Is Bitcoin unfair? The uncomfortable truth about early adopters, wealth, and risk

Critics say Bitcoin favours the early few, but here is what they always forget about risk, fairness, and how money really works

The myth of unfair advantage

One of the most common criticisms of Bitcoin is that it unfairly rewards early adopters. The argument suggests that those who discovered Bitcoin early benefit disproportionately, making it less appealing or accessible for newer entrants.

But this argument ignores how all successful innovations work. Whether it was oil, cars, internet stocks, or property, early adopters have always been rewarded for seeing value where others did not. No one complains that Apple or Amazon early shareholders gained more than those who invested later. In fact, most still use those products today, because they are useful and valuable.

Risk versus reward

Early Bitcoin investors were not guaranteed success. The network was small, unproven, and extremely volatile. Governments could have shut it down, exchanges were risky, and there were real legal and technical threats. Those who held on through wild price swings, jail risks in some countries, and mockery from the mainstream, did so not out of greed but conviction.

In investing, greater risk justifies greater reward. Early holders endured uncertainty most would not tolerate. They resisted selling at 10x or even 100x gains and demonstrated the rare ability to hold long-term, despite temptation.

A fair distribution compared to the alternatives

Bitcoin has arguably the fairest monetary distribution in history. It was not pre-mined or handed out to insiders. For the first 16 months, it had no price at all and was traded informally between hobbyists. Its growth was slow and organic, unlike today’s venture-backed tokens, airdrops, and pump-and-dump schemes.

Fiat currencies are not fair. They are forced on populations, controlled by central banks, and issued arbitrarily. Central bankers, politicians, and insiders benefit first from newly created money. By contrast, Bitcoin is voluntary. No one is forced to use it. No one can mint more. It is open and permissionless.

Saving is not hoarding

Another critique is that early Bitcoin holders are hoarding, weakening its use as a currency. But this confuses saving with selfishness. Saving is the basis of capital formation. It allows investment in the future. Civilisation advanced when humans began to store food, time, and resources. Bitcoin users choosing to hold are contributing to a more stable, long-term economic model.

The fiat system is the real injustice

Rather than criticising Bitcoin for being "unfair", the attention should be on the fiat financial system, where money is printed at will, insiders profit first, and most people are trapped in a cycle of debt and declining purchasing power. In this system, economic energy is siphoned from the working class to those who can create currency.

Bitcoin stands in direct opposition to that. It cannot be manipulated or inflated. It represents opt-in fairness and transparency.

People had their chance

Most heard about Bitcoin years ago but ignored it. Whether in 2011, 2013, 2017 or 2021, many dismissed it as a scam or bubble without serious research. Early adopters tried to spread the word, often being laughed at or silenced.

Even now, with Bitcoin still accessible and divisible into sats, many refuse to learn or invest even small amounts. Yet some of these same people will later criticise others for having the foresight to act earlier.

There can never be another Bitcoin

Scarcity is not just about supply, it is about replicability. Bitcoin’s organic launch, its distribution, and the fact that it had no value for over a year, make it impossible to recreate. Any attempt to copy it now is tainted by knowledge of what came before.

This is why attempts to launch a "fairer" Bitcoin 2.0 fail. They are often pre-mined, centralised, or rely on government control, which contradicts the principles that made bitcoin valuable in the first place.

The future belongs to those who act

Bitcoin is still early. You can in sats. But most people still do not care. When Bitcoin hits $1 million per coin, many of those same people will claim it was unfair. The truth is simple: Bitcoin is not unfair. It is just unfamiliar.