*Courtesy of Bitcoin Magazine*
Though the applications and adoption rate have a long way to go if Bitcoin is going to achieve its maximum potential, the third-ever subsidy Halving was an opportunity for Bitcoiners to celebrate its more than 11 years of life. In addition to hosting technical demonstrations, discussions with leaders of Bitcoin’s premier Layer 2 protocol and high-level presentations, we posted daily updates on our site and social media sites...
Fundamental Bullishness and the Bitcoin Halving
In addition to the Halving, which significantly reduces the subsidy that miners receive for contributing their fundamental efforts to the network, this was a particularly fruitful time to discuss bitcoin’s role in the world economy, as uncertainty abounds in the wake of the novel coronavirus. “Going into the Halving, the supply side economics improve significantly,” D’Souza explained during the panel. “That’s a positive catalyst. And then just what’s developed over the past three or four months with central bankers, the Federal Reserve, how there’s discretionary, undisciplined spending or manipulation — really the ability to create your own artificial monetary policies. I think these radically impact the demand side.” Despite (or because of) the turmoil in traditional financial markets, the third-ever Bitcoin Halving was a time of celebration for the original cryptocurrency and its community. “Bitcoin is the first incarnation, or the closest thing we have, to perfect economic information,” Breedlove said. “We know it’s supplied perfectly forever. You can’t say that for any physical commodity on earth. And again, another product of that is it’s absolute scarcity… As Mark Twain said, I think I’m paraphrasing, ‘To make something valuable, you just have to make it scarce.’ And Bitcoin sort of perfects that once and all for money.
How Do We Imagine the Bitcoin Moon, Post Halving?
Beyond seeing bitcoin adopted as the world’s preeminent asset, hyperbitcoinization will eventually involve fundamental changes to the ways we live, interact and tap into the vast potential of human ingenuity. The increasing number of Bitcoin ATMs in Los Angeles, California and worldwide as well as the number of markets available to have acces to coins is a prove of this and what is to come.
“What does Bitcoin’s ultimate success look like to you? What is Bitcoin’s ‘moon’? What are the societal and economic implications of that success?”
The resulting conversation was wide ranging, exploratory and reflective in a recent panel. After establishing why they believed hyperbitcoinization appears inevitable, the panelists each touched on the wide ranging implications that new status quo will bear. It was about much more than the personal riches early bitcoin investors may reap.
“Imagine when you bring two, three billion people into the global production of ideas, goods and services, what that is going to do to lift the wealth and the ability of humanity to harness existing resources and to do more with those resources than they were currently able to do,” We believe this technology is encouraging banks, nations, and federal reserves to step up their financial ideas and come up with better ways to deal with assets of transaction. The world is changing rapidly and people will not tolerate lack of financial independence and transparency which is not given by banks and institutions.
