Understanding bitcoin is not a matter of intelligence – it’s a matter of ego.
Those who don’t recognize that bitcoin is the currency of the future often cling to old systems because they benefit from them. These people have a high time preference, live in the moment, and think they don’t need to change as long as their short-term needs are met. They show little interest in engaging with new concepts like bitcoin because their ego gets in the way. They believe they are secure in the existing system, even though it will inevitably collapse under its own contradictions in the long run.
The core principles of bitcoin as a currency:
Decentralized – no middlemen. Scarce – a maximum of 21 million coins. Immutable rules – no manipulation. Censorship-resistant – transactions cannot be blocked. Long-term – promotes a low time preference.
The ego problem:
People who cling to the old fiat system often benefit from the Cantillon effect – they are close to the money when it is created and can benefit from inflationary money creation before the negative effects reach the wider population. They live at the expense of those farther from the center of power and see no reason to change.
But bitcoin challenges these power structures. It distributes value fairly, regardless of how close one is to the creation of money. It is this fairness that many refuse to accept – because they would have to give up their power and short-term advantages.
To understand bitcoin is to overcome the ego and embrace the future.
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