Bitcoin becomes Ten - but is still at its beginning
With the age of ten, dogs are old, humans enter their youth - and a new, digital currency? It is still in its infancy. The vision of Bitcoin is more needed than ever, but adoption is lacking. A tale of two intellectuals illustrates this.
Today Bitcoin gets ten. At January 3th 2009 Satoshi Nakamoto created the Genesis Block, the Bitcoin block with height 0. The next block, at height 1, was built six days later, on January 9th, for whatever reasons. Still, the Genesis Block remains the official birthday of Bitcoin.
In the Coinbase transaction of the Genesis Block, Satoshi left a message:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
This message is the headliner of an article, with which the british newspaper "The Times" has opened its paper for January 3th 2009. The british chancellor Alister Darling announced on the peak of the global financial crisis, that his government considers to "rescue" the banks another time with tax money.
For many this message is seen as a proof, why Satoshi created Bitcoin: To prevent that this happens over and over again. That the next chancellors also use tax money, to support a broken, corrupt cartell of financial companies and governments, and that the citizens pay the price, with their taxes, and with the inflation, which reduces their savings and cuts the debths of the governments. With Bitcoin, so the plan, this shall not happen any longer.
Bitcoin is inflation resistent. No government of this world can arbitrarily create new Bitcoin, to divert its debts on their citizens. Bitcoin is a hard money, which abolishes the everlasting inflation, under which the value of every paper money has deflagrated. Always. This makes Bitcoin a money that could initiate a new economic era, in which inflation no longer drives the need to consume and to growth, but in which people save their money, and buy only what they need.
Not a company, but an ecosystem
But that's not all Bitcoin is about. Equally, if not more important is the autonomy it provides. You can take this from the article of the Times, too. Banks and governments can use the money of the citizens, abuse it, gamble with it, lose it, because this is how digital money works: There is always a middlemen who can dispose the money, even if it shouldn't be his money.
With Bitcoin digital money is fully owned by its owner, for the first time in history. Your keys, your Bitcoins. This level of autonomy goes over the imagination of most people, when they learn about Bitcoin the first time.
For those who are used to Bitcoin, however, it seems incredibly and unbelievable, that money doesn't work like Bitcoin. That you need central middlemen, like banks or payment providers, to access your money. Bitcoiners are used that money is a thing that exists in the internet and is the core of a decentralized, permissionless ecosystem, which gave birth to a fascinating scope of options to use your money, from paper to hardware wallets, from browser plugins to SPV wallets. Fiat money has central companies that serve as gatekeepers. Bitcoin has tools, which allow to work with an open system.
Those, who still hold with Bitcoin after last year's bear market, know, that this vision of money is superior to every other money that ever existed, and that it must happen that it succeeds over time. But even today, ten years after Bitcoin war born, we are far away from having widespread adoption.
A recent tale of a few north american intellectuals illustrates this.
Financial middlemen restrict freedom of speech
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