Is Bitcoin Nothing?

One of the most common objections to Bitcoin among everyday people is that Bitcoin is essentially “nothing”—not backed by anything physical and seemingly created out of thin air by an anonymous figure known as Satoshi Nakamoto. This article aims to debunk this objection and explain why those humble enough to look beyond the surface often come to a very different conclusion—one rooted in economic principles, technological innovation, and a deeper understanding of what truly gives money its value. 

The Australian dollar is the nation’s official medium of exchange, centrally controlled and issued by the Reserve Bank of Australia. Since the onset of COVID-19, it has lost approximately 27.5% of its purchasing power, a direct consequence of excessive money printing. The more currency a government injects into the economy, the less each dollar is worth. This centralised system creates a poor store of value, as inflation quietly erodes your wealth year after year. Over time, fiat currencies like ours can lose most, if not all, of their real time value. In essence, the dollar is no longer serving as a reliable way to preserve capital.  

To understand Bitcoin’s value, you must first understand what money is. Instead of asking, “What actually is Bitcoin?”, but the more important question we should be asking is, “What actually is money?”. Only by understanding the flaws in our current system can we begin to see why Bitcoin matters. The hard truth is that the only reason fiat money holds any value at all is because people collectively agree to accept it, nothing more. Strip away that acceptance, and its just paper, digits, and base metals.

As people begin to recognise the vulnerabilities of centralised monetary systems, fiat currencies backed by nothing tangible and driven by unchecked government spending, leading to relentless increases in cost of living. Whether you measure inflation by the CPI (which is often manipulated) or by skyrocketing asset prices, one thing is undeniable: the cost of living is soaring. Many people are forced to search for alternative paths to protect their wealth.

What if there were a secure, uncorruptible way to store your capital, with a fixed supply, perfectly divisibility, full fungibility, and true portability. A system that’s ultra efficient, immune to government interference, and completely decentralised.

And what if that secure, uncorruptible way to store your capital isn’t just an idea, it’s a global movement. Over 400 million people, alongside major institutions, corporations, and even nation-states are adopting it. It’s a global response to the reckless devaluation of money by central authorities. These adopters aren’t waiting for permission—they’re opting out.

This is what Bitcoin offers.