501.4 Lesson - willbecomeObsolete

Screen: willbecomeObsolete

Headline: Will bitcoin become obsolete one day?

Reward: 3

Text: Bitcoin represents a unique discovery of absolute scarcity, similar to the discovery of fire, electricity, or the field of mathematics.

It is not logical or possible to compete with bitcoin in terms of scarcity, as there is no level of scarcity higher than absolute scarcity. Criticisms of bitcoin's perceived limitations or drawbacks assume that there are no trade-offs in terms of security and incentive design, or that bitcoin's current form does not already provide significant benefits to millions of users.

As a rapidly growing, unrestricted network with a 99.98% uptime over more than a decade, having processed trillions of dollars in value and secured by billions of dollars in hardware, it is unlikely that bitcoin will be displaced as the dominant digital monetary network at this point.

As Michael Saylor stated, "There's never been an example of a $100B monster digital network that was vanquished once it got to that dominant position."

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QUIZ

Question: Is it possible that bitcoin becomes obsolete one day?

Answer: No, it is not possible for bitcoin to become obsolete because it represents absolute scarcity and has a dominant position in the market.

Feedback: bitcoin to become obsolete because it represents absolute scarcity and has a dominant position in the market.

Correct: true

Answer: Yes, it is possible that bitcoin could become obsolete if a more secure or widely used digital monetary network is developed.

Feedback: Well, you're not wrong about that, but let's be real here - who's going to invent a digital currency that's more scarce than absolute scarcity? That's like trying to invent a circle that's rounder than round. Good luck with that

Correct: false

Answer: that, but let's be real here - who's going to invent a digital currency that's more scarce than absolute scarcity? That's like trying to invent a circle that's rounder than round. Good luck with that

Feedback: Uh oh, looks like you're playing it safe but not quite hitting the mark. While it's true that no one can predict the future, it's pretty clear that bitcoin has a solid grip on the digital monetary network game. Try again.

Correct: false