2022

Why Thinking about Bitcoin Still Matters in a Chaotic World

Don’t look now, but there are signs that the world is disintegrating around us. The systems we once trusted to maintain order and reason are not as solid as we thought. It’s hard to be sure if anything we see in the news or in an official report is true. In such an unstable social and political environment, is it still worthwhile to think about Bitcoin all day long? I find myself asking this sometimes.

Maybe I’m being overly pessimistic or spending too much time “controlling things” on the Internet. But it is hard to ignore the growing flow of news about food and energy shortages, public health crises, inflation and economic collapse, censorship and the threat of authoritarianism, or even a major war. Some of these issues have intruded into our daily lives for the past couple of years, so turning off your screens for a while doesn’t make them go away.

I will admit that there are times when watching Bitcoin developments seems like a trivial distraction from “real world” problems. SPV standards, exchange events, and intellectual property issues are all major stories in the industry. But would they still matter if we stopped reading about it? Perhaps we would be better off learning how to grow our own food or purify water, or develop local safety nets, or advocate for the health of our families, or learn how to build a bunker in the mountains?

In other words: Maybe we think too much about plumbing and don’t worry enough that the house itself is falling apart?

On the other hand, it probably doesn’t collapse at all. We are going through a rough patch, but on the whole, people are trustworthy and our civilizational impulses are deeply rooted. The instincts to desire order are stronger than those who seek chaos, and in a few years everything will return to normal. There are certainly forces out there whose job it is to amplify anxiety and make us feel insecure; Worrying about them too much only fuels their devices. But in a few years’ time, we’ll be wondering what all the fuss is about and get back to building more honest cash systems and a better internet that serves the greater good.

Spoiler alert: I think it’s still important to focus on bitcoin. I wouldn’t have done this job if I hadn’t. But more on that below. Perhaps some issues with Bitcoin (and the blockchain in general) deserve less attention than they get. I have a preference for new use cases and ideas that bring back control of personal data back to people.

Corrupted Blockchain Mission

It’s a shame we ask these questions, though. Bitcoin was supposed to be the exciting new technology that helped us ride the wave of the future apocalypse. The threats of inflation and national monetary failure were meant to drive bitcoin adoption, not hinder it.

But there was no rush to adopt digital assets in 2021-22. Quite the opposite, in fact – at the first candle of doom, price speculators headed towards the door. BTC’s promises to liberalize the economy and be the new money in the world seem absurd as its price drops below the hype cycle of 2017.

One of the reasons we got to this point is because we allowed the Bitcoin message to be corrupted. Speaking of small fee transactions, people in developing countries are making goods and exchanging them for one dollar at a time dissipating as focus shifts to 1,000-fold gains and buying glowing bitcoin. Despite all this publicity, only a small percentage of people have taken advantage of this. The general public, those that were supposed to free bitcoin, were left aside. The best example of the daily use of Bitcoin is El Salvador. Like BTC itself, it is generally a mess of technical opportunism, proven fixes not working properly, and price volatility that would raise eyebrows in Zimbabwe. Corruption has infiltrated the blockchain world just as it has made its way into the other institutions we trusted before.

“Users” are abandoning blockchain and digital assets because these things do not make them rich quickly and reliably enough. Power users will brag about how they came off the top, lecturing less intelligent and smashed people on how they should be smarter. Outside of BSV, there is little talk about the utility (despite the DeFi schemes) or why more trustworthy data networks, both cash and non-monetary, are needed for ordinary people.

This is a less exciting topic than speculating on prices and new NFT kits. But the price speculators burned down the house and walked away, talking about the wild night they had gone through. And let’s be honest: if the market price of BSV coins suddenly jumps to $10,000 tomorrow, 99% of the conversation will go back to winnings and parties, even in the volatile 2022. BSV may be more reliable and useful than other blockchains, they are not immune to their problems.

There is never a wrong time to want honesty and trust

So yes, it is still important to think about Bitcoin and build honest systems while all of this is happening. This is because there is really no wrong time to yearn for a better, freer, and more prosperous world. Plumbing equipment conventions aren’t for everyone, but the demand for better plumbing is always growing as it advances civilization (try to live without it for a few weeks in a big city and you’ll know what I mean).

As long as the Internet is still around, some will make it worse, others will improve it. The same goes for banking and financial networks. These forces for good should always be there, even when they don’t feel like they’re winning.

There is a real demand for more honesty and trust. At the moment, no one can agree on the exact ways to achieve this, but the demand is there and waiting to be fulfilled. People lose faith in institutions and systems, so we must offer alternatives. Our message should be about demonstrating the benefits of Bitcoin in the real world, not just in blunt or superficial ways. If I were a marketing expert, I would start a consulting company, but in the meantime, I’ll keep asking the people who know best.

This is why in the chaotic 2022, it is still right to stay interested in Bitcoin and keep the focus on fulfilling the original Bitcoin promise. When the voices calling for honesty and trust are loud enough, a supply will be needed to respond to them – and that won’t happen if we stop thinking about Bitcoin every day.

Watch: Latif Ladid Keynote Speech: IPv6-Based 5G/6g, IoT and Blockchain at BSV Global Blockchain Agreement

New to Bitcoin? Check out CoinGeek’s Bitcoin for beginners the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and the blockchain.

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