I’m a zoomer, you might have heard of us – self-proclaimed, spoiled, and good at tech. I recently graduated from high school, attended university, and entered the workforce. If you’ve done any of these things in your life, chances are you are human and this article is about you. While this writing is suitable for young people, it still applies to everyone.
I’ll start bluntly: you’re leading your life at a loss – surprise! Now let me explain. Time is money and money is time, literally. Every day that you go to work, you trade your time and energy for credits to salvage other people’s time and energy. This technological innovation is called money.
As a zoomer, I have a lot of daily purchases and a few life goals. I buy coffee almost every morning and one day I would like to own a house. I also have a savings account full of loans to redeem. If I choose not to redeem (spend) these credits immediately, they continually lose value. With each passing second, morning coffees and this future home become more expensive. As a result, I am able to demand less and less time from others. Why is that?
These items become more expensive because governments use expansionary monetary policies like low interest rates and money printing. I have no control over these expansionary monetary policies and I am not taking advantage of them. A cup of coffee, if I was alive in 1970, might have cost me only 25 cents; today it costs me over $ 5! If we maintain the government’s target inflation rate, that cup of coffee could end up costing me over $ 10 before I even retire.
It’s a tough battle!
I have to run faster and faster just to stay still and so do you. The current financial system is designed around “growth” at all costs. The economy depends on consumption fueled by debt for consumption.
Consider the impacts of this on the environment. If the incentive is to quickly spend the money you earn today before it loses value, then the resources are dug up and exploited before they otherwise need them. The “live for today” mentality comes at the expense of a better future. According to current measures of growth, or gross domestic product (GDP), a cyclist ruins the economy because he doesn’t buy cars, gasoline, insurance, or has car accidents. However, a fast food outlet is great for the economy as it creates cardiologists and patients who demand medication and treatment.
Here’s the real kicker: The debt that has been generated is what we are about to inherit. We are on the right track to pay off all the existing debts of past generations. Tax rates will be increased, cheaper credit will be applied and dollars will be pumped into our financial system. Whether through taxes or inflation, we’ll trade our time to pay for someone else’s mistakes. Unless, of course, we have bitcoin.
A baby boomer once told me that he had solved the global debt crisis and explained to me that future generations would only pay for today’s consumption. I politely explained that “I am storing my wealth in a non-confiscable asset so that I do not have to pay for the blatant misallocation of your government’s resources.” I ask you this question, reader, and you?
Money is perhaps the most important human construct after math and language. For millennia, societies have used either a token-based monetary system, like gold or seashells, or a ledger-based system, like today’s fiat currencies. Throughout the history of mankind, the technology used for money has evolved slowly and steadily.
A fixed money supply means that humans scrutinize their spending decisions more carefully, act less unnecessarily, and focus more on what is important for the future. If your time and energy are stored in a non-confiscable, non-inflatable asset, you cannot be forced to pay for the decisions of a generation before. How does that sound?
Bitcoin is a digital currency network, native only to the Internet. He has no physical form and, most importantly, he has a verifiable limited supply. Bitcoin is the first iteration in human history of a proprietary token-based system backed by a distributed ledger. Due to the fixed offer, your right to company time cannot be diluted.
Bitcoin is one of the most risk asymmetric transactions anyone, especially a zoomer, can perform. It has a limited disadvantage, but it has an infinite advantage. There is a non-zero chance that bitcoin will reach $ 1 million in our lifetime, but there is a 0% chance that your savings and mine will hold their value over the next 10 years.
With bitcoin in my pocket I run with the wind on my back and swim with the current.
Special thanks to @BTCSchellingPt, @nikcantmine, @aurumbtc and Del for helping to edit this article.
This is a guest article by Lawson Enright. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.