Bitcoin as a fixed object. Elements or concepts that have power or… | by Geoffrey Gardiner | February 2023
Objects or concepts that have power or value based on our understanding
Beyond the surface-level definition, there are many nuances to the bitcoin world that are worth exploring.
One concept that is important to understand is that of a “fixed object”. An earned object refers to something that has gained a certain level of value or importance over time. This can apply to physical objects such as heirlooms, as well as intangible things such as ideas or beliefs.
Examples of earned objects
- Crown Jewels: The Crown Jewels in many countries, including the UK and Sweden, are considered artifacts. These valuable jewels have been passed down from monarch to monarch and are seen as symbols of the power and authority of the reigning monarch.
- Family heirlooms: Family heirlooms such as jewelry, artwork, and furniture are often viewed as artifacts. These objects have been passed down through generations and are imbued with sentimental and historical value.
- Religious artifacts: Many religious artifacts, such as the Ark of the Covenant or the Shroud of Turin, are considered artifacts. These objects are believed to have special powers or significance and are often the subject of great religious devotion.
- National monuments: National monuments such as the Washington Monument or the Eiffel Tower are considered properties. They are seen as symbols of national identity and pride, and are often the subject of great public reverence and celebration.
- Corporate logos: Some corporate logos, such as the Nike “swoosh” or the Coca-Cola logo, are considered objects. These logos have become iconic symbols of the brands they represent and are instantly recognizable to people all over the world.
Collectively, vested objects are often imbued with historical, cultural or symbolic value and are seen as important symbols of power, identity and heritage.
When bitcoin was first introduced in 2009, it was essentially worthless and had no value. But over the years, as more people have adopted the currency and more businesses have begun to accept it as payment, its value has increased dramatically.
Bitcoin vs other earned objects and shared values
Despite its growing popularity, bitcoin is not without its detractors. One criticism of the currency is that it goes against the common ideals of many traditional financial systems.
Chinese authorities are looking into cryptocurrency as a threat to financial stability and strictly ban banks — South China Morning Post
While banks and other financial institutions are heavily regulated and subject to government oversight, bitcoin operates outside of these systems. Some argue that this lack of regulation makes it a ripe target for criminal activity such as money laundering or tax evasion.
Others, however, see bitcoin as a necessary counterpoint to traditional financial systems. The currency was created in response to the 2008 financial crisis, which was caused in part by the reckless behavior of large banks and financial institutions. Bitcoin’s decentralized nature means that it is not subject to the same type of market manipulation and corruption that can occur within traditional financial systems.
Beyond its philosophical underpinnings, bitcoin is also a practical solution to a number of financial problems. One of the biggest advantages of the currency is its speed and low transaction fees. Unlike traditional bank transfers or credit card transactions, which can take days to process and can come with hefty fees, bitcoin transactions can be completed in minutes and with minimal transaction fees. This makes it an attractive option for both companies and individuals.
Despite its many advantages, however, bitcoin has faced opposition from powerful entities that stand to lose if the currency becomes more widespread. Banks and authoritiesIn particular, they have been vocal in their opposition to bitcoin, with some even going as far as banning the currency outright. This resistance is partly driven by a fear of losing control of the financial system, as well as a desire to protect their own interests.
Despite the setback, bitcoin continues to gain traction as more people recognize its potential. Some even see it as a symbol of the transition of power from traditional rulers to the masses. With its decentralized structure and commitment to transparency and accountability, bitcoin represents a new way of thinking about finance and the way we exchange value.
As more people begin to adopt bitcoin and other cryptocurrencies, we can expect to see significant changes in the way we think about and interact with money. While the future of bitcoin is far from certain, one thing is clear: it represents an alternative option.
Related article: Where did the first BTC come from?
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