In the first article of the series, we explored why Bitcoin deserves attention as an asset class. In the second and third articles, we discussed the nature of money, its properties, its evolution, and the flaws in our current monetary system—laying the groundwork for understanding Bitcoin.
Any revolutionary technology faces skepticism. It took time for people to embrace ordering everything from groceries to shoes on Amazon, though the concept was relatively easy to explain. Some technologies, however, are much harder to articulate.
Imagine trying to explain the internet to a child who has never seen a computer. Is it a vast library, an information highway, or a network of connected machines? Each description holds some truth, yet none fully encapsulates its essence. Despite using the internet daily, have you ever tried describing it to someone who has never encountered a computer?
Let us revisit the parable of the blindfolded men and the elephant which originated in the Buddhist folklore before delving into Bitcoin. In a distant land, six men heard about a peculiar creature known as the elephant. They heard that elephants could trample forests, carry immense loads, and frighten people of all ages with loud trumpet calls. Essentially, the elephant was a majestic animal.
They were also aware that the King’s daughter rode an elephant. They pondered why the King would allow his daughter to be near such a dangerous creature. They debated whether the elephant was a colossal and ferocious entity or simply a graceful and gentle creature. They desired to examine the elephant and understand it through touch. They were blindfolded and touched a different part of the elephant, then described the animal based on their limited perception.
The person who touched the ear claimed the elephant was like a giant fan, while the man who touched the side likened it to a massive wall. The blind man who touched the trunk compared it to a snake, the individual who touched the leg described it as a tree trunk, the person who touched the tail said it was like a rope, and the one who touched the tusk saw the elephant as a spear.
Were any of them incorrect? But is that truly what an elephant is?
Any explanation should be lucid when encountering something unfamiliar because it attempts to relate it to something known.
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