Bitcoin is a NgU Technology
Bitcoin is a world of its own with its codes and expressions. A true Bitcoin culture has developed over the years. When you enter this new world, you may get lost in reading expressions that keep coming up over and over again, but that no one will take the time to explain to you.
These expressions are called Bitcoin Memes.
You have probably already heard people use the following Memes: “Have fun staying poor”, “Few understand this”, “Number Go Up”, “Run the numbers”, …
So that you don’t feel left out the next time you hear or read these Bitcoin Memes, I offer you an explanation of what they mean. A dive into the heart of Bitcoin culture is available here: “The Eleven Most Popular Bitcoin Memes Explained“.
In what follows, I’m going to take a closer look at a popular Meme that has yielded the following assertion: “Bitcoin is a NgU Technology.”
The following illustration I’ve created should help you better understand what this assertion is based on:
This assertion is based on three obvious observations, which combined can only produce one and the same result in the future:
- A potentially infinite demand for Bitcoin. Why? Because Bitcoin meets an emerging need that more and more people will come to understand. That need is for hard money that protects you from monetary inflation in a way that resists censorship.
- A supply limited to 21 million units, come what may. There will never be more than 21 million units of BTC in circulation. No one can arbitrarily change the rules within the Bitcoin system. And the majority have no interest in changing the essential rule that makes Bitcoin hard money. You can check this for yourself in the Bitcoin source code, as I explain here: “Do the Math, Run the Numbers, and You’ll Understand Why Bitcoin Is a Unique Species of Money“
- Do the math yourself, following the basic principles governing the law of supply and demand. Limited supply and infinite demand … What effect does this have on the price of Bitcoin in weak currencies like the US Dollar or the Euro?
Obviously, the price of Bitcoin can only rise when expressed in US Dollar or Euro.
This is why Bitcoin is referred to as NgU Technology. The technology on which the Bitcoin system is based can only produce this result as Bitcoin becomes more widely adopted.
