If you don’t like Bitcoin, read on!

Dear Wall Street friend, I am writing to you; Because I want your good. I know we are different. Especially when it comes to our thinking about the financial institutions that ruled history a century ago, these differences show themselves more; But I understand what this mindset comes from.

Dear Wall Street friend, you are a smart person and you communicate very well with other people. Banks and their presidents have recognized your abilities and offered you good salaries. In this way, they have provided you with the opportunity to study in the field of economics so that you can walk in parallel with the world in which you live.

In this jam, I turn green in front of you and say with a fascinated look that a servant of God whom no one knows has created digital money. This money is not like it in the world, it is a technology that is considered a human revolution and turns everything you learned from successful billionaires upside down.

I may look like a crazy person at first glance; But give time and read this letter to the end. I write from my heart. This article is not intended to convince you that Bitcoin is the greatest investment opportunity you have ever seen, and I am not going to say that Bitcoin is the greatest change that this century has seen; Rather, I just want to tell you how to look at this so that you can get to the bottom of the strange and dreamy world of Bitcoin.

Bitcoin is a threat to the financial industry

Maybe this issue creates fear in your heart; But that’s all. Bitcoin is definitely a threat to the financial industry of the whole world. The more the acceptance of Bitcoin increases, the less hype and interest in funds, banks, brokerages, capital providing companies, etc.

Please don’t let this fact get in the way of a deep understanding of Bitcoin. Those who understand this orange coin today will be only a fraction of the people who will move towards adopting this technology in the future. Even if we look at the investment aspect of this industry with pessimistic glasses, the opportunity will be so great that you will soon forget its problems!

Bitcoin is different from a company

Bitcoin is a strange beast. Now if you want to see this strange beast from the point of view of analyzing profitable assets such as companies and real estate and the like, it becomes even more strange. Even for someone like a bitcoin expert who has spent a few years getting to know it, it’s hard to describe it.

If you ask my opinion, I would say to see Bitcoin through the eyes of a network technology and know it. Look at the development of the Internet and networks like BitTorrent, which work based on a set of decentralized and peer-to-peer components, and even sea and air routes, what similarities can be found with Bitcoin.

Don’t forget to read the history of money. Seeing Bitcoin and fiat money on a timeline and examining the evolution, you realize how much more dynamic this version of the story is than what central bankers are telling us.

Rather than being an institutional revolution, Bitcoin is an individual revolution

Do not look for the value of Bitcoin in financial institutions and fools. Find this value in those who anonymously and consciously try to keep the Bitcoin network going with the equipment they have lying around at home or with the small amount of Bitcoin they buy every week.

What you read a paragraph ago is different from what you have seen and experienced for years. In the world of colorful paper money, names, surnames, job positions and institutions are things that show us value and importance; But in the world of Bitcoin, what Jamie Dimon and Warren Buffet and the CEO of some big company say is not particularly important. The unstoppable minority that does not succumb to force and compromise and the unknown entities are the characteristics that will bring this technology to its inevitable end.

Try to understand the thinking of this minority, try to understand what motivates them, see how they interact with Bitcoin and understand why it is so difficult to stop them. Next time Charlie Munger talks about it, ignore it!

Bitcoin technical differences

I don’t think you really want to understand the difference between cryptographic asymmetric keys and a hash function, or how one type of authentication differs from another in a computer system. Understanding the importance of differences in governance in an open source project or understanding what a soft fork is and why Bitcoin doesn’t follow hard forks is not that important to you. I get it, none of these things are things you deal with in normal life.

However, all these concepts are the ones that make the distinction. This distinction becomes more pronounced when you try to understand why Bitcoin is different from all the altcoins that we Bitcoiners call “shitcoins”. Take as much time and research as you need to see how Bitcoin works and do it at a deeper level than the articles you read on websites and financial portals. Some technical details are necessary to understand the guarantee that Bitcoin offers and to understand why Bitcoin is different from all other projects in the crypto world.

Read Austrian economics

I’ve often heard Wall Street bullies claim that Bitcoin has no “intrinsic value” and have repeated this so often that it’s lost its logic. After two years of not understanding this “phenomenon”, I came to the conclusion that many economists who do not have that many university degrees and are active in economics, have not read even one article by Friedrich Hayek and Ludwig von Mises.

It would be good if you put aside linear regression and similar concepts for a while and focus on Carl Menger’s ideas and his line of thought. I promise that by reading them, you won’t become a fan of gold overnight, and at least you will understand that “intrinsic value” is not very rational.

this too shall pass

This Bitcoin journey is not going to be in a soft bed and a feather pillow. Coming to the understanding that the investment industry, which has probably been the most powerful part of the economy in the last fifty years, is far from being shaken. Also, it may not be very pleasant to realize that there are better teachings than those of your billionaire bosses; But this too will pass!

I said at the beginning of this letter that you are both smart and able to communicate well with others. As soon as you become a part of Bitcoin Domino, you will face one of the biggest opportunities of your life and I promise you, after the initial panic, you will see nothing but unstoppable optimism!

What you read is just the personal opinion of one of the authors website Bitcoin was a magazine named João Grilo. This article was originally published on this website with the original title “An Open Letter to a Friend on Wall Street Who Skepticizes Bitcoin.”