Why Bitcoin is the best money
Congratulations, El Salvador!
Bitcoiners often say Bitcoin is the best money. We say this because more of it cannot be made when there's more demand. Inelasticity of supply, historically-speaking, is what makes currencies endure centuries at a time. The petrodollar is only 50 years old. If the theory behind hyperbitcoinization holds, it won't make it to 60.
Bitcoin makes two assurances of its supply:
1. Statistically, 210,000 blocks are mined every four years. At the current halving cycle's block subsidy, that's 1.3125M bitcoins over four years. This is due to the biweekly difficulty adjustment. Note, 1000 blocks are usually mined each week, depending on how much hashrate is available to meet the target difficulty.
2. It also ensures there will never be more bitcoins in circulation than there ever should exist at any point in time.
These are mathematically-proven, cryptographic assurances that will stand the test of time barring any side-channel attacks.
Bitcoin's constants have a remarkably human scale. It's actually quite elegant. Bitcoin is the simplest cryptocurrency in which to understand its operation, but is the hardest cryptocurrency in which to understand its impact, since it seeks to replace all money.
This will happen, so the theory behind Thier's Law goes, because the good money will eventually drive out the bad. This has been seen in all currencies thus far. There's no good reason to expect the dollar to be different.
See this article for more:
Bitcoin is more than just a Peer-to-Peer Electronic Cash System. It is The 2.1 Quadrillion Satoshi Answer to The 1 Quadrillion Dollar Problem.
An enduring, inelastic, secure money can only be possible through cryptocurrency. Nothing else can be trusted against unilateral supply manipulation, not even gold.
And while the Bitcoin market can be manipulated to some degree, there are limits to the capability for any one actor to manipulate its price or its supply, especially as the market capitalization and global hashrate grows.
No other cryptocurrency has a realistic goal to do something so ambitious as being a form of money that replaces all other money.
Today, September 7th, nearly 13 years after the first bitcoin was mined, El Salvador is the first country on Earth to begin the process of attempting to do just that.