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    Home»Cryptocurrency»Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency
    Cryptocurrency

    Bitcoin: A beginner’s guide to the hype and the reality of the cryptocurrency

    July 8, 20254 Mins Read


    In a world increasingly reliant on digital transactions, Bitcoin has sparked both fascination and skepticism. In this article, Grayson Shaw shares insights into the world of Bitcoin, exploring its core principles, the controversies surrounding it, and the recent developments that are shaping its future.

    As the financial landscape has changed, you’ve probably heard of cryptocurrency — namely Bitcoin. But what exactly is Bitcoin, and why has it captured the attention of investors, technologists, and regulators alike?

    Bitcoin was founded in 2009 by a person known by the alias “Satoshi Nakomoto” in a time period where mistrust of banks and financial institutions was running high after the Great Recession. The idea was to create a “decentralized” currency that would not be subject to manipulation from a government or central bank. 

    A good place to start with Bitcoin is its scarcity. There is no maximum amount of dollars or euros that can exist at one time, but Bitcoin was created to only ever have 21 million of them in circulation. This creates scarcity for Bitcoin, and protects it against inflation, like what was experienced in the last 5 years with the US dollar.

    What does “decentralized” mean?

    Decentralization is one of the pillars that Bitcoin was founded on. This means that Bitcoin is not owned or controlled by a particular entity, and cannot be controlled from a top down structure.

    If a bank decided that you can only withdraw $,1000 a day, you generally have to abide by that rule. Bitcoin’s founders had the vision to “unbank yourself” by having control over your own funds in your Bitcoin wallet.

    Controversies

    Bitcoin is not without its critics. Many have vocally stood against Bitcoin since its inception, drawing comparisons to the tulip bubble in the 1400s, as well as saying that it is a Ponzi Scheme. Some issues that were initially brought up were lack of transparency and a reputation for its use in illegal activities.

    Warren Buffett himself is on record saying that he would not buy all the Bitcoin in the world for $25. Similarly, Michael Burry, who made $100 million on his prediction of the 2008 financial crisis, has compared it to the stock market bubbles in 1999 as well as 2007. 

    What do the bulls say?

    If a great household name like Buffett says he wants no part, why would anyone? Many bulls believe there is more to the cryptocurrency than meets the eye. Michael Saylor, CEO of MicroStrategy, believes that Bitcoin is a “dependable store of value”, and has made a public $33.19 billion bet on its future. Jack Dorsey, founder of Twitter (now X) is on record referring to Bitcoin as “Digital Gold” due to its decentralized nature and potential as a store of value. 

    Bitcoin has seen its fair share of ups and downs, and has even dropped more that 75% on multiple occasions, with the latest being in 2022. Historically it has moved along with the general market, making record highs when stocks do well and taking substantial hits in bear markets. 

    Recent Developments

    The last few years have included good news for Bitcoin bulls as the SEC approved Bitcoin ETF’s in early 2024. This opened the door for institutional money to buy into the asset. Along with talks about federal and state Bitcoin reserves, it appears the cryptocurrency is being seen in a more positive light. 

    Whether you are for or against it, it is good to be in the know about new and upcoming technology, so I commend you for spending a few minutes reading this article. 

    If you would like to know more, feel free to email me at [email protected].

    This article does not constitute financial advice on the part of Grayson Shaw or of Grice Connect. The views expressed are the author’s own.



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