• Bitcoin is our single best chance in our lifetime to achieve liberty

  • How do Bitcoin’s properties provide humanity with the best opportunity to seize liberty it has ever seen?

    What do you see when you turn on the television or scroll through your favorite social media platform’s news feed?

    You see a failed war that has lasted 20 years, with hundreds of thousands of people killed, billions of dollars squandered, and the same illiberal regime in power as before.

    Inequality, rising prices, and protests are also on the rise.

    Mandates are also being resisted.

    Bitcoiners frequently respond to all of the world’s problems by saying, “Bitcoin fixes this.” Hyperbole? No, Bitcoin is the only viable path to the libertarian “bon mot,” our witty remark of “fix the money, fix the world.” Indeed, Bitcoin is libertarians’ best shot at reducing the size of government, combating inflation, reducing debt from inflation, starving the military-industrial complex, and avoiding an ever-expanding scope for government.

    How does Bitcoin accomplish this?

    Bitcoin is a nascent money-saving technology. Money has historically served three functions: as a store of value, a medium of exchange, and a unit of account. Despite its volatility, Bitcoin is unquestionably a store of value, but it is far less common as a medium of exchange or unit of account.

    However, Bitcoin has only been around for 12 years, and its adoption rate is already outpacing that of the internet. Money is the ultimate “network good,” which means that its value and usability grow with each new user, and each user has an incentive to encourage others to use bitcoin because it directly benefits them. As a result, Bitcoin has gone from being a somewhat esoteric toy for cypherpunks to being adopted by financial institutions and the country of El Salvador, as well as becoming the saving technology for tens of millions of people worldwide (Bitcoin’s current user base is estimated to be around 120 million). This is truly remarkable.

    It makes no difference why people use bitcoin. It could be because it is less expensive and quicker than traditional cross-border payments. It could be because it is collapsing upward and increasing in value by around 200 percent per year. It could be because some people are speculating about it. Or it could be because it saves lives and allows people to flee some of the most dangerous environments. Some excellent articles on bitcoin usage in Afghanistan, Cuba, and Palestine have been written by Alex Gladstein, chief strategy officer at Human Rights Foundation.

    Bitcoin already empowers millions of people, not just the wealthy elites who already have access to banks, stock exchanges, and other financial technologies. Bitcoin empowers billions of unbanked people and promises a future in which the government loses control of money. Bitcoin appeals to millions of people, and anyone who joins the Bitcoin network has an incentive to bring in more users.

    Bitcoin offers millions of people hope and a viable alternative to holding fiat money, which melts in your hands due to the irresponsibility of monetary central planners. Right now, the most important reason why the government can expand beyond its mandate — beyond its income from taxation — is the government’s ability to print and force everyone to use their ever-value losing money.

    In just the last 24 months, the Federal Reserve of the United States has printed 40% of all dollars in circulation. Naturally, this has resulted in massive levels of inequality, because those closest to the government’s trough (such as banks) benefit from higher purchasing power compared to those at the bottom of the food chain (such as fixed income recipients, students, and so on), who only see prices rise with diminishing real purchasing power. This is referred to as the Cantillon effect.

    The Federal Reserve Board directly monetizes the debt that the government incurs, and the Fed provides infinite demand for government debt, which would not be able to grow at the astonishing rate it does without the printing press’s ability to buy it all up.

    The Bitcoin network and personal ownership of bitcoin are acts of peaceful defiance against the fiat money system. When someone buys bitcoin, they are taking money out of the fiat system and putting it into a store of value. It is placed in a non-inflatable system. There will never be more than 21 million bitcoin issued. Bitcoin has been tested, Bitcoin has been attacked, and the protocol has proven to be resilient in the face of 12 years of adversaries attempting to undermine it.

    Many Bitcoin critics fundamentally misunderstand Bitcoin’s value proposition. And it’s understandable that they don’t. In over five millennia, no new type of money has emerged. Furthermore, Bitcoin’s origins can be found in unusual fields such as Austrian economics, game theory, cryptography, and economic history. As a result, the frameworks used by most economists and pundits to analyze Bitcoin are woefully inadequate.

    Another novel feature is that Bitcoin gives its users complete control over their funds. They have control over when they send money, how much they send, and how much they pay for a transaction. Nobody needs to know if you can send money to a nonprofit organization six thousand miles away, or if you can send money to family members in other countries. This is something that no agency or bank can prevent. You can become your own bank with Bitcoin. This is extremely empowering, and such technology did not previously exist.

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