands of years. Bitcoin, on the other hand, has only one quality above all these items. Apart from its potential scarcity, it also has no administrators or person of authority that could change some of the parameters.

Note: No one can suddenly decide to increase the supply of digital assets. Unlike gold and fiat currencies, miners and fiat money are largely under the control of the government, while Bitcoin is entirely regulated by the market.

Ever since the creator/creators of the digital asset (Bitcoin) disappeared, under the pseudonym – Satoshi Nakomoto, no one has been able to change its consensus parameters (what controls the crucial parts of the coin's existence).

With Bitcoin, what we have is that the person/group of people, related to the early design and development of Bitcoin are completely anonymous and nobody has been in charge of Bitcoin since then. Everyone who claimed to have the master key, trying to change the consensus parameters, all failed. There are absolutely no insiders in Bitcoin, as it's the most conservative thing in human history.

When Peterson asked Benjamin why Bitcoin is above other cryptocurrencies, Benjamin replied saying – “All the other altcoins have administrators who often change their project's consensus parameters”. He added that – “These other crypto coins and tokens are more like companies, rather than private protocols”.

Benjamin also describes Bitcoin's origin, which he tagged – “the immaculate misconception”. The origin of the decentralized exchange which is meant to ask the biased and flawed fiat systems will continue to make the Bitcoin network more powerful.

At the end of the day, what makes me pay attention to Bitcoin is that – it is neutral money that nobody has the power to make rules on (control). Whether you're convinced of Bitcoin's supremacy as a store of wealth over time, or you're in for some short-term profits, never buy a coin just because someone or the company itself said it would boom. Make sure to always do your own due research. 

Disclaimer: None of these is meant to be construed as investment or financial advice. They're just opinions and we urge everyone to do more deep personal research before investing their money anywhere.

Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!
Alade Habeeb

I am a writer with a sense of creativity to write on multiple topics. I create engaging, thrilling and entertaining contents and I always take the time to edit my work well before publishing. I follow all the latest trends and read about recent happenings in the entertainment industry to always update my readers.

Previous Post Next Post