Are you wondering why we are talking about the bitcoin religion when it is just a cryptocurrency? If yes, then you need to look closely at the crypto enthusiasts who are a bit extreme. At a time when financial institutions are fearing a cryptocurrency blow, many see bitcoin as a substance of change. More than valuing it as a digital asset or good investment, people hail bitcoin as an evolution that could transform society. This is where the concept of holy bitcoin emerges.
To know more about the so-called 'bitcoin religion,' we should first take a close look at blockchain technology, the backbone of the digital currency. A blockchain is a shared, permanent, encrypted dataset, created by a network of computers based on certain software rules. Blockchain is more or less like a vehicle that could take crypto enthusiasts to their destination. In the cryptocurrency sphere, every digital currency that is backed by blockchain is a vehicle, so is bitcoin. The debut of bitcoin is still hailed as a major breakthrough that was designated to change the tailwind of finance and business online. The holy bitcoin is worth becoming a religion of the 21st century because it is a surprising technology that uses the network of computers, connected via the Internet to build and maintain a set of values shared data. To be precise, bitcoin religion has its roots in its features and basic functionalities. A bunch of anonymous computers that have no reason to trust one another and new technology that has emerged out of nowhere has turned out to be the core of holy bitcoin.
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In 2020 alone, the bitcoin price went up by 300%. But the current year, took the crypto enthusiasts on a roller coaster ride. It almost reached the record US$65,000 and also neared the death cross, post-making history. But when bitcoin was incepted in 2009, the scenario was completely different. Bitcoin remained as an investment model only to tech-savvy people. In June 2009, a bitcoin was worth US$0.0001.
Beginning its journey from a simple concept, bitcoin has emerged as a much diverse and inclusive mode of investment today. This evolution has made many take the holy bitcoin as a religion. To reassure people who have taken the bitcoin religion, the digital currency also provides a set of the usual 'mandatory' mechanism that is behind every other religion and belief. Yes, the holy bitcoin has a prophet, immaculate conception, sacred texts, early disciplines, schisms, hatred towards non-believers, the promised land, good vs evil, etc. This making of religion convinces crypto enthusiasts to follow the holy bitcoin.
Recently, crypto enthusiasts were invited to a Bitcoin 2021 conference in Miami. Many saw that as a simple move by the community to drive more people into the bitcoin religion. Even New York Times reported this story with the title, "Thousand's descent on Miami to glorify Bitcoin." The event marked a massive beginning of the 21st century's belief system. Over ten thousand plus legions of devoted believers along with some followers landed in the location to hear the high priests of the movement. Just like other religious people who convince themselves that they are on a mission, crypto enthusiasts also believe that they are on a drive to change the world.
Bitcoin religion's footsteps can be traced back to 2012 when Bitcointalk forum user Crazy-rabbit posted, "I'm sure people have noticed how eerily similar to religion bitcoin is becoming. The mythical founder, the email disciplines, the followers… So why doesn't someone just do it already and register the Church of Satoshi? There is certainly enough philosophy here." A month later, a satirical Bitcoin Church emerged and commenced operations, urging crypto enthusiasts to 'Praise Bitcoin' and 'Honor the blockchain.' An even intense effort was made in 2017 by Henry Romp when he asked devotees to distribute scriptures, the whitepaper written by Satoshi Nakamoto.
Crypto enthusiasts say that bitcoin has the fundamentals of everything that is necessary to form a religion. For example, it has a script, and an ethical and moral principle to follow. While some see this as one of the many efforts to maintain bitcoin value, some extremists view it as a righteous crusade.
Moreover, it is just the bitcoins who behave like this. Other cryptocurrency investors mostly view them as a simple investment option. But it is very different for bitcoin investors. They have other coin investors and they hate people who own the digital asset in bitcoin and other digital currencies.