The Seven Primal Elements Of Bitcoin

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The Seven Primal Elements Of The Bitcoin Brand

People tend to be dismissive about new forms of money.

This makes absolute sense because the value of a monetary asset resides primarily in the fact that other people are already using it.

In this sense, any attempt at introducing a new form of money into the world has very slim chances of succeeding.

In modern world history, governments have had a monopoly over money creation initiatives. Just imagine how everybody would react if a new monetary asset were to show up. If that asset were not even backed by a nation state, its chances of success would be even slimmer.

So, how has Bitcoin grown so fast in just 10 years?

There are several answers to that question. Most of them emphasize Satoshi’s genius of combining different technologies in a very unorthodox way.

However, because of my history degree and interest in anthropology, I would like to focus on something that has nothing to do with Bitcoin’s technical aspects.

In this article, I will argue that one of the main reasons for Bitcoin’s success is something that resonates with us as humans on a much deeper level: the primal elements of its brand, which when combined, turn it into a belief system.



Source link Bitcoin Magazine

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