What are Bitcoin’s Contributions Based on Financial Gains?

By  //  March 24, 2022

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With the advent of new investors, the value of Bitcoin will increase further, which will generate the attention of more potential investors. It is said that instead of questioning these trends, Silicon Valley bet on Bitcoin. Significant venture capital (VC) companies have invested in businesses that promote speculation by converting Bitcoin into dollars.

In addition, entrepreneur and investor Peter Thiel and other tech celebrities invest individually in Bitcoin. Perhaps the most famous are Cameron and Tyler’s Winklevoss brothers, the twin investors. If you already invested in Bitcoin then you must know is now the time to sell Bitcoin.

With such an overt purpose, it was challenging to put Bitcoin-related investments in the typical Silicon Valley rhetoric of “making the world a better place.” Still, many have tried it.

Bitcoin that connects the world

Venture capitalist Marc Andreessen tweeted in 2014 that investors’ speculative behavior towards Bitcoin served the purpose of advertising. “The Bitcoin system is designed to expand the network effect of chicken first or egg first by speculation.” Unfortunately, this tweet was deleted shortly after posting. In short, it appeared to make a lot of money quickly, but now it aims for a borderless peer-to-peer exchange and allows the exchange of funds between individuals.

Around the same time, venture capitalist Reid Hoffman announced that he would invest in Block stream, a blockchain developer. Because he thought Bitcoin or blockchain in a broad sense was a tool of liberation.

And he set the following goals. First, it will reduce fees for financial services and make small payments (micropayments) available to support essential organizations and artists such as newspapers. And it will deliver global currency to the corners of the world.

“The idea of blockchain and the transactions it enables will strengthen the Internet infrastructure. It can greatly increase the ways we interact with each other,” Hoffman himself found. He claimed on LinkedIn. In other words, Bitcoin was connecting the world. In addition, in Silicon Valley-style language, Hoffman adds that the financial system may be more efficient and equitable than a system that relies on bureaucratic rules, with complete transparency of the ledger.

The idea behind Silicon Valley

However, there have been times hidden in these “declarations” over Bitcoin. The idea is that if Bitcoin is made easier to use, its value will increase, and it will become a good investment project.

It may have been said in words that cross-border transactions would be easier. In particular, “when credit cards are not supported, or areas with no robust banking system are relevant”.

However, the underlying idea was that the more Bitcoin was used, the more valuable it would be. Naturally, those who bought a lot of Bitcoin cheaply would make a lot of money, and a small number of people would take control of the currency. That was the case in Silicon Valley. A few companies that claimed they weren’t interested in profits split the world’s profits. These companies are obscuring their true aim with the message of building and connecting communities.

However, we are becoming aware of it. These companies are not fostering communities but fostering extreme individualism and the delusion of living independently. Rather than obscuring this “super-individualism”, Bitcoin has decided to raise it. And he didn’t even try to take root in the culture.

However, in terms of “honesty,” I would like to give Bitcoin a positive rating. Of course, if you want to make a fortune with tricky techniques or cheating, you shouldn’t publish the chart of the amount you earned in seconds. But, unfortunately, that’s what the big tech companies have learned. That’s because it’s like trying to get involved in disturbing things.

How to find a crypto wallet that is best suited for you?

According to the bitcoin community, you can choose from several wallet applications, but it must support 12-word recovery sentences. Does the new wallet application you choose not support this? Then the recovery phrase is unfortunately not compatible, and you can use the method above or choose another wallet application.

It all depends on your personnel preferences that which wallet application suits you best. For every possible case, we think you should do good research before choosing. User experiences and reviews on the internet could be beneficial for this. Feel free to try out different options before you decide and when in doubt, rather err on the side of caution.