What's going on in bitcoin?
by anna park & aisha abdillahi
Do you want to join the world of decentralised digital money? Do you want to learn more about Bitcoin, the first and most popular cryptocurrency? Do you want to meet and network with other people who share your interest and passion for Bitcoin?
If you answered yes to any of these questions, then have a read at this article, as we interview the head of ‘Bitcoin Club’ Mr Tiernan, about all the things that you will ever wonder about what’s happening in Bitcoin Club at the moment.
1. What do you do in the Bitcoin club?
In the Bitcoin club, we talk about the history of money. What makes good money and what makes bad money.
2. What is Bitcoin, and how does it work?
Bitcoin is money that can’t change, it’s digital and it is unstoppable, meaning that you can easily transfer it without there being a ‘middleman’ like a financial institution involved - it’s permissionless and scarce. There are only ever going to be 21 million existing ever, that's the rule. It’s a fixed supply, 19.5 million bitcoin currently exist, the last 1.5 million are going to be released in the next 120 years, like if we found all of the gold in the world and that's it.
3. How is Bitcoin different from other cryptocurrencies?
I don’t know how to answer that, I don’t really look into other cryptocurrencies, I only look at Bitcoin. But if you compare Bitcoin to the dollar as an example, I assume you know the dollar - can you increase the supply of the dollar?
Yes.
Can you increase the supply of Bitcoin?
No.
So the good thing about that is that no human can mess around with Bitcoin and change the supply.
4. What are some common misconceptions about bitcoin?
That it is a ponzi scheme - that is where some people get early into an investment and the value of the investment depends on getting other people in order for the people at the start to make money.
Bitcoin being bad for the environment is another one. I think that Bitcoin is going to make the environment healthy. For example, let's talk about war. Wars are really expensive, and that requires printing off a lot of money in order to buy bombs and lots of bad stuff and that's easy if you're the government. When bitcoin is used as mainstream money, governments wouldn’t have the luxury of going to war, because they wouldn't be able to print off any more, so if they want to go to war, they're going to have to use bitcoin, which there's only 21 million of - I think bitcoin is going to incentivise peace.
5. What do you think of Bitcoin?
I think Bitcoin is brilliant, I think Bitcoin is an alternative thing for families in investment and I hope it will take money out of the real estate market in the future. It's money for peace. It's the better money and better money is the one that is the scarcest. And the one that you don't need to rely on third parties.
Bitcoin club is more than a club, it is the innovation of Bitcoins, the revolutionary technology that is changing the world of finance and commerce. Don’t miss this chance to join the world of decentralised digital money. Join the Bitcoin club today!