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If you wonder what a Store of Value is, let me share some exciting things about my relationship with money. I thought the purpose of cash was to buy something. Since money is for buying things, I would have a list of tasks to do and buy with money. I had no idea about clearly satisfying a utility I chose because of my interests and what is important to me.
I either budgeted to spend the money or spent the capital during the process of needing something. I did not even understand the concept of scarcity and realized that it is a problem that exists anyway and that I spend every day responding to things because I cannot do everything at once. I had no idea that the concept of opportunity cost was not just for economists; it is a foundation that guides my choices when choosing between where I am spending my time and what I spend money to purchase. Time is the real asset that every human being can coexist with; the skills we develop are sellable based on the time we can spend sharpening them.
So we can build value, acquire value and preserve value. All this requires energy, the energy you employ from your body, and a commodity familiar with Bitcoin. Isn’t it amazing that Bitcoin can indicate the value of energy used to produce a block and how one gets rewarded in the network’s proof of work process? Well, I find that part alone amazing. Here is another thing I find amazing, Bitcoin was the first piece of code that branded successfully as a possible medium of exchange, a unit of measure, and a store value.
Bitcoin allows users to exchange value with someone they don’t have to trust. Various people use the words “don’t trust, verify” and others use “Trustless.” I am from Africa, and in my culture, the core value of trusting comes with the concept of humanity. So to cross my cultural barriers, I now use the words “Absolute Verifiable Trust.” I do not have to trust authority; most people in Africa are plagued with the socialization that individuals should trust someone put in control. Bitcoin is a social disruptor for us and necessary if you ask me. Now that we know why I write about “Absolute Verifiable Trust,” let me share with you my view on this network affected by a bullish piece of code.
The Bitcoin network, through Bitcoin Core contributors, continuously receives knowledge and intellectual engagement to grow its adoption, making innovation such a valuable characteristic of the Bitcoin ethos for its community. Before we talk about the unit of measure Bitcoin creates, I love its feature as a good store of value. I love that it is like art; the idea that 21 million Bitcoins represents the fractional share of this code continuously being taken care of by willing contributors is impressive.
Only through consensus can this protocol continue to stay healthy and vibrant. Anyone can join the bitcoin community with the preservation of the value acquired is secure. Value continues building through work that requires energy reflected as a digital currency accessible from anywhere in the world with self custody and another shot at liberation.
So for me, this is my “Store of Value in a Verifiable Trusted Manner through Bitcoin.” I no longer think of building and acquiring value through money to spend on things that did not bring value; I understand that money measures the reward I have received in the time and energy outputted. I have invested, so now I preserve it most efficiently and soundly possible through Bitcoin to have a wealth of utility benefits for the future. My capital allocation in time is going to be escalating.
This is a guest post by MetAlokoe. Opinions expressed are entirely their own and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.