Strong Money for Strong People
IronBank.ca is a proud sponsor of Canal City’s Strongest Man and Woman! The top finishers in each division will receive the following Bitcoin prizes:
1st Place: 250,000 sats
2nd: 150,000 sats
3rd: 75,000 sats
A “sat“, or “satoshi” is the smallest unit of bitcoin. Each bitcoin can be divided into 100,000,000 sats, just like a dollar is divisible into 100 cents. As of May 27th, the 250,000 sat prize = $CAD 91.97
What makes Bitcoin “Strong Money?”
You might recently have noticed the prices of many items (gasoline, food, weight plates, sandbags, etc.) increasing rapidly. This is the effect of inflation. Inflation is when a government prints money, increasing its supply. Each dollar (or peso, or yen, or euro) becomes worth less as more are created.
Unlike any other currency in use today, we know exactly how many bitcoin are in circulation, and how many there will ever be. There will only ever be 21,000,000 bitcoin! This means that it gets stronger over time, and prices denominated in bitcoin will tend to go down, not up.
The only way you could be strong enough to enter this contest was by putting in the work. In the same way, no one can create bitcoins without Proof of Work. Bitcoin cannot be counterfeited. It cannot be censored or stopped. If you hold it properly, it cannot be stolen or seized. There has never been, and will never be, a stronger form of money.
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An advanced discussion of Bitcoin as Strong Money: