Here's a great primer on Bitcoin and how it is different than the monetary/financial system that we are subjected to today. Written by our good friend Yassine Elmandjra from ARK Invest in conjunction with the team from Coin Metrics, this piece is a great 30-minute read that lucidly and concisely lays out the advantages of Bitcoin when compared to the incumbent system.
Yassine and crew identify and define four economic assurances that any monetary/financial system should aim to provide their users:
- Value should be exchanged freely and globally
- Wealth should be owned wholly and protected
- Rules should be enforced reliably and predictably
- Integrity of the system should be verifiable
If you've been reading this rag for long enough, you'll know that we try to highlight real world examples of the traditional system falling short in the areas and where Bitcoin proves to be far superior. In fact, just yesterday we wrote about how Discover doesn't respect the first economic assurance listed above when they decided to deplatform a crowdsourcing site that is hosting a fundraiser they do not politically agree with. As more and more of these instances in which actors within the traditional system prove to be unable or unwilling to provide the economic assurances that every human should be granted, the case for Bitcoin becomes clearer.
This is why I highly recommend that you read this piece from Yassine and share it with anyone you know who may be interested in learning more about Bitcoin. This is a high quality first stepping stone that does a great job of clearly describing Bitcoin's value prop by juxtaposing it to the current dominant monetary/financial system. Individuals can only begin to identify where the traditional system falls short when they truly understand the assurances these systems should provide.
It's a 3PM 9-hole type of day.
Enjoy your Labor Day Weekend, freaks. I'm taking the day on Monday... maybe.