Bitcoin’s design around decentralization, mathematical scarcity, and self-sovereignty are all valuable in a world where theoretically centralization fails. It is leaderless and trustless, not because leadership is bad, or trust is bad – but because faith in these things can tend to fail or let us down – with terrible consequences.
It is not difficult to see the failure of leaders all around us. Politically, we see the Chinese Communist Party operating perhaps no much better than President Trump in the efforts against Coronavirus. We continue to see failure of the Federal Reserve economic policy, devastatingly destroying the value of the US dollar (and all other world currencies) over the decades. We continue to see failure in basic economic education, and a spread of socialism and an appeal to handouts – rather than rooting out the problem of inflation. We continue to see a lack of educated consumerism, continuing to buy goods manufactured in China with only regard to price, and total disregard to the poor working conditions and humanitarianism. It is hard to have faith in people around us.
In a world without Bitcoin, there is no way to shield yourself from these issues and people in a convenient manner. That is, you suffer from the stupidity of others. But Bitcoin allows you to secure value and money – which is critical to life in our modern world – against poor decision-making of others.
This is not to say, people should simply buy Bitcoin and let the world burn. But rather, perhaps while fighting the war against ignorance, be smart and protect oneself from all the collateral damage and unintended consequences of the foolish of which you have little to no real control.
Will Bitcoin succeed? Perhaps only as much as leadership fails, and the people’s ability to elect very good leaders fails, and at least for me, that’s a sure bet as any in today’s day and age.