Is Bitcoin looting the wealth of most people?

Bitcoin for most people who are not familiar with, is still treated with misunderstandings and doubts.

A question for you:

If people who entered the field of bitcoin in the early stage had more than 100,000 bitcoins, they would have a lot of wealth and can buy goods and services. Isn't this loot?

Now, we will try to answer this question.

01. Price of Bitcoin

Putting aside the hype, in essence, the price of something rises, either the value of the thing is re-excavated, or the currency that measures the price is depreciating, or the two work together.

The essence of value is consensus, and the value of bitcoin lies in consensus. Those who influence the price of bitcoin are not those who are scornful, but those who have consensus.

In the past 10 years, bitcoin prices have gone from scratch, from 10,000 bitcoins for 2 pizzas to 1 bitcoin worth 26,000 yuan, except for some speculation factors, mainly for groups with consensus on Bitcoin are growing up.

The skyrocketing price of Bitcoin certainly makes some early-stage visitors happy, and many people envy and hate, but many people overlook one point: those who bought Bitcoin early, they took high risks. If Bitcoin fails, their investment will go directly to zero.

Those who entered the Bitcoin field early could also invest their money in stocks, bonds, real estate, etc., but they chose Bitcoin and took the corresponding risks.

Of course, even now, Bitcoin is still a social experiment, and no one can determine what will happen to Bitcoin in the future.

02. What is wealth looting?

"The looting of wealth" means that the value of the wealth is shrunk, and only for those who own the wealth, it has no effect on others.

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For example, we all know that inflation in Venezuela is serious. Suppose Jimmy saved 10 million Bolivars (Venezuela currency units) in the bank at the beginning of the year. The 10 million Bolivars can buy a car; Dan is a poor man with no bank deposits. A year later, the currency depreciated by 50%, Jimmy's 10 million Bolivars can only buy "half-car", and wealth has shrunk by half. Dan had no deposits, and the currency depreciation did not affect his deposits because he did not have any deposits.

Bitcoin is similar. Bitcoin price fluctuations only affect Bitcoin holders and have no effect on ordinary people.

03. Bitcoin is owned by a minority of people

Since the price fluctuation of Bitcoin only affects those who hold Bitcoin, how many people hold Bitcoin?
At present, there are 22573341 (more than 2257,000) addresses with Bitcoins. Although it is difficult to accurately estimate the number of Bitcoin users, according to a number of media and institutional surveys, the number of Bitcoin users will not exceed 20 million. Bitcoin users account for only 0.286% of the total population, compared with more than 7 billion people worldwide.
So we can't say that Bitcoin is looting "most people" because there are too few people who own Bitcoin.

04. To sum up

In many countries, bitcoin is defined as a "goods." Buying and selling Bitcoin is voluntary. Whether the price rises and falls, whether it "loots wealth", will only affect people who own Bitcoin, and this group is currently less than 0.3% of the total population. .

For the majority of ordinary people, no matter how the future development of Bitcoin is, it will not affect them, how can we say that "bitcoin is looting the wealth of most people"?


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