{"id":17600,"date":"2021-02-27T01:00:24","date_gmt":"2021-02-27T01:00:24","guid":{"rendered":"http:\/\/ci027cfe6f80132697"},"modified":"2025-01-30T12:45:09","modified_gmt":"2025-01-30T12:45:09","slug":"why-wont-bitcoin-die-because-you-need-it","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/why-wont-bitcoin-die-because-you-need-it","title":{"rendered":"Why Won\u2019t Bitcoin Die? Because You Need It"},"content":{"rendered":"
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\u201cWhy won\u2019t bitcoin die?\u201d is a common question I\u2019ve heard asked throughout the years by people sitting on the sidelines watching the bitcoin price hectically rise and fall, time and time again. <\/p>\n

The mainstream media will tell you that bitcoin is a speculative bubble, your financial advisor will tell you that you\u2019re wasting your time by investing in it, your friends and family will tell you that it\u2019s a scam and economists will tell you that it won\u2019t work. So, why is bitcoin consistently rising in price and proving them all wrong? If bitcoin really is everything that these people say it is, then why won\u2019t it just die already?<\/p>\n

Many people in developed countries see bitcoin as an investment opportunity, thinking \u201cI\u2019ll buy low here, and sell high here\u201d in the hopes of purchasing a good or service that they wish to acquire. We also aim to increase our net worth and improve our quality of life, earn a higher social status, provide value, etc. But many people in the first world have not yet had to learn about the frightening reasons why bitcoin is needed in the first place, but that is changing.<\/p>\n

People in developing countries see Bitcoin in an entirely different light. They\u2019re not buying bitcoin in the hopes of purchasing a 10-bedroom mansion in Los Angeles, they\u2019re not buying bitcoin in the hopes of owning a Lamborghini, they\u2019re buying bitcoin because they need it to survive. In third-world countries where the national currency is being printed into oblivion, those countries\u2019 citizens are seeing their life savings vanish right before their eyes.<\/p>\n

I remember giving a speech at my college during my freshman year (I went to school in the United States) on what\u2019s better: fiat currency or bitcoin. One argument I made is that fiat\u2019s hyperinflation<\/a> tendencies lead to a 100 percent guaranteed result of wealth evaporation. I showed the video below, featuring a chart with multiple national fiat currencies and demonstrating how the Venezuela bolivar was completely destroyed in a small window of time. It\u2019s very ironic to hear bitcoin critics when they claim that \u201cbitcoin can go to $0\u201d when their own national currency is the one that\u2019s going to zero in terms of purchasing power.<\/p>\n