Bitcoin: A Cult Phenomenon

Though the term “cult” has a negative connotation, adherence to the Bitcoin ideology is about changing the world for the better.According to Tim Draper, an American venture capital investor, Netflix will be the next Fortune 100 company to buy bitcoin. Moreover, the billionaire believes that it’s only a matter of time before Amazon has little option but to accept the cryptocurrency for payments. This comes at a time when the likes of MicroStrategy and Tesla are moving parts of their corporate treasuries into Bitcoin. PayPal has been busy purchasing a technology firm called Curv, which engages in the secure storage of cryptocurrencies, including bitcoin. But these institutions are only entering the game long after devoted believers laid the groundwork. This is not a criticism, it’s a fact. After all, Bitcoin needs the likes of Tesla and PayPal to get involved, otherwise any aspirations of becoming a global currency simply can’t be fully realized. These huge companies give the crypto sector a seal of approval it desperately needs, and it’s one of the reasons why Bitcoin has become so incredibly successful.But what are some of the other reasons for the cryptocurrency’s success? It’s decentralized in nature, it offers security and anonymity, it’s free from third party interference, etc. What I am asking, however, is this: What are the factors, at a human level, that make Bitcoin so desirable?And not just desirable, but highly desirable. In fact, it’s no exaggeration to say …
Story continues on Bitcoin Magazine

Related posts
Bitcoin Magazine PodcastCulturepodcastVideo

Interview: Conviction In Bitcoin With George Mekhail

In this episode of the “Bitcoin Magazine Podcast,” host Christian Keroles sat down with George Mekhail of Bitcoin Is and the OC Bitcoin Network.Watch This Episode On YouTubeListen To This Episode:AppleSpotifyGoogleLibsynOvercastIn this episode of the “Bitcoin Magazine Podcast,” host Christian…
AdoptionAfricaCultureSouth Africa

The Rising Popularity Of Bitcoin In South Africa

A combination of factors makes South Africa a notable hotbed for Bitcoin adoption, even among a region that has embraced BTC.South Africa is, without doubt, one of the most advanced countries in Africa — if not the most advanced. The…

When You Run The Numbers, Bitcoin Will Compress Quadrillions Of Dollars In Monetary Energy

When you run the numbers, it’s clear that quadrillions of dollars will be compressed into 21 million bitcoin. What comes next, nobody knows.The Bitcoin black hole has absorbed $1 trillion of monetary energy in only 12 years. As the legacy…