Many people have heard that Bitcoin made its early investors rich—the quest for profit has driven more people to Bitcoin and cryptocurrency than any other factor—but is that really what drives people in this industry? From early investors to current startups and the (relatively) veteran companies in this space, there is a more significant, and deeper, shared bond. A drive that powers us through popped bubbles and bear markets. That pushes us to continue to build stronger foundations and understand the failure of past excesses.
Besides the chance to be lucrative, what’s so great about crypto anyway?
Bitcoin companies like Athena have founders and employees who are passionate and positive about a future where Bitcoin and other crypto networks have reimagined entire aspects of our daily lives. The technology Bitcoin has pioneered will unlock unprecedented levels of innovation at the extreme edges of society, and its reach will extend to the billions of people in the world who have never known a bank account and never had the ability to transact with the global community.
To understand our passion and our years of dedication to the world that is Bitcoin, please watch below:
Andreas is perhaps our most eloquent explainer and public advocate for Bitcoin, and he is very correct in saying that money is just the first application of the technology Bitcoin introduces. We will see that technology used for everything from tickets to collectibles to car keys to home deeds, as he mentions. Even more than what we can imagine will be possible with what Bitcoin has pioneered.
But, in the opinion of this author, it is almost impossible to overstate the importance of the very first application—of a far better money than has ever existed before.
Bitcoin and the cryptographic explosion that followed have made an experimental reality out of the best (and worst) aspects of monetary theory, which previously could only be dreamed about in academic circles. While there continues to be debate over the nature and best structure of money, with cryptocurrencies it is possible to build and test these live, without permission, and see if they thrive (or fail) on a global scale.
Three reasons why we are IN LOVE with Bitcoin and the crypto landscape:
The immense possibilities of innovation at the edges of a global, permissionless network of value transfer
The creation of peer-to-peer, fungible, digital units of bearer value—in other words: Electronic Cash—to replace physical cash which is diminishing in importance across the globe
To supplement, protect from, and ultimately replace fiat money issued by governments that suffer from inevitable, ruinous devaluation and cause systemic economic boom and bust cycles
On that second point, please see the new Coin Center paper on the necessity of electronic cash in a free society. To better understand the last point, please read the Understanding Bitcoin booklet written by Silas Barta and Robert P. Murphy (especially chapters II, V, & VI). Those interested may also pursue the more advanced How is Fiat Money Possible? essay from Hans-Hermann Hoppe, published in 1994. While the latter was written well before Bitcoin or crypto, the overall presentation against fiat money and fractional-reserve banking is very much foundational to understanding Bitcoin’s relevance.