Everyone Wants To Be the King of Money, but Bitcoin Is King Because It Has No King

Bitcoin draws its power from the people.

Invented by Satoshi Nakamoto in late 2008, Bitcoin is the first successful implementation of P2P electronic money. Everyone thought it was impossible, but by ingeniously assembling several existing technologies, Satoshi Nakamoto succeeded.

Since the official launch of the Bitcoin network in early 2009, the Bitcoin revolution has never stopped moving forward.

Despite many premature announcements of its death, Bitcoin has always risen stronger like a phoenix. The success of Bitcoin has obviously given ideas to others who have wanted to take advantage of the burgeoning cryptocurrency industry.

Since the mid-2010s, more than 100 Bitcoin hard forks have been created. Thousands of cryptocurrencies have been launched. Each time, it was the same thing that was put forward: Bitcoin relies on aging technology that is completely outdated.

All the founders of what is commonly known as Altcoins explain that their project will fix Bitcoin’s problems and replace it in the future once Bitcoin no longer has its first-mover advantage.

To back up their words, the Altcoins founders will tell you that Myspace, a precursor in the world of social networks, was quickly overtaken by Facebook, which has since become a hegemonic leader in the sector. The famous second-mover advantage would therefore be more powerful to impose itself in the long run.

Ethereum’s supporters frequently use this to tell you that the platform founded by Vitalik Buterin, among others, will eventually surpass Bitcoin. You may have already seen the term “flippening” appear several times. For Ethereum supporters, this is the hypothetical time when Ethereum’s market cap will surpass Bitcoin’s.

Behind Ethereum, you have Cardano, founded by Charles Hoskinson, one of the founders of Ethereum as well, who also dreams of a flippening in the future. And so on.

Everyone dreams of becoming the next Bitcoin. Everyone wants to take supremacy in this field because everyone understands that in the end, there will probably only be one left. The world does not need nearly 10,000 cryptocurrencies.

Once this reality is integrated, many individuals dream of becoming the next king of the digital currency field. In a world where everything is going digital, this would be extraordinarily powerful.

Already at the head of the most powerful social network on the planet with Facebook, which over the years has bought out its main competitors such as WhatsApp and Instagram, Mark Zuckerberg set up the Libra project, which immediately alerted the governments of the G7 member countries. With the number of Facebook users, more than 2 billion, this project was a real danger to the prerogative of States in matters of money.

Mark Zuckerberg’s project has since largely scaled back. It has been renamed Diem, and will ultimately be a stablecoin linked to the U.S. dollar.

An iconic figure in the rise of Bitcoin during the 2010s, Roger Ver pushed for the hard fork of Bitcoin that gave birth to Bitcoin Cash in 2017. He continually misled the general public by using the domain name bitcoin.com that he owns to promote Bitcoin Cash as the real Bitcoin.

What a lie!

Two years after the hard fork of Bitcoin Cash, the weak community has once again split with a hard fork of Bitcoin Cash giving birth to Bitcoin SV. Behind this ersatz Bitcoin is Calvin Ayre, who claims that his version of Bitcoin represents the vision of Satoshi Nakamoto. Another big lie.

By supporting Dogecoin for several years, Elon Musk wants to show that he is capable of making another Bitcoin-based project succeed by becoming the next Bitcoin. Dogecoin is indeed a hard fork of Litecoin, which was also a hard fork of Bitcoin. As you can see, the desire of some to create the next Bitcoin is limitless.

Elon Musk is probably dreaming of being the king of the next Bitcoin. That’s why he keeps supporting Dogecoin despite common sense, while the creators of the same coin explain that it is just a big joke. A 70+ billion dollar joke that will end very badly for new entrants who blindly follow Elon Musk’s advice on Twitter.

I’ll stop there, but there are plenty of examples of cryptocurrencies dreaming of being the next Bitcoin or dreaming of overtaking Bitcoin to become the new leader in the industry.

It’s a classic. There is an absolute king, and everyone dreams of becoming the king instead of the current king.

However, all these people who want to become the king of digital money forget one essential thing: Bitcoin is the king precisely because it has no king at all. What gives Bitcoin its power is the people. Bitcoin is the people’s money backed by the people.

Without the people behind it, Bitcoin would be nothing. It is because of the liberating power it gives to its users that Bitcoin is so powerful.

The success of Bitcoin is primarily due to the fact that it is based on a completely decentralized system with a monetary policy that respects the interests of the people. Bitcoin is hard-capped at 21 million units and its monetary policy is programmatic. Bitcoin fixes the problem of the unlimited fiat money supply.

Source: https://www.inbitcoinwetrust.net/everyone-wants-to-be-the-king-of-money-but-bitcoin-is-king-because-it-has-no-king-616918fb7f18?source=rss——-8—————–cryptocurrency