Bitcoin is not to be ignored

Most aspects of life are improved upon by new technology over time, and money is no exception. Throughout human history, the money we use has gone through several stages of development. Primitive money came in the form of objects like shells and glass beads, until coins made of precious metal were found to be more useful. To make money more portable, societies began to use paper certificates representing gold, before finally transitioning to paper and digital currencies backed by governments alone.

Bitcoin represents a step change in monetary technology. Its unique properties give it several advantages over everything that came before it, which are the main drivers behind its growing adoption.

Ignoring transformative monetary technology has historically been costly. When precious metals began to replace shells and beads, those who were hesitant to make the switch discovered that the value of the shells and beads declined while demand for the new technology increased. Similarly, as the ways we interact with money begin to be disrupted by bitcoin, those who refuse to adapt may find themselves "riding a horse in a street full of automobiles."

Bitcoin offers an alternative to many different aspects of the traditional financial system, from overarching monetary policy down to person-to-person micropayments. Understanding the areas bitcoin is likely to disrupt is worth the effort.

Bitcoin can improve your financial life — whether you are running a business and leaking profit to credit card companies, or regularly have to deal with wire transfers, or need to send money abroad, or want to save wealth for the long-term. Ignoring bitcoin is choosing to put yourself at a disadvantage.