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2024-01-17 03:45:39After reaching the milestone of 100 million users in September 2020, the Bitcoin network will now have more over 130 million members, having exceeded the 100 million user threshold. Because these are simply estimations, I will speak in the conditional tense.
You are probably aware that the Bitcoin network is pseudonymous, and that each user has the ability to use numerous addresses on the network if they so want. At any given moment, it is difficult to get an accurate count of the number of people that are connected to the Bitcoin network. However, it is feasible to gain access to extensive information about the number of addresses that are currently being used on the network.
In order to eventually get at some estimations about the total number of users, cross-checking is performed. This number was somewhat more than 130 million at the time of writing.
This is both a great deal and a little amount at the same time. When you take into account that Bitcoin was created a little more than 13 years ago, you realize that this is a significant amount. Therefore, a peer-to-peer payment system that was unknown to the general public and did not have a marketing staff attempting to attract new users has managed to convince more than 130 million individuals in only 13 years. That is just remarkable!
On the other hand, when you are aware of the defects in the existing monetary and financial system, you may think that this is not too much when you compare it to the existing problems. And all the more so when you take into account the fact that Bitcoin is the answer to all of these problems. If you've come to the conclusion that Bitcoin represents a crucial paradigm change that will eventually lead to a better society for the majority of people, you could be disappointed.
Why are so many people still so scared of Bitcoin?
You might be forgiven for thinking that it's because of the negative reputation that's been perpetuated by prominent individuals in the present system, some of whom still refer to Bitcoin as a hoax from time to time. You might also be under the impression that they see Bitcoin as a speculative bubble. Others have the misconception that Bitcoin is founded on nothing, which seems to frighten them.
Imagine for a moment if they concluded that the value of paper money is not based on anything at all, other than the fact that governments mandate it all across the globe. When they found out the horrible reality, they would be appalled. However, in order to make progress for the better and regain control of your life, you will have to go through this unfortunate but essential step. However, there are those folks who just aren't prepared just yet.
Some people believe that people are afraid of Bitcoin because of the high degree of volatility in its price. At the end of the year 2021, one bitcoin cost $69K, but one bitcoin costs slightly under $40K right now. Those who are used to the existing system, which sees the powerful manipulating markets, may find this to be quite unsettling. Those not used to a free market that consistently puts the consumers in control may experience apprehension.
It's possible that some people would argue that Bitcoin is largely used in unlawful endeavors, and that they don't want to give legitimacy to this notion by purchasing Bitcoin. However, it would seem that this line of reasoning is no longer valid given that even Janet Yellen recently said that Russia could not have utilized Bitcoin as a means of evading American sanctions in light of the ongoing conflict in Ukraine.
The real reason lies in the fear of assuming the responsibility that freedom implies
To summarize, if Bitcoin continues to terrify such a large number of individuals, I believe there is another reason behind it. I came across this Sigmund Freud remark not too long ago, and it seems to me that it provides an answer to the issue that I posed to you a little while ago:
"The vast majority of people do not really want freedom because being free comes with responsibility, and the vast majority of people are terrified of responsibility."
Bitcoin grants you unrestricted freedom. The autonomy to choose how one should direct one's life and pursue one's goals. This is an incredible liberation, and as human beings, it ought to be something that we all naturally strive towards. You may probably anticipate that having so much power also comes with a significant amount of obligations.
There is a cost associated with gaining Bitcoin's power, and that cost must be paid. You should be aware that you are required to take responsibility for the results of your hard work, even if I do not consider this a particularly expensive price. You are about to be put in a position in which you will have complete control over the results of your work for the very first time in your life.
In the event that you misplace your 12- to 24-word seed phrase, you will never be able to access your Bitcoins again. As a result, you will no longer have access to your money in any way. In contrast to dealing with a banker, you won't have someone to contact in order to complain with. You are the one who is to blame for this. This requires you to take responsibility for the things you do.
This seems like a once-in-a-lifetime chance, but unfortunately, a lot of people are too afraid to take advantage of it. Nevertheless, doing so is the one and only way to attain genuine autonomy over the results of one's work. If you have not yet acquired Bitcoin or if you have not yet taken complete custody of the private keys associated with your Bitcoin wallet, I encourage you to give some consideration to the information that I have just provided.
Final Thoughts
I want to encourage you to have a conversation with yourself about the importance of assuming complete responsibility for your life and seizing control of it. This is necessary since no short cuts can be taken in this situation. You can't say you want untraceable and tax-free physical currency without being willing to take on the responsibility of assuring its complete safety.
That's all for today, see ya tomorrow
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